The conventional elements of an accountant’s profession are enhanced in the world of COVID-19 by the transformative changes they can accomplish for clients. Cash flow projections for the next 6-12 months are important, but so is the guidance an accountant can provide on optimising an organisation’s current forecast. Uncovering business insights and unlocking knowledge is merely the beginning for the modern accountant – the other part of the picture is proving a consultative, strategic view on what can be done next. 

The modern accountant (commonly also referred to as a “Virtual CFO”) plays a more business advisory role for SMBs; rather than just solely a bookkeeper or tax manager as traditional thought. In the corporate world, accountants are no longer just “bean counters”, crunching numbers in the back but part of the wider strategic development areas within any organisation and able to add value to the business.

Virtual CFOs have an entrepreneurial mindset to achieve this strategic view and are forward looking vs the traditional accountants who are backwards looking i.e. after the fact where no value can be added 

Not only can Virtual CFOs advise customers on how to tackle present issues, but also advise them on how to innovate in order to develop new income streams in the future. Part of this entails the willingness of new modern accountants – as trusted advisors – to push themselves to innovate themselves, develop the skills and expertise outside of financials. To complement this, many accounting firms are investing in the skills and technology required to meet the fresh demands of business advisory and consulting, such as the ability to advise on and implement new suitable accounting software and financial management technologies.

Virtual CFOs are typically equipped to advise their clients on transformation and support them through the change process due to their background knowledge of their customers’ finances. This, however, necessitates a more imaginative accounting model that is prepared to incorporate cutting-edge technology as part of the overall business strategy.

Accounting has always been seen as one of the critical building blocks of every successful company. Now, accountants are frequently involved in managing significant business challenges and advocating for growth within many organisations; with many in charge of these companies generally regarding accountants as equals in the bigger strategic view – rather than just a source of financial information.

With the constant advancement of technology, changes in consumer and company needs, and regular regulatory revisions, the accounting industry is likely to experience even more developments in the years ahead. 

Every business owner who aspires to thrive in today’s highly competitive economic climate must decisively seek out a truthful, knowledgeable, dependable Virtual CFO who is well equipped to manage with and consult across a wide range of business operations and issues, tailing their advisory services to the specific, unique requirements of every organisation – both big and small.

Speak with Philip Khao from Solve Accounting on 0412651779 or at to find out more about your potential business opportunity.

Philip Khao is a Chartered Accountant (CA), Virtual CFO professional and Director at Solve Accounting with many years of accounting and business services experience at global accounting firms and multinational corporations.