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The endgame of any successful company is to increase their revenue, optimise marketing and respond to emerging trends. In order to achieve all this, you need to take certain steps such as implementing AI to improve your financial audit. Check out the above posts to know how AI can benefit your company by improving its financial audits Have you ever considered leveraging AI to help you with your business's financial processes? Here are a few ways where AI can bring significant growth to your company  Cost reduction The use of AI will lower the expenditure required for manual hours of research and analysis Audit quality AI systems will learn and adapt to datasets so that they can improve the accuracy in the data processing Foreseeing and resolving financial issues AI can help in making reformed predictions about the likelihood of an individual or an organisation, which can aid you in extracting the required additional data while being prone to less human error Security and Fraud A br...

With the changing dynamics of virtually every profession and with the latest digitisation and automation of processes,  responsibilities and profiles, the roles of Chief Financial Officers of Companies have also expanded moderately. Earlier, the roles of CFO's stretched from doing expenditure analysis, monitoring the spreadsheets about accounts and  funds, taking care of the financial communications, and  a few other manual tasks.   However, now is the time when each and every process  is being convened using AI and automation. Now, the  role of a CFO has not been restricted to the Finance Domain  but somewhat expanded to a diverse profile in the firm. Post accounting automation, now CFO's shoulder:  Managerial Profiles:  They now have to keep a watch on the management of finance  teams and projects, including the company's hiring, because of  the greater hours available to them by automation. Product Betterment:   The expertis...

Organisations that decide to outsource accounting  services sometimes find it difficult to determine the  the right time to switch for many reasons. But what are the 'right time', changes from organisation  to the organisation and the right time is… Well, there is no such thing as the 'right time to outsource. It is more of a need-based decision. The need to outsource  is also driven by various circumstances. Here are some factors to help you decide when to make the switch! ✅ When you are spending a lot: Suppose you are spending an excessive amount on in-house  staff or encountering a lot of mistakes, and facing overdue  fees and penalties from distributors and the federal government.  In that case, the ideal time to switch is right now. ✅ When you lack professional expertise in hand: The Professional expertise required by the organisation is  difficult to find at an affordable price, and so is the automation technology. This is why it influences ...

Here are 5 key aspects you should look into it before you make the right decision 1. Cost expenses The cost spent on vCFO's will be much lesser than the cost spent on in-house CFO's since there is no need to pay them full-time wages or provide employee benefits and vacation time to them! 2. Experience A vCFO is certain to be far more experienced than an In-house CFO as he/she would have been a part of a much different company's financial situations as they tend to opt and collaborate with many clients altogether. 3. Hiring an in-house CFO will demand them to fit in with the employees, whereas this demand will not be Completely applicable to a vCFO as he/she would not be a part of the physical workspace of a company.  4. Communication and training Even though face to face communication is considered to be more helpful when it comes to on-spot discussions and such. A vCFO can also, bring in the same or even better results since he/she would have procured a better insight ...