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DataBlend: Revolutionizing Financial Data Integration

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Imagine cutting your data integration time by 80%, freeing you to focus on strategic financial analysis instead of manual data entry. For many CPAs, this seems too good to be true. The constant juggling of multiple systems, endless data entry, and troubleshooting integration tools has become a daily grind. But what if there’s a solution that could make this a reality?

Enter DataBlend, a game-changing ETL (Extract, Transform, Load) tool revolutionizing financial data integration. As Eric Neilssen, Senior Account Executive at DataBlend, explained on a recent episode of the Unofficial Sage Intacct Podcast, “At the heart of what we’re doing is solving a friction point for customers and making life a little easier for the Office of Finance and Accounting.”

The Swiss Army Knife of Financial Data Integration

At its core, DataBlend is an ETL tool designed specifically for financial data. But calling it just an ETL tool is like calling a Swiss Army knife just a blade. DataBlend’s true power lies in its versatility and ability to connect virtually any system that houses financial data—a game-changer for CPAs juggling multiple platforms.

Eric explains their approach: “What expands on that value is our Swiss Army-like way of connecting to systems.” This flexibility is achieved through four main connection methods:

  1. API Connections: Pre-built standard connections to popular systems like Sage Intacct and Salesforce.
  2. Database Connector: For on-premise or cloud databases without API access.
  3. SFTP Connector: Ingests CSV or TXT files from systems that can export data in these formats.
  4. Custom Script Connection via API: Extends connectivity to any system with an open API.

This multi-faceted approach allows DataBlend to tackle complex integration challenges that typically require extensive custom development. Eric shares a compelling use case involving Stripe, Salesforce, and Sage Intacct:

“We have customers who use us to connect Stripe, Salesforce, and Sage Intacct. When a customer makes a donation or payment through Stripe, we take the revenue and send it to Salesforce. Then, the credit card fees are sent to Sage Intacct for revenue recognition.”

In this scenario, DataBlend doesn’t just move data from point A to point B. It intelligently routes different types of data to the appropriate systems, handling complex transformations along the way. For CPAs, this means no more manual data entry or reconciliation between systems—DataBlend handles it all automatically.

This level of sophistication allows businesses to choose the best systems for their needs without worrying about integration limitations. Eric says, “You shouldn’t have to make that choice based on connectivity. You should make that choice based on what’s best for your business, and let us come in and help make those connections.”

DataBlend’s versatility doesn’t come at the cost of usability. Its low-code approach means CPAs and financial professionals can set up and manage integrations without extensive IT knowledge. This combination of power and ease of use has fueled DataBlend’s rapid growth.

Data Flows: The Power of Sage Partnership

DataBlend’s revolutionary approach reaches new heights through its strategic partnership with Sage. This collaboration has given birth to Data Flows, a powerful solution that brings DataBlend’s capabilities directly into the Sage ecosystem, offering CPAs a streamlined path to data integration.

Eric explains, “Data Flows, in the simplest terms, is DataBlend available on Sage paper.” For CPAs and finance professionals, this means seamless integration between Sage Intacct and other systems, all under one contract and backed by a trusted name in accounting software.

A single Data Flow allows for the connection between Sage Intacct and one other system, enabling the movement of three workflows or objects—such as customers, vendors, or invoices—between the two systems. This translates to significant time savings and reduced risk of errors. For example, customer data entered into a CRM system can automatically flow into Sage Intacct, eliminating double entry and ensuring data consistency.

The benefits extend beyond technical integration. Eric points out, “One of the benefits of coming to the table as a product that has this ISV relationship with Sage Intacct and being on Sage Intacct paper is the customer doesn’t look at you as much as a third party. They look at DataBlend as a Sage-backed integration tool that Sage has confidence is going to improve the value of what the customer is getting out of Sage Intacct.”

This increased confidence and ease of adoption have been game-changers for many finance teams. The Data Flows solution empowers Sage account executives and VARs (Value Added Resellers) to have more effective conversations with their customers about integration, removing much of the friction that integration can bring into evaluating and implementing new software.

Low-Code, Low-Maintenance: A New Paradigm in Integration

Traditional data integration often involves complex coding, expensive solutions, and ongoing maintenance headaches. DataBlend changes this with a low-code, low-maintenance approach tailored for CPAs and finance professionals.

Eric contrasts DataBlend’s approach with traditional methods: “Traditionally, you need someone to build the integration and then maintain it. It’s common for it to break, which is costly because you need to keep hours available for someone to fix it.”

DataBlend’s solution is a user-friendly platform that doesn’t require extensive coding knowledge. CPAs can manage their data integration without heavy reliance on IT resources, freeing up time for strategic analysis.

The benefits extend beyond setup. DataBlend’s subscription includes ongoing maintenance. “As long as you’re paying the subscription, we’re maintaining those connections for you,” Eric says. This means no unexpected downtime due to API changes or system updates.

This approach saves time and reduces frustration for CPAs. Instead of troubleshooting integration issues, finance professionals can focus on analyzing trends, identifying opportunities, and providing strategic advice.

DataBlend continually evolves based on user feedback and common use cases. Eric explains, “We release wizards and templates for common workflows, creating streamlined implementation methods.”

By embracing DataBlend’s approach, CPAs can shift from number-crunchers to strategic advisors, focusing on high-value activities that drive business growth and client satisfaction.

Embracing the Future of Financial Data Integration

DataBlend is revolutionizing financial data integration through its versatile ETL tool, strategic partnership with Sage, and innovative low-code approach. By automating and simplifying data integration, DataBlend frees CPAs to focus on analyzing data, identifying trends, and providing strategic insights.

For CPAs aiming to stay competitive, embracing tools like DataBlend is crucial. These advanced integration capabilities can position you at the forefront of the data-driven business revolution.

Ready to Transform Your Practice?
Don’t miss the opportunity to hear directly from the innovators behind DataBlend. Tune in to the full conversation with Eric Neilssen on the Unofficial Sage Intacct Podcast. You’ll gain invaluable insights into DataBlend’s groundbreaking approach, hear real-world success stories, and glimpse the future of financial data management.

From CPA to EV Pioneer: One CFO’s Journey into Tech Entrepreneurship

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Imagine transforming your CPA skills into the driving force behind a tech startup revolutionizing electric vehicle charging—that’s exactly what Guzel Lumpkin did with EVLUV.

In a recent episode of AI: Accounting Intelligence—the podcast for forward-thinking finance professionals navigating the AI revolution—Lumpkin shared how she leveraged her financial expertise to launch an entrepreneurial venture in the burgeoning electric vehicle industry.

Lumpkin’s story is more than a career pivot; it’s a testament to a broader trend where financial acumen meets technological innovation, creating golden opportunities for accounting professionals to transition into entrepreneurship.

Leveraging Big Four Experience for Tech Entrepreneurship

Lumpkin’s journey into tech entrepreneurship began in the intense learning environment of Deloitte. “It felt like I was getting three years of knowledge in one year. It was just so fun,” she recalls. This Big Four experience became the bedrock of her future success in the startup world.

The transition from Deloitte to tech companies like Mindbody and Procore wasn’t just a change of scenery—it was an opportunity to apply her accounting skills in a new way. Lumpkin explains, “I was hired to build the accounting and finance team for a software called Mindbody back in the day.” Shifting from auditing to operational leadership became a key step in her entrepreneurial journey.

The skills she honed at Deloitte—rigorous analysis, attention to detail, and a deep understanding of financial structures—were useful tools at scaling tech companies. From managing IPOs to navigating the complexities of high-growth environments, her finance background proved invaluable.

“I think at that time Deloitte, or Big Four in general, was looked at like if you want to have a career in accounting or finance, it serves as that springboard for your career,” Lumpkin says. As AI and automation reshape the accounting landscape, this outlook hasn’t changed. In fact, the ability to apply financial acumen to emerging technologies is increasingly crucial.

For finance professionals eyeing the tech world, Lumpkin’s path demonstrates that a background in traditional accounting isn’t just relevant—it’s a potential superpower in the startup ecosystem. It’s an example of how the intersection of financial expertise and technological innovation can lead to entrepreneurial success.

Spotting Market Opportunities: How EVLUV Was Born

Finance professionals are trained to spot inconsistencies and inefficiencies—skills that translate powerfully into identifying market gaps and business opportunities. Lumpkin’s journey to founding EVLUV exemplifies how financial acumen can fuel entrepreneurial vision.

The spark for EVLUV ignited from Lumpkin’s personal frustrations with electric vehicle charging at Procore. “When I bought my first electric vehicle, finding parking at the charging station was easier than finding regular parking on that campus,” she recalls. “But very quickly we started having 10, 20, 30, 40 EVs on campus.” This rapid adoption created a new problem: access to chargers became unpredictable and inefficient.

Her financial background kicked in, enabling her to analyze the problem beyond personal inconvenience. She saw a market inefficiency—a highly desirable asset with poor utilization and user experience. Drawing a parallel to the restaurant industry, she explains, “OpenTable solved this problem a long time ago. ‘How do I get people’s butts in seats at high peak demand times efficiently and effectively?’”

This analogy sparked her business idea: “I want to build OpenTable for electric vehicle charging because as the number of EVs increase, access to the chargers will become more and more dire and constrained.” Lumpkin’s financial training allowed her not just to identify the problem but to assess its market potential and viability as a business opportunity.

The beginning of EVLUV illustrates a growing trend: finance professionals leveraging their analytical skills to drive innovation in tech sectors. By bridging financial expertise with technological solutions, they’re uniquely positioned to identify and solve complex, real-world problems—a valuable asset in today’s entrepreneurial landscape.

Overcoming Startup Challenges with Financial Expertise

The leap from CFO to startup founder is not for the faint of heart, but as Lumpkin’s journey demonstrates, it can be a natural evolution for finance professionals in today’s innovation-driven landscape.

“On different days, different skills apply,” she says, highlighting the versatility demanded in startup leadership. Her CFO toolkit—from financial modeling and risk assessment to strategic planning—proved invaluable in tackling the multifaceted challenges of founding EVLUV.

One of the primary hurdles she faced was creating a profitable business model in the nascent EV charging industry, where current utilization rates are low and payback periods are long. Her approach leverages financial acumen to address this: “Our model is to increase utilization by providing that effortless, seamless experience.” This strategy shows how financial expertise can shape innovative solutions to complex market dynamics.

Lumpkin’s experience in analyzing data and market trends also helps balance the needs of both sides of the EVLUV marketplace—drivers and charging station hosts. “Both sides have to happen and meet and be happy in order for EV adoption to take place,” she explains, demonstrating how financial thinking can drive holistic business strategies.

For finance professionals eyeing entrepreneurship, she emphasizes the importance of passion and conviction: “Without knowing your why, it’s very hard for anybody to start an entrepreneurship journey.” This advice acknowledges that while financial expertise provides a solid foundation, successful entrepreneurship in the AI era also requires adaptability and a deep commitment to innovation.

Embracing the Future: Finance Professionals as Innovators

Lumpkin’s journey from Big Four accountant to EV charging innovator highlights the opportunity at the intersection of financial expertise and technological innovation. Here are three key takeaways for accountants who want to pursue entrepreneurship:

  1. The value of rigorous financial training
  2. The power of applying analytical skills to real-world problems
  3. The critical role of adaptability in entrepreneurial success

As AI and automation reshape the accounting industry, professionals with a strong foundation in finance are uniquely positioned to drive innovation. Their analytical abilities, combined with a deep understanding of business operations, provides a powerful toolkit for navigating the complexities of entrepreneurship in emerging tech sectors.

For CPAs, CFOs, and aspiring finance leaders tuned into the AI revolution, Lumpkin’s story could provide a roadmap. She demonstrates how accountants can leverage their skills to identify market gaps, develop innovative solutions, and build successful tech-driven businesses.

Ready to explore how you can harness your financial expertise to lead in the AI-driven future? Listen to the full episode of AI: Accounting Intelligence to gain deeper insights from Lumpkin’s journey. Discover practical strategies for transitioning from finance to entrepreneurship and understand the unique advantages your financial background offers in the tech startup ecosystem. Don’t just adapt to the future of finance—shape it.

Mastering Multi-Channel Mayhem: A CPA’s Guide to Modern E-commerce

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Struggling to reconcile thousands of daily e-commerce transactions from platforms like Shopify, Amazon, and Square? You’re not alone. For CPAs, the surge in e-commerce has transformed accounting into a complex maze. Gross sales don’t match bank deposits, fees are vaguely labeled, and sales tax spans multiple states and cities.

“Everything has moved to net deposits,” explains Jason Richelson, CEO of Bookkeep, in a recent Earmark Expo. “It used to be that gross sales plus sales tax equaled your deposit the next day. Now, everything is net of fees, and it’s becoming increasingly complicated.”

As e-commerce continues to dominate retail, CPAs face an evolving ecosystem of platforms and payment systems. To navigate this complexity and deliver value to clients, they must embrace cutting-edge accounting technologies that offer automated reconciliation, real-time reporting, and multi-channel integration.

This article explores the key challenges of modern e-commerce accounting and how innovative technologies are revolutionizing the field, transforming CPAs into strategic advisors.

The Complex Landscape of E-Commerce Accounting

Gone are the days when retail accounting meant simply reconciling a cash register with a bank statement. The rise of e-commerce has introduced new challenges for CPAs.

“We had about 50 clients,” Jason recalls. “We started developing software, thinking people could handle it manually. They do it manually, but I’m surprised that six years later, they just can’t find people to do this.”

The core problem lies in the shift to net deposits. “It used to be that in your POS, your gross sales plus sales tax equaled the credit card deposits you received the next day,” Jason explains. “But now, businesses receive net deposits—the gross amount minus various fees and adjustments.”

Consider a client using Shopify for online sales, Square for in-person transactions, and selling on Amazon as well. Each platform has its reporting system, fee structure, and payout schedule. Amazon pays out every two weeks, so Christmas sales might not hit the bank account until January.

The complexity compounds with cross-platform sales. A business using Shopify might also sell through Facebook and Instagram. While Shopify shows total sales, including sales tax, the actual deposit might not include that sales tax if Facebook pays it directly. Without specialized tools, a CPA might mistakenly think the business failed to collect sales tax.

“A lot of people just record deposits as income,” Jason notes, “because they’re overwhelmed or don’t have access to detailed data. But we book your sales summary and then your payout deposits separately.”

Innovative Solutions in E-Commerce Accounting

As the e-commerce landscape grows more complex, innovative technologies are emerging to meet the challenge. Specialized accounting software revolutionizes how CPAs manage multi-channel sales, reconciliations, and reporting.

One key feature of Bookkeep is automated reconciliation. “We post summary sales information daily, typically on an accrual basis when the transaction occurs or when it is fulfilled,” Jason explains. This approach allows for accurate, real-time sales tracking across multiple platforms, regardless of when the actual payout occurs. It solves the Amazon payout delay by recording sales when they happen, not when the deposit is received weeks later.

Another crucial aspect is the separation of sales data from payout deposits. This separation allows for clearer tracking of actual sales versus received funds, solving the net deposit problem that plagues many e-commerce businesses. CPAs can now easily reconcile gross sales with net deposits, identifying fees and adjustments.

These systems also offer detailed breakdowns of fees and adjustments. “All the data we post to your accounting platform, we also provide spreadsheets with all the backup data,” Jason says. This level of detail allows CPAs to quickly identify and resolve discrepancies, saving countless hours of manual reconciliation work.

Multi-channel integration is another key feature. Bookkeep handles data from Square, Shopify, PayPal, Amazon, and more, consolidating information from multiple sales channels into a single, coherent financial picture. This integration extends to sales tax management as well. “We will file and pay your sales tax for you, and we do it through Avalara,” Jason explains, addressing the complex issue of multi-jurisdictional sales tax compliance.

These tools are adaptable to the rapidly changing e-commerce landscape. When e-commerce platforms introduce new features or payment methods, the software updates to accommodate them, ensuring CPAs always have accurate, up-to-date information.

The Evolving Role of CPAs in E-Commerce

Innovative technologies are not just making CPAs’ jobs easier—they’re reshaping the role of accountants in the e-commerce era. The focus is shifting from data entry to strategic advisory.

“We’re here to help you understand the data coming through,” Jason explains. “That’s really where accounting is going—it’s about data flows and proper categorization.” This shift means CPAs need to develop new skills and knowledge to thrive.

Understanding the intricacies of various e-commerce platforms is essential. “Shopify moves very fast. Square is also providing great tools. TikTok is coming onto Shopify as well,” Jason notes. CPAs need to stay current with these developments to provide accurate advice and ensure proper accounting treatment.

Sales tax complexity presents another opportunity. With Bookkeep’s integration with Avalara, CPAs can offer comprehensive sales tax management services. “Nobody inside these e-commerce businesses wants to learn that stuff,” Jason says. By mastering these tools, CPAs become indispensable advisors, helping clients navigate multi-jurisdictional sales tax requirements.

Some CPAs might worry that these technologies could replace their roles. However, the reality is that these tools free CPAs from tedious tasks, allowing them to focus on higher-value activities. CPAs can offer strategic insights into cash flow management, profitability analysis, and growth strategies by interpreting the detailed data these systems provide.

Embracing the Future of E-Commerce Accounting

E-commerce accounting is evolving rapidly, but CPAs can turn these challenges into opportunities with the right tools and mindset. You can stay ahead in this digital era by embracing innovative technologies and focusing on strategic advisory.

To better understand these cutting-edge solutions and how they can transform your practice, we encourage you to watch the on-demand webinar featuring Jason Richelson’s insights on the evolution of e-commerce accounting. You’ll learn about the latest trends in e-commerce platforms, discover how to leverage automated reconciliation tools, and gain strategies for positioning yourself as a valuable advisor to e-commerce clients.

The End of Late-Night Spreadsheets: Live Flow’s Game-Changing Solution for CPAs

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Imagine it’s 2 a.m., and you’re still wrestling with spreadsheets because a client made last-minute changes. If you’re a CPA, this scenario might sound all too familiar. The endless cycle of manual updates highlights a persistent challenge in financial analysis: balancing customization with automation.

But what if you could have both? At the recent Earmark Expo, a solution emerged that promises to revolutionize how CPAs handle financial data. Enter LiveFlow, a groundbreaking tool catching accountants’ attention everywhere.

“The solution that LiveFlow offers allows you to create live reports of your QuickBooks information directly in Google Sheets or Excel,” explains Josh Thomas, Senior Product Owner at LiveFlow. For CPAs looking to modernize their financial analysis without sacrificing customization, LiveFlow combines the familiarity of spreadsheets with automated data integration and advanced reporting features.

In this article, we’ll explore how LiveFlow bridges the gap between customization and automation in financial analysis. From seamless integration with existing tools to advanced consolidation capabilities and robust forecasting, discover why LiveFlow might be the game-changer CPAs have been waiting for.

Seamless Integration with Accounting Software

At the heart of LiveFlow’s innovation is its ability to integrate seamlessly with the accounting software and spreadsheets CPAs already use. Gone are the days of endless copy-pasting and manual data entry. LiveFlow directly bridges QuickBooks or Xero and your Google Sheets or Excel workbooks.

Blake Oliver, co-host of the Earmark Expo, shared a painfully familiar memory: “I have a very distinct memory of one time doing it seven times in a row until about two in the morning because I kept having to make changes.” This tedious process of exporting, pasting, and reformatting becomes obsolete with LiveFlow.

Instead, LiveFlow allows you to create live reports that update automatically. “By default, LiveFlow is refreshing your QuickBooks data every single hour,” Josh explains. This means your spreadsheets are always up-to-date without any manual effort.

What about customization? LiveFlow doesn’t sacrifice flexibility for automation. You can add custom formulas, insert new columns, and tailor your reports to your needs. The app allows you to filter data by customer, class, vendor, or location, giving you granular control over your reports. Impressively, LiveFlow retains these customizations even when the underlying data refreshes.

For CPAs managing multiple clients, this is transformative. As David Leary pointed out, “I could see Blake’s problem is magnified if you have 50 clients. Now, you’re doing this over and over across 50 clients.” With LiveFlow, you set up customized reports for each client once and let the software handle the updates.

Simplifying Complex Consolidations

Consolidating financial data from multiple entities or standardizing a complex chart of accounts can be daunting. Traditional methods involve intricate Excel formulas that are prone to errors and time-consuming to maintain. LiveFlow’s consolidation feature tackles this challenge head-on.

“No more formulas,” Josh emphasizes. “You’ve distilled it down to the consolidated accounts you want in your end report.” This approach saves time and significantly reduces the risk of errors.

LiveFlow uses a visual mapping process. You can click and drag to map accounts from different QuickBooks files to a unified chart of accounts. It even handles intercompany eliminations, a notoriously tricky aspect of consolidation.

Perhaps most impressively, the consolidation feature updates automatically when new accounts are added, or changes occur in the underlying QuickBooks files. No more scrambling to update complex spreadsheets every time a client tweaks their chart of accounts.

Transforming Data into Actionable Insights

CPAs need to do more than crunch numbers—they also need to tell compelling financial stories. LiveFlow Dashboards transform complex financial data into visually appealing, easy-to-understand visualizations that resonate with clients.

“We’re really excited about it because, for some people, coding is not their bread and butter,” Josh explains. LiveFlow Dashboards allow CPAs to create professional, customizable dashboards without coding skills. You can select from components like bar charts, line graphs, and KPI indicators, arranging them to build a dashboard that suits each client’s needs. Advanced settings like filtering by vendor or displaying data by quarter provide a level of customization that rivals custom-coded solutions.

One standout feature is the ability to create “snapshots” for static reporting. This addresses a common concern voiced by Blake: “I don’t want it refreshing automatically throughout the month because the period isn’t closed yet.” With snapshots, you control exactly what data your clients see and when, balancing real-time updates with carefully curated financial presentations.

But LiveFlow doesn’t stop at visuals. Its forecasting capabilities take financial analysis to the next level, combining automation with the flexibility to model various scenarios. The cash flow forecasting templates include features like income vs. burn rate charts and runway models. You can input different growth rates and starting financial positions to model various scenarios for a startup client.

“If you’re advising software or startups, then their burn rate and runway are the two most important things to keep tabs on,” Blake points out. “If you can do that for them with live data from their QuickBooks file, you become really valuable as an advisor.”

These tools allow CPAs to offer high-value services like scenario analysis and strategic financial planning. By combining live data with powerful, customizable forecasting tools, you can help clients make informed decisions about their financial future.

Embracing a New Era of Financial Analysis

LiveFlow represents a significant leap forward in financial analysis technology, seamlessly bridging the gap between customization and automation. As Josh aptly puts it, “The beauty of it is sometimes the simplicity of it.” By integrating live data with familiar spreadsheet interfaces, simplifying complex consolidations, and offering powerful visualization and forecasting tools, LiveFlow empowers CPAs to work smarter, not harder.

The implications for the accounting profession are profound. With LiveFlow, CPAs can significantly increase their efficiency, freeing up time to focus on high-value tasks like strategic advising. As Blake noted, “If you can do that for them with live data from their QuickBooks file, you become really valuable as an advisor.” This ability to quickly generate customized, visually appealing reports and forecasts enhances the services CPAs can offer to their clients.

Perhaps most importantly, LiveFlow allows CPAs to modernize their practice without abandoning their hard-earned expertise and customized approaches. It’s not about replacing the CPA’s skillset but augmenting it with powerful tools that make financial analysis more efficient and insightful.

Experience LiveFlow for Yourself

To see how LiveFlow can revolutionize your financial analysis processes, watch the Earmark Expo. Discover firsthand how you can harness the power of automation while maintaining the flexibility your clients depend on. Don’t just adapt to the future of financial analysis—shape it with LiveFlow.

Automating Success: Why Strong Financial Controls Are Essential for Business Growth

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Imagine a growing company where invoices pile up, approval processes lag, and financial oversight can’t keep up. Now, picture the same company with streamlined workflows, automated fraud detection, and visibility into finances that help the business. The difference? Strong financial controls.

Financial controls are the guardrails of good decision-making in any business. They include the procedures, policies, and methods for monitoring and controlling economic resources. In today’s digital age, these controls have evolved beyond traditional manual processes.

In the webinar “Mastering Internal Financial Controls for Sustainable Success,” ApprovalMax experts Jonathan Kyritsis and Angela Bierman shared a critical truth for Certified Public Accountants (CPAs) and their clients: modernizing financial controls is vital to sustainable business growth.

But how can CPAs use these evolving controls to deliver tangible value? Let’s explore three key areas:

  • The evolution of financial controls in the digital era
  • Using automation for efficiency and fraud prevention
  • Building scalable controls for long-term success

Whether you’re a CPA looking to enhance your services or a business leader aiming to strengthen your financial processes, these insights will provide tips on where to focus your attention and how to get started in modern financial management.

The Digital Evolution of Financial Controls 

“Financial controls are the guardrails of good decision-making in any business,” Angela said. These controls protect against fraud, prevent costly mistakes, and provide the foundation for sound financial stewardship. The digital era has changed how these controls operate and their role in business growth.

Consider the traditional invoice approval process. Angela described the old way:

“If it’s paper, you take the stack of invoices to the various people who need to approve them, and they sign it. They may have a comment or a question, or they come back with post-its, and you’re like, whose signature is this? And what’s the status?”

This manual process is inefficient and prone to errors.

Modern, digitized financial controls automate this process. Invoices are automatically routed to the right approvers, reminders are sent systematically, and every action is logged with a clear audit trail. This removes the chaos of paper trails and reduces the risk of lost or mishandled documents.

Beyond digitizing paperwork, modern financial controls use technologies like optical character recognition (OCR) and machine learning (ML) to extract data from invoices, detect anomalies, and predict potential issues before they arise. 

This evolution allows CPAs to offer more strategic, value-added services. Instead of spending hours on manual data entry and chasing approvals, CPAs can focus on analyzing financial data, identifying trends, and sharing insights that help business growth. Jonathan says it’s about understanding “how we can impact your business” through tailored, modern financial control systems.

Using Automation for Efficiency and Fraud Prevention

Automation underpins modern financial controls’ evolution, boosting efficiency and security. For CPAs, becoming familiar with these systems can be important for offering innovative services that support client success.

There are big efficiency gains from automation. Angela candidly said: “Chasing invoices is such a time suck. We all have better things to do.”

Automated systems handle tasks like routing invoices, sending reminders, and tracking approvals. Technologies like OCR automatically extract data from invoices to reduce manual data entry and errors.

These improvements allow finance professionals to shift focus from routine tasks to strategic analysis and decision-making. For CPAs, this means spending less time on data processing and more on consulting clients.

Automation also enhances fraud prevention. Automated systems constantly monitor for suspicious patterns and anomalies. They can flag payments just below approval limits—a common tactic in fraud schemes. Angela noted: “When you have a threshold of $10,000, $50,000, whatever it is, and you start to see bills coming in just under that threshold, that should be a flag.”

Automation fortifies vulnerable points in financial systems, such as vendor information changes. Angela highlighted this risk: “Where they get you, and where the areas of higher risk are, is the changes. Someone says, ‘Oh, I have new banking information. Can you update my account?'”

Automated systems enforce strict protocols for such changes, requiring multiple approvals and flagging suspicious updates.

However, automation complements rather than replaces human judgment. Jonathan said: “Logic sometimes might fly out the window because this is something quick that your boss’s boss is getting you to do. So again, it’s about having the processes in place.”

Automation provides the framework and flags potential issues, but human oversight is still key.

Building Scalable Financial Controls for Sustainable Growth

As companies expand, their financial control needs become more complex. Scalability becomes essential. Angela advised: “With every decision you make regarding processes, policies, and technology, ask yourself: Does this scale? Can this work with more people, more departments?”

A manual approval process suitable for a team of 10 can become a nightmare for a company of 100. Scalable, automated controls adapt effortlessly—moving from a single-tier approval system to a multi-tiered one that accounts for different departments and spending thresholds.

Establishing scalable controls empowers CPAs to transition from traditional number crunchers to vital strategic partners in growth. By anticipating future client needs and creating adaptable processes, CPAs can deliver exceptional value that enhances their role and influence.

Flexibility is important, Jonathan said: “Every client is not the same from client to client. We have to be flexible in this day and age, especially with the world changing as quickly as it is.”

Customization plus scalability ensure that financial controls remain effective and efficient regardless of a company’s size or complexity.

Scalable controls also democratize the oversight process. Angela noted: “What I think is so important is to empower every single person involved in the accounts payable process with the ability to press pause and say, ‘I’m not comfortable with that.'”

This approach maintains robust oversight even as organizations grow.

Setting up scalable controls early saves businesses from growing pains later. Angela pointed out: “It’s so much easier as an employee, as a project manager, as a relationship manager, to say to somebody, ‘Hey, these are our policies. This is what we’ve got in place.'”

It’s more efficient to grow into robust controls than to build them retroactively.

Watch the Full Webinar and Earn Free CPE

Digital, automated, and scalable financial controls form a powerful triad for sustainable business growth. They provide efficiency for daily operations, security against fraud, and flexibility for long-term expansion. For CPAs, mastering these controls is critical to delivering extra value in today’s business landscape.

To fully grasp the role of strong financial controls, watch the webinar “Mastering Internal Financial Controls for Sustainable Success.” Jonathan and Angela offer practical insights and real-world examples to enhance your service offerings.

Register for free here and earn free CPE for watching: