How FaaS Can Help You Win the War for Talent

The phrase “war for talent” was coined by McKinsey & Co. in the late 1990s to describe an environment where competition among employers for skilled workers was becoming more intense as the workforce began aging and employees exhibited less loyalty to the companies they worked for. 

This so-called war has only intensified since then. The demographic and societal trends that started more than two decades ago have continued with baby boomers starting to retire in droves and highly skilled employees hopping from job to job as new opportunities arise. COVID-19 has also played a large role in the upheaval of the workforce as both businesses and employees adjust to new ways of working due to the pandemic.

In fact, one out of every four employees say they plan to change jobs once the pandemic subsides, according to the Pulse of the American Worker Survey conducted last spring by Prudential. 

Challenges in Accounting and Finance

The war for talent can be even more intense in the finance and accounting industry. Highly skilled finance and accounting employees can often pick and choose from among the best jobs, which makes it hard for corporations and CFOs to build and maintain a stable finance and accounting staff.

The good news is that building such a staff isn’t always necessary anymore. Instead, businesses can utilize Finance as a Service, or FaaS, to meet their finance and accounting requirements. With FaaS, the finance and accounting back-office duties are outsourced to a third-party service provider. This relieves the CEO or CFO of the difficult, expensive and time-consuming job of hiring and retaining a full-time finance and accounting staff.

FaaS: A Comprehensive Approach to the Finance Function

Finance as a Service is sometimes confused with the services provided by outsourced accounting firms. However, FaaS offers a much more comprehensive approach to financial and accounting management than simple outsourced accounting, along with greater transparency and rigor.

First, FaaS provides a full suite of staff, services and software that’s capable of managing a corporation’s entire finance and accounting operations. This includes processing transactions and customer payments, paying vendors and producing monthly financials. In other words, FaaS is a one-stop financial and accounting services shop. 

FaaS also offers a single, self-serve software interface instead of multiple programs that corporations have to manage themselves. This interface should provide clarity and transparency with regard to financial and accounting information. With FaaS, knowledge isn’t concentrated with a single individual who is the only one who can access relevant financial and accounting data. Instead, this data can be easily accessed by anyone on the team when needed. With a single, self-service interface, more than one person can get that system to meet their needs on any given day.

In addition, FaaS features flexible and transparent pricing which makes it easy to forecast what costs will be as the company’s needs change in the future. Practically speaking, this means that a FaaS provider charges based on the service offered, not by the hour or based on the level of staff assigned to the client. This way, corporations know exactly what they’re paying for and how their costs will rise or fall as they scale up or down

Finally, FaaS offers access to skilled finance and accounting professionals who have the appropriate level of expertise for the corporation’s specific needs. While much of financial operations is fairly straightforward, sometimes corporations need a higher level of strategic thinking and expertise, like when performing acquisitions and onboarding new entities, for example. With FaaS, corporations only pay for this higher level of service when it’s needed. 

FaaS Service Brings Everything Together

In the end, Finance as a Service comes down to one word: service. This is what brings together the comprehensive offering, single self-serve interface, pricing transparency and customized level of expertise. A true FaaS provider will offer this kind of comprehensive approach to managing the finance and accounting function.

As a CEO, now would be a good time to think about how adopting Finance as a Service could help you win the war for talent. To discuss the potential benefits of FaaS for your business in more detail, please connect with us here

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The Pros And Cons Of Outsourcing eCommerce Accounting

The Pros And Cons Of Outsourcing eCommerce Accounting

When eCommerce businesses are looking to grow and expand their operations, they may consider outsourcing eCommerce accounting functions to access reliable and expert support.

Many eCommerce owners find themselves overwhelmed when it comes time to deal with their business finances. For those who choose to outsource accounting processes, this can be a double-edged sword. While your company’s bookkeeping will need to be part of a larger team responsible for other accounting practices, outsourcing the process means you can focus on key business processes and have access to reliable experts. At the same time, there are specific challenges both companies and employees face when they outsource their bookkeeping and accounting needs.

In the past, eCommerce businesses were usually not concerned with outsourced eCommerce accounting services because they could easily do it themselves–with a bit of help from their accountants or bookkeepers. But as eCommerce companies grow, so does the size of the accounting function itself, and eCommerce businesses may find themselves struggling with their accounting tasks.

Outsourcing eCommerce accounting functions can free up e-businesses to focus on core business processes while having reliable and expert support. In addition, companies will also have the opportunity to work together with experts from various areas that can bring a fresh perspective to eCommerce accounting processes.

However, eCommerce businesses should also keep in mind that there are particular challenges when outsourcing eCommerce accounting functions and these need to be addressed from the beginning of the process.

Outsourcing eCommerce accounting is a popular option for eCommerce companies that want to focus on core business processes, have access to reliable and expert support, and avoid the time-consuming process of managing their own accountants. This post will explore the benefits, and drawbacks eCommerce businesses may face when outsourcing their accounting function.

The Pros and Cons of Outsourcing eCommerce Accounting Functions

eCommerce businesses are facing higher eCommerce competition and have to be more competitive. This is one of the reasons why eCommerce companies enter new markets or expand their product portfolio quickly, which requires them to outsource accounting functions for eCommerce businesses. They do so to free up time and resources that can then be invested into core eCommerce processes. However, there are pros and cons when doing so.

Pro – Focusing on The Core Business

eCommerce companies who decide to outsource eCommerce accounting functions can focus on their core business. This can be a great advantage, especially when eCommerce businesses expand quickly or enter new markets.

To facilitate growth, you might need access to an extra headcount. As more and more niche business service companies offer specialized services such as eCommerce accounting, fractional CFO services, and similar offerings, many businesses are forced to look outside of their internal staff for the additional manpower required to scale operations efficiently. Sometimes though, this comes at a cost.

An organization can focus on its core business activities, which increase sales and results in more customers. For example, hiring a full-time bookkeeper instead of outsourcing this process won’t help you achieve your goals and ties up resources like corporate space and equipment for them.

In addition, hiring full-time accounting staff is not without challenges. You need to consider the costs of specialized tools and training for your new hires along with their insurance packages which might also be pricey. By outsourcing accounting tasks, eCommerce companies can focus on core competencies that contribute to company growth and avoid future overhead costs for hiring an internal team.

Con – Communication Limitations

Outsourcing eCommerce accounting processes can create communication challenges. eCommerce businesses usually look for a reliable expert partner to outsource their accounting function and have access to specialized experts when needed. Aside from the typical challenges of working with a remote team, such as communication issues, there are usually limits to your control over the work, and you may experience other hidden costs.

There will also be additional limitations when it comes to communicating with an external entity. This is why many business owners still feel that having an in-house staff works better for them. eCommerce businesses can be very specific, so it’s better to have a specialized bookkeeper or CFO who understands your business goals and objectives and can act in the best interest of all parties involved for a win-win situation.

Pro – Reliable Support

A business is responsible for providing its customers high-quality service that meets industry standards. Still, a professional accounting company experiences even greater pressure by being held to the highest accounting standards and strict requirements.

You gain peace of mind by choosing an expert eCommerce-focused group that can stay abreast of the substantially changing accounting standards and laws. It’s vital to ensure that you get an accounting expert with knowledge and experience working with the specific industry. eCommerce companies should aim to find eCommerce accounting partners who have experience working with e-tailers and understand your business needs.

Con – Less Control

Keep in mind that your financial reporting offers incredible insights into how to improve business efficiency and achieve growth. However, outsourcing comes with the risk of losing a part of control over your company.

One of the most common worries business owners have about outsourcing accounting is losing access to their financial information. Additionally, some businesses face difficulty communicating with the outsourced company resulting in slow and unreliable performance.

One way to ensure that your company has access to transparent accounting services is through monthly meetings with your outsourced service provider. An eCommerce accountant should provide insightful takeaways from financial reports that you may fail to infer yourself. Companies with an eCommerce focus should schedule regular meetings to discuss how the business is progressing to stay in control.

Pro – Effective Issue Resolution

Another benefit of outsourcing eCommerce accounting is that businesses have access to trained professionals overlooking the finance function at all times. This helps business owners stop worrying about any accounting errors.

While eCommerce companies still need to check the work outsourced accountants do, these professionals will spot any red flags ahead of time and notify you about unusual issues. This can be difficult to track because it involves keeping a close watch on cash flows and expenditures. In addition to providing specific insights, they give you access to an expert in the field and help you make educated decisions.

Con – Hidden Costs

Many eCommerce companies are not aware of additional hidden costs and issues with outsourcing their accounting processes. Outsourced accounting services may charge extra for certain tasks, tools, or software. eCommerce businesses should be aware of the costs for any eCommerce accounting services they want to use.

You need to consider all aspects of your business and the eCommerce industry to make a wise decision about outsourcing eCommerce accounting, especially if you are new or don’t have much experience working with third parties. It is important to consider if eCommerce accounting will get in the way of your business goals.

Finance as a Service vs. Traditional Outsourced Accounting

eCommerce companies may decide to either use a third-party agency as “Finance as a Service” or outsource their accounting function. While using Finance as a Service (FaaS), eCommerce businesses can access experts and specialists they would otherwise not be able to afford.

When compared to simple accounting outsourcing, FaaS offers personalized services that will help minimize or even eliminate the drawbacks mentioned above associated with simple outsourcing. eCommerce companies will also have access to experts they can rely on in case of any questions or needs that may arise.

Together with Consero Global, eCommerce businesses will have access to the following:

  • Finance Professionals – A benefit of using FaaS is that companies have on-demand access to the expertise and experience of the entire team. Companies can also customize services to cover any accounting gaps.
  • Access to the Latest Finance Services and Processes – Paper-based processes can be more of a hindrance than an asset in today’s digital world, but that is not to say all paper-related operations should be dismissed. Outsourcing services are the perfect option for those looking into modernizing their systems and becoming more efficient while also saving costs. By outsourcing accounting work to a professional FaaS provider, businesses can eliminate time-consuming processes, freeing their core staff members to focus on more critical business tasks.
  • Cutting-edge Technology – Consero makes use of state-of-the-art cloud computing, artificial intelligence, and advanced analytics. Its software solution (SIPL) allows businesses to integrate all aspects of their business, eliminate the need for non-integrated digital tools or spreadsheets, and produce easy-to-understand business intelligence.
  • Timely Reporting –  By combining it with integrated systems that track all metrics and key performance indicators, organizations will have immediate insight into the business finances.

Consero is considered a trustworthy leader in the industry with a proven record of taking finance teams to the next level without disrupting other business systems. Feel free to request a demo today!

Finance Function Risks When Scaling eCommerce Businesses

Finance Function Risks When Scaling eCommerce Businesses

Many business owners are looking to scale their eCommerce businesses but don’t have the finance function in place to do so. This is a risky move because you will be putting your company at risk for several problems if you don’t have someone overseeing all of the finances.

As an eCommerce business scales rapidly, the finance function and systems face new challenges. Such challenges include a focus on rapid sales growth while ignoring potential issues that arise from it, such as poor integration of financial technology or weak debtor management. Businesses scaling fast need access to the correct information asap. This is why the finance function gains importance over time, and its ability to provide forward-looking insight is growing.

Finance leaders can only provide insight when they have access to all relevant resources, including the entire range of eCommerce systems. The primary challenges for scaling a business include poor integration between finance technology and other business systems, weak debtor management, or problems with inventory visibility.

In this article, we will be covering some of the risks that come with scaling an eCommerce business without having a proper finance function and how these risks can be mitigated by implementing a financial management system.

What Is The Finance Function?

In organizations, the finance function is responsible for acquiring the funds necessary to maintain efficient operations. The finance function is vital to business, and without it, things would run less smoothly. The efforts of the finance functions help keep a business running, as it gathers resources and acquires money that helps with daily activity.

As part of financial management, the finance function is tasked to manage a company’s financial resources so that they can be used most efficiently. The finance function is responsible for planning, budgeting, forecasting, and accounting for all transactions within an organization.

Lately, there has been a shift from manual processes towards more automated or digital systems where information management happens in real-time. This shift is called digital finance. It has resulted in the development of new products such as cloud-based Finance as a Service software, Robo-advisors, or even smart contracts, which are used to track transactions, among other things.

In large, the finance function can be classified into three parts:

  • Long-Term Finance – This refers to finance of investment that’s three years or more. Among the sources of long-term finance include share capital, owner capital, debentures, long-term loans, internal funds, and more.
  • Medium Term Finance– This is financing done between 1 to 3 years; this can be sourced from bank loans and financial institutions.
  • Short Term Finance – For the first year, a business may need to consider various methods for raising funds such as overdrafts from banks, commercial paper (a short-term debt instrument issued by corporations), receiving advances from customers, and issuing trade credit.

Finance Function Objectives

The finance function has various objectives, and they are as follows:

  • Investment Decisions – It is the finance manager’s responsibility to make sound investment decisions that generate revenue, profits, and save costs. Investment decisions should be made by a person who understands how to bring in more money for the company while racking up savings wherever possible.
  • Financing Decisions When a company decides how to finance its business, it should consider short-term and long-term debt arrangements. They also need to decide on the mixture of equity and borrowing that works best for them.
  • Dividend Decisions – Business owners must carefully consider how frequently they pay out cash dividends to their shareholders. They also face a dilemma of whether or not to retain profits for future growth—this return can either be paid through higher dividends, share repurchase, or reinvested back into the company (through acquisitions).
  • Liquidity Decisions – Liquidity is the ability of a business to pay off its short-term debt obligations. This requires having enough cash on hand and maintaining adequate savings to avoid becoming insolvent or failing to make payments, such as vendor invoices.

The Finance Function Risks When Scaling an eCommerce Business

While scaling their operations, eCommerce businesses can leave themselves exposed to certain finance function risks. These risks can come from poor integration of financial technology and other business systems, weak debtor management, or a lack of visibility, and more. To avoid these pitfalls, businesses should look into their current processes to identify the areas that require improvement. They need to ensure they are taking all the necessary steps to minimize the risk of their finance function.

Poor Finance Technology Integration With Other Business Systems

Many eCommerce businesses focus on building a website and achieving integration with online marketplaces such as Magento or Shopify, along with payment gateways. However, these initiatives also have the risk of becoming distracting from other important aspects to scaling an eCommerce business, such as managing finance function risks during this time of growth.

While management is arguably concentrating on the ability of their business to attract sales, fulfill orders and initiate payments, they fail to integrate with finance and accounting technology systems. Given the multiple sources from which finance functions must retrieve data, tasks such as manually uploading and accessing that information are incredibly challenging.

Entering a period of fast growth generates many potential risks relating to finance, one being a lack of integrated systems. This lack increases the risk for errors in financial information and poses a compliance issue when preparing financial statements and submitting tax returns. The finance function can struggle to provide the KPIs and insights that management needs, such as accurate gross profit margin, Stock Keeping Unit (SKU) profitability, and return on advertising spend. This is because they face various challenges, including time-consuming reconciliations between sales and bank receipts.

Getting Operational Transactions into the Accounting System

The finance function can also struggle to get operational transactions into the accounting system in a timely manner. This holds true especially during peak periods such as Black Friday or Christmas, where eCommerce businesses are under pressure to fulfill orders and meet deadlines for financial reporting, all while making adjustments related to refunds or lost shipments.

They tend to be unable to upload sales transactions in a timely manner due to slow upload speeds. The finance function must also manually reconcile invoices and credit notes, making it difficult for them to meet their deadlines when the volume of transactions is high.

Not having access to real-time financial data will impact how your organization performs during periods of peak activity such as Black Friday or Christmas. In addition, the finance function cannot complete their tasks promptly, which impacts your organization’s reporting capabilities.

Lack of Visibility Into The Terms of Contracts

The finance function can also struggle with a lack of visibility into the terms of contracts if eCommerce businesses do not clearly understand which payment terms they are offering. It is challenging to provide accurate cash forecasts and communicate this information to management if their performance is below expectations.

Another risk that might arise from a lack of visibility in contracts is the risk of your finance function failing to control credit and cash flow. This may result in late payments or penalties, which could be avoided if eCommerce businesses were more aware of their payment terms, especially during periods of peak activity. 

The finance function can also struggle with a lack of visibility into the terms of contracts if eCommerce businesses do not understand which payment terms they are offering to their customers. 

Correlating Revenue Statistics With Spend Statistics

The finance function can also struggle with correlating revenue statistics to spending patterns, especially during peak periods. This is because they find it challenging to correlate the data due to poor integration between their sales and marketing systems (SMS) and back-office functions, including Point of Sales (POS), inventory management system, eCommerce store, and accounting applications.

This is because they struggle with correlating data, making it difficult for them to provide accurate cash forecasts and communicate this information to management if performance is below expectations.

Scaling Overhead

Business owners looking to scale eCommerce business operations may struggle with rising overhead. They tend not to have an accurate understanding of how many employees they need during peak periods which can impact their cash flow due to additional costs such as overtime payments and potential penalties for late deliveries, among other things.

This lack of a clear understanding of what size the finance function needs to be can also impact the quality of their reporting capabilities because they may not have enough employees with the necessary skills or experience. This is why it’s vital for business owners looking to scale eCommerce operations. Understand that scaling your finance function requires more than just hiring additional accounting staff. Ensure you are equipped with financial technology that can support your growth.


To provide a solid foundation, finance systems should be well integrated, automated, and in line with the business’s objectives. Good financial planning requires access to accurate information that management can depend on. Consero helps eCommerce businesses manage their finances and make decisions that drive growth in the long run. Our company is regarded as a reliable partner that can take your finance team to the next level without disrupting your other business systems and processes. Feel free to request a demo today!

The Need for FaaS In The Post-Pandemic Marketplace eCommerce Industry

The Need For FaaS In The Post-Pandemic Marketplace eCommerce Industry

Before COVID-19, online shopping was growing by about 4.5% a year. The retail landscape has changed this year due to increased movement restriction measures and consumer preference for eCommerce. Those businesses that have successfully adapted to digital platforms thrived while traditional retailers with weak online strategies dwindled.

The growth of eCommerce has also contributed to an increase in financial services provided by non-financial companies. These are often called embedded finance services and can include digital payments, credit, and insurance at the point of sale. The growing trend of embedding finance within businesses can create a more robust and cost-efficient digital economy.

In recent years, platforms such as Alibaba, MercadoLibre, Jumia, and Amazon have expanded their financial services by allowing payment processing. The industry is increasingly becoming service-oriented, as non-financial companies provide credit and insurance to merchants and consumers at the point of sale.

More recently, published reports show that the trend of embedding finance in eCommerce is expanding beyond just online stores. Firms in the agricultural sector, ride-hailing companies, and online logistics are starting to follow a similar development path. They have either started offering financial products or have expressed interest in doing so.

Finance as a Service (FaaS) has been around for some time now, but it is only recently that the COVID-19 pandemic has caused it to become more important than ever. The marketplace eCommerce sector is seeing an increased need for financial services at the point of sale due to the increase in digitalization and remote work, including many non-financial companies offering these services. Finance as a Service provides customers with access to credit, insurance, and digital payments from one platform on any device while also giving businesses access to real-time data analytics.

How The COVID-19 Pandemic Shaped Today’s eCommerce Sector?

The COVID-19 pandemic caused a significant amount of economic damage in the eCommerce sector. The main reason for this is that it was difficult for consumers to spend money while they were sick and unable to work due to illness, which reduced productivity and profits—in addition, having fewer people at work meant fewer people to buy goods and services.

On the other hand, eCommerce businesses have also seen an increase in digitalization and the proliferation of remote work. Due to this, services such as digital payments, credit, and insurance are increasingly being offered at the point of sale by non-financial companies. This is a new development in eCommerce, which was unheard of before COVID-19 due to security concerns about online purchases with people who were not physically present and the increased risk of fraud.

However, this new development is great news for eCommerce businesses because it means they can offer more services to their customers while also increasing sales and revenue numbers. With eCommerce expanding rapidly, it will be essential to keep track of the changes in these selling practices and monitor any digital economy division that may result from them. The growing trend of eCommerce platforms gaining more customers in response to the COVID-19 pandemic suggests that companies within the sector are expanding their customer base by offering digital payment, credit, and insurance for point of sale transactions.

Finance as a Service will become increasingly important in the eCommerce sector due to COVID-19 and post-pandemic globalization.

What Is FaaS?

Finance as a Service (FaaS) is an apt example of the new finance sector, which has seen its value increase exponentially in recent years. Due to the COVID-19 pandemic and increasing digitalization across all industries, finance on demand will continue to be highly sought after. FaaS allows non-financial companies to become more financially involved with their customers without directly providing financial services. Finance as a Service is popular in the marketplace eCommerce sector, which has seen an increase in demand for remote work.

Outsourcing financial and accounting services let businesses focus more on core aspects of their business. Outsourcing the financial responsibilities of your eCommerce business can also help lower overhead costs, freeing up resources that may be dedicated to irrelevant processes such as hiring and training an accountant.

Third-party companies will take over all of the time-consuming financial activities for less than a team within the company can do it. Outsourced finance services are what businesses need to stay competitive without breaking the bank. Because of the vital need for these services, nonfinancial companies now offer them at points of sale with just a fraction of a price as an in-house finance department would cost.

Unlike traditional accounting outsourcing, FaaS goes a step beyond. FaaS is a business model that combines codified standard operating procedures, advanced cloud computing, and digital workflows to enhance agility in meeting partner needs. It also creates easy-to-read financial dashboards together with custom reporting capabilities for regulatory concerns.

How Can Finance as a Service Help the Marketplace eCommerce Sector?

In the post-pandemic marketplace eCommerce sector, Finance as a Service can help in various ways. The first way is by providing financial services to customers who could not physically be at the point of sale due to COVID-19 complications. This would have helped combat issues with customer engagement and increase sales revenue for businesses in the eCommerce marketplace.

The COVID-19 pandemic has created a need for technology to assist businesses with their financial management. Working with a professional finance team instead of internally relieves the organization from disadvantages and still benefits them. But what exactly does Finance as a Service have to offer to those in the eCommerce sector?

  • Finance Professionals – Businesses that use FaaS have a professional team of finance providers they can call on at any time to resolve issues with bookkeeping or financial planning. The FaaS model allows businesses to access the expertise and experience of an entire team without having to rely solely on in-house individuals. It also allows companies to customize the services they need.
  • State-of-the-Art Technology – An outsourced accounting services provider will typically provide modern software solutions like cloud computing, AI, and advanced analytics. Marketplace eCommerce businesses can use these types of accounting software to reduce work done in spreadsheets and replace it with digital tools that generate easy-to-understand business intelligence.
  • Real-Time Reporting Capabilities – In today’s marketplace eCommerce sectors, in addition to a dedicated team handling financial reporting, organizations are also implementing combined systems that track metrics and key performance indicators. This allows them to have immediate insight into financial information from anywhere.
  • Access to Professional Finance Services – For many businesses, the use of state-of-the-art digital technology is increasing, and there is a greater need to reduce operational costs. Outsourcing finance services can provide the much-needed flexibility that benefits both business owners and employees. A professional financial services company will use appropriate digital resources to automate tasks, which will help employees focus on core business decisions.

The Benefits of FaaS for eCommerce Organizations

The benefits of Finance as a Service for eCommerce organizations are numerous. There are many reasons it is beneficial to outsource with finance as a service, including the following:

Scalability Finance

Finance as a Service can provide scalable solutions for businesses of all sizes. This ensures that the solution can grow with your company and reduce costs associated with hiring additional employees or outsourcing work. FaaS providers are structured so that they adjust the allocated resources to every task, ensuring they always have the right amount. With companies building the right systems and streamlining their internal controls and processes, FaaS accounting providers can quickly and effectively jump in to help with any accounting activities after being contacted by organizations.

Cost Savings

Finance as a Service will help you save money by providing high-quality, cost-effective services through technology solutions offered through cloud computing software and advanced analytics. By allowing Finance as a Service to help you automate and streamline your financial operations, it will free up time for management teams so they can focus on other areas of the business that need attention.


Finance as a Service allows organizations to access experienced finance professionals at any time and from anywhere in the world with just an internet connection and a phone. Finance as a Service providers have the technology, knowledge, experience, and expertise to provide high-quality professional finance services without any geographical limitations.

CFO Support

FaaS providers, such as Consero, can offer CFO support for businesses without a dedicated finance chief. As the company’s financial leadership devotes itself to analysis, FaaS takes care of repetitive tasks. With this model helping thrive in a digitalized eCommerce world and proliferation of remote work, the CFO focuses on forward-thinking growth by steering attention towards future goals and providing a more strategic planning trajectory.

Increased Financial Visibility

As the business grows, leadership needs a bird’s-eye view of the organization. Finance as a service platform provides them with financial reporting, which presents current opportunities and challenges. With better visibility into their economic status, companies can make more informed decisions and monitor cash flow, understand their profitability in the market, track how effectively they’ve acquired new customers, and check account balances.

In addition, businesses can leverage FaaS to grow their business. This enhanced reporting system provides more data that can be used to make better decisions towards eliminating inefficiencies and identifying new opportunities that may arise from this digitalization.

What Can Marketplace eCommerce Expect from Finance as a Service?

Without up-to-date systems, inefficient processes, and the wrong team, it can be difficult for any company to achieve success. In particular, for new or small businesses, their finance departments often lack accurate data, and digitalization has made remote work increasingly common. eCommerce organizations will benefit from FaaS in the foreseeable future because it will help them improve their processes and reach new levels of success.

Strategic finance is crucial for eCommerce businesses looking to remain competitive. The trick to staying relevant during such unpredictable times lies in responsiveness and the effect of business decisions over time. It’s because of these business-impacting factors that companies need to look ahead rather than dwelling on the past, and you can do so by using finance as a service.

This is why Finance as a Service solutions can prove to be an efficient solution for companies that need significant financial system overhauls. Consero offers services that help you manage your marketplace eCommerce finance.

Why Marketplace eCommerce Needs Finance as a Service

Why Marketplace eCommerce Needs Finance As A Service

Marketplace eCommerce businesses are growing rapidly, and Finance as a Service has never been more needed. In light of the COVID-19 pandemic, Finance as a Service can help marketplace eCommerce companies tremendously. However, there are pros and cons to outsourcing accounting and finance function risks when eCommerce businesses look to scale their operations.

This article will explore some of the benefits that Finance as a Service provides to marketplace eCommerce businesses to grow their business without risking finances or scaling up too quickly.

The Effects of COVID-19 Pandemic On The eCommerce Industry

The Pandemic has had an extensive impact on supply chains. While some sectors have weathered the storm, many eCommerce companies are finding themselves in dire straits. The reason for this is that many of these eCommerce businesses rely entirely on third-party logistics providers. These platforms ensure that goods can get in and out of warehouses.

On the other hand, eCommerce businesses have also seen a rise in digitalization and the proliferation of remote work. This has created new opportunities to provide services such as digital payments, credit, and insurance at the point of sale by non-financial companies. Before COVID-19, this was unheard of due to concerns about online purchases with people.

Marketplace eCommerce businesses stand to benefit from this new development because they will be able to offer more services and increase sales and revenue numbers. Since eCommerce platforms offer customers digital payment, credit, and insurance for point of sale transactions post pandemic, it is essential to monitor the growing demand in eCommerce.

Marketplace eCommerce companies can increase their success by outsourcing accounting functions, but at the same time, they face increased risk when moving to a larger scale.

What Is Finance as a Service?

In light of the COVID-19 pandemic and its effects on supply chains and the eCommerce sector, it is evident that Finance as a Service has never been more important. That said, there are both pros and cons when eCommerce companies outsource accounting as well as finance function risks when scaling an eCommerce business.

Finance as a Service can help marketplace eCommerce businesses tremendously. Finance as a Service, also known as FaaS, is an accounting and finance function that offers personalized services and support for companies. This service provides financial management to smaller-sized companies to facilitate growth while allowing their larger competitors (such as Amazon) to focus on their core competencies.

Finance as a Service companies can provide guidance and assistance in cash flow management, financial forecasting, budgeting, accounting processes for payrolls, taxes, compliance audits (such as Sarbanes-Oxley), revenue recognition for mergers & acquisitions, or initial public offerings (IPO).

Outsourcing financial and accounting services can help lower your company costs, freeing up resources that may be dedicated to irrelevant processes such as hiring and training an accountant.

Businesses can outsource accounting while gaining a competitive edge without breaking the bank. Marketplace sellers no longer need an expensive finance department to stay competitive with these services at points of sale.

Unlike a more traditional approach to outsourcing the accounting function, FaaS takes it further by enabling standardized procedures, cloud computing for enhanced agility in meeting partner needs, and improved financial dashboards and reporting capabilities for regulatory concerns.

What Are The Finance Function Risks When Scaling Your eCommerce Company?

When many marketplace eCommerce companies outsource their finance function, they leave themselves exposed to finance function risks such as poor integration of technology or a lack of visibility. To avoid these pitfalls and others, businesses should look into their existing processes for areas that require improvement. Additionally, they need to take the necessary steps to minimize the risk associated with their finance function. Below are some of the risks associated with scaling an eCommerce business.

Inadequate Finance Technology Integration

Many eCommerce companies focus on tasks like scaling an eCommerce website or integrating with marketplaces and payment gateways. However, these initiatives can distract from the need to manage finance function risks during this time of rapid growth.

Instead of worrying about whether they are concentrating on the right things, eCommerce companies should use technology to integrate their business with finance and accounting functions. They also should be quick to adopt technologies that can help them quickly upload and access information.

In a fast-growth stage, companies might face the risk of errors in financial information and a lack of integrated systems. This highlights compliance issues when filing tax returns and preparing financial statements. The finance function can struggle to provide the insights that management needs, such as accurate gross profit margin, SKU profitability, and return on advertising spend. This is because they face various challenges, including time-consuming reconciliations between sales and bank receipts.

Inputting Operational Transactions into the Accounting System

The finance function can struggle to get financial transactions processed in a timely manner, especially during peak periods for eCommerce businesses such as Black Friday or Christmas. At this time, companies are under pressure to fulfill orders and meet deadlines for reporting, but it may also cause problems with refunds due to lost shipments.

Not having access to real-time financial data will impact how your organization performs during peak periods. Furthermore, the finance function cannot complete their tasks in a timely manner which affects your organization’s reporting capabilities.

Poor Terms of Contract Visibility

The finance function can struggle with a lack of visibility into the terms of contracts if eCommerce companies have not clearly outlined which payment means they offer. This makes it difficult for them to provide accurate cash forecasts and communicate this information to management if their performance is below expectations.

Marketplace eCommerce companies have limited visibility into their payment terms, which poses a risk to credit and cash flow management. Late payments or penalties could be avoided if the finance function was more aware of its obligations during periods of peak activity when companies are under pressure for financial reporting while attempting to refund orders and adjust lost shipments.

Correlating Spend Statistics With Revenue Statistics

The finance function struggles with correlating revenue statistics to spending patterns, especially during peak periods. This is because they struggle to correlate data due to poor integration between their sales and marketing systems (SMS) and back-office functions, including Point of Sales (POS), inventory management system, eCommerce store, and accounting applications.

Since eCommerce companies struggle to correlate data which interferes with their ability to provide accurate cash forecasts, they have difficulty communicating this information to company managers if performance is below expectations.

Scaling Overhead

For eCommerce business owners looking to scale operations, it’s crucial to understand how many employees they need for peak periods. If too few or too many are employed during those times, it can impact cash flow due to additional costs such as overtime payments and potential penalties for late deliveries.

There are several drawbacks to expanding a company’s finance department without understanding the underlying mechanisms necessary for their success. This is why scaling eCommerce operations benefit from using Finance as a Service.

The Pros and Cons of Outsourcing eCommerce Accounting Functions

Many turn to outsourcing their accounting and bookkeeping to avoid the finance function risks of scaling one’s eCommerce organization. However, there are pros and cons when it comes to making this decision.

On the one hand, outsourcing accounting can free up companies to focus on other core areas of their business. This can be a great advantage when eCommerce businesses expand quickly or enter new markets. When a business outsources core functionalities like accounting, the organization can focus on its own goals and take advantage of the benefits such as more sales.

Companies also need to consider the cost of specialized tools and training for new hires when outsourcing accounting tasks. Meanwhile, insurance packages might also be expensive. But in general, outsourcing accounting is beneficial because it gives eCommerce companies more time to focus on their unique selling point rather than core competencies within a company that contributes to growth.

On the other hand, however, outsourcing accounting will also mean that you’ll be losing some control over certain aspects of your organization. Business owners who outsource accounting to an external company can sometimes risk losing access to their financial information.

Additionally, some businesses struggle with communicating with an outsourced company resulting in slow and unreliable performance. Marketplace eCommerce companies typically use outsourced accounting services to save costs and ensure they have access to crucial resources when needed. However, external bookkeeping services may charge per hour or month. Therefore, it is essential that marketplace companies carefully consider potential communication challenges outsourcing your accounting process might create and the need for an expert partner whenever it scales its operations.

This is why many business owners still use in-house staff for finance and bookkeeping. eCommerce businesses can handle complex financial transactions, so it’s more convenient to have a specialized bookkeeper or CFO who understands business goals and objectives.

Nevertheless, since the marketplace eCommerce business must provide high-quality service, accounting firms experience even greater pressure by being held to the highest professional standards.

Focusing on growing your sales, you must prioritize finding a good accounting partner. An eCommerce-focused group that can stay current with changing laws and focuses on their specific industry is best for peace of mind. Furthermore, an accountant who has experience with companies in the same industry as yours will be able to provide better support.

What eCommerce Companies Get From Finance as a Service?

Finance as a Service brings Finance, Accounting, and Taxation together under one umbrella. Finance is the broadest division of these three core functions, including assessing financial health, cash flow management, and advising on capital structure decisions regarding debt vs. equity investments. That said, there are several benefits for eCommerce companies who outsource Finance as a Service.

Get Access To State-of-the-Art Technology and Experts

One of the key benefits to Finance as a Service is gaining access to state-of-the-art technology. The right Finance as a Service provider has an in-house finance team and CFOs who use these high-quality tools that give eCommerce companies unparalleled insight into their business. This helps them make more informed decisions on where they should focus their efforts.

Finance as a Service providers have access to the best technology that enhances their internal team’s effectiveness and gives eCommerce companies an edge over competitors who don’t outsource Finance as a Service.

In addition, Finance as a Service is another way for marketplace eCommerce companies to add value by providing expertise with financial analysis, which can be difficult when scaling an eCommerce business. Finance as a Service gives marketplace eCommerce companies access to expertise in finance and accounting which can provide them with the resources they need when scaling their company.

Minimizing Errors

Finance as a Service allows marketplace eCommerce companies to focus on their core business rather than having to fend for themselves. This is especially important when it comes to bookkeeping and accounting, which can be complicated if you don’t have extensive knowledge of these functions.

eCommerce businesses are not fully equipped with the proper tools and knowledge to handle Finance as a Service. Finance as a Service helps marketplaces minimize errors and fraud that could potentially lead to more significant problems.

Finance as a service also allows marketplace eCommerce companies who outsource accounting or bookkeeping to manage better their cash flow, which is vital in running an effective business.

Detecting errors and resolving them manually can be a very time-consuming and expensive process for small businesses working with multiple systems that are not integrated. This is common among companies who perform finance processes using various disconnected sources instead of through an automated service. These businesses will frequently pull information from different sources and then transfer the data onto spreadsheets. On the other hand, since FaaS is automated and has multiple layers of review built into their processes, it detects most errors and discrepancies on time.

Improved Financial Accuracy

Finance as a Service helps eCommerce companies that outsource Finance to provide greater financial accuracy.

A common issue small and medium enterprises face is having their finance function being outsourced or in-sourced. This can cause errors due to a lack of flexibility, capability, knowledge, and expertise in finance functions. Additionally, processes that are not automated can create high errors due to data entry and cumbersome reconciliations. Finance as a Service provides automation that eliminates these issues, allowing for greater financial accuracy for eCommerce companies who outsource Finance.

Finance as a Service also ensures that the numbers provided by the finance function are accurate since there is generally an automated process in place when it comes to Finance as a Service.

With integrated financial management systems, your team can focus on doing productive and profitable work instead of spending time stuck filling out paperwork. A platform for managed finance helps monitor the employees’ progress.

Actionable Reports that Assist In Decision-Making

Finance as a Service provides a finance function with actionable reports that can assist in decision-making. eCommerce companies that outsource Finance generally receive financial statements and other accounting data such as cost of goods sold, accounts payable, receivable balances, etc. However, these numbers usually don’t provide enough information to make informed business decisions due to the lack of data.

Finance as a Service provides marketplace eCommerce businesses with actionable reports that provide them the information they need to make informed business decisions such as cash flow forecasts, inventory and asset utilization trends, etc.

Many eCommerce companies lack central accounting, which makes it cumbersome to manage the company’s finances in a way that can monitor customer profitability and evaluate service performance. By outsourcing finance, however, more opportunities like tracking Customer Acquisition Costs (CAC) become available, and investors who are interested in knowing more about the company’s financial health can be shown a better picture of its

This is especially true for business owners and CEOs who do not have a finance background, as they cannot make effective decisions based on all the data at their disposal. Without access to financial reporting from within their businesses, these business owners leave themselves open to making uninformed decisions that could be harmful in the long run.

Saving Time and Resources

Outsourcing Finance as a Service allows marketplace eCommerce businesses to save time and resources. Doing finance tasks manually can be very time-consuming for small business owners who are busy running their companies day in and out instead of focusing on the financial details. This is especially true for payment processing, which involves manual data entry from invoices and receipts.

Finance as a Service, on the other hand, reduces manual data entry through an automated payment process that can be done in bulk, so you don’t have to spend time manually inputting these transactions.

FaaS also allows for faster cash flow since it has processes such as automatic reconciliation, which eliminates most discrepancies between financial reports and the actual cash position. Finance as a Service is also flexible regarding billing frequency, allowing for monthly or weekly invoicing depending on your preference and budget.

Finance as a Service can be integrated with back-office systems. Finance tasks such as invoice processing are done automatically without any manual data entry errors, which results in greater efficiency. Finance as a Service saves time and resources that can be invested in growing your business instead of doing tasks such as invoice processing, which is tedious for small companies who lack the financial know-how or have little time to do it themselves.

Finance functions within marketplace eCommerce companies are usually understaffed, leaving them unable to fulfill their roles properly. Finance as a Service, on the other hand, provides finance functions with access to more resources which allows them to focus their efforts on building long-term relationships instead of manual invoice processing and data entry that is prone to errors.


Outsourcing Finance as a Service allows marketplace eCommerce businesses to concentrate on their core functions such as sales and marketing while having easier access to information that helps them make informed decisions. Finance as a Service also saves time, resources, and money that would otherwise be spent doing finance tasks manually, which can have adverse effects instead of focusing on growing the business.

Finance as a Service is best suited for marketplace eCommerce companies that lack central accounting and finance staff, allowing them to scale their businesses with more information at their disposal while expanding access to resources needed.

They would benefit greatly from outsourcing their finance and accounting to Consero. We don’t just provide financial software; we develop a dashboard that displays the information you need for making better business decisions.

SIMPL is one of our financial services that allow eCommerce companies to communicate their financial health to execs. This particular module helps businesses to track their finances without adding complexity as they grow.

How Finance as a Service is Delivered with Pre-Built Integration to Enterprise-Level Financial Systems

How Finance as a Service is Delivered with Pre-Built Integration to Enterprise-Level Financial Systems

In today’s highly digitized business environment, businesses need to move away from paper-based systems and turn to technology to remain competitive in the market. Finance as a Service (FaaS), for example, is an approach that brings Finance and Accounting software together in the cloud. FaaS platforms are developed to meet specific business needs; most of these platforms integrate with existing finance tech stacks.

Some of today’s Finance as a Service is delivered with pre-built integration to enterprise-level Financial Systems. FaaS is an emerging software model in the Finance industry that provides access to all financial data from various systems in one place. This article will explore how Finance as a Services is delivered with pre-built integration to enterprise-level Financial Systems and the benefits of this approach over traditional ERP models.

What Is Fintech?

Finance as a Service FaaS is an emerging technology that allows finance-specific applications to be integrated into existing enterprise software systems. Finance departments can leverage the most up-to-date and cutting-edge technologies without having to worry about lengthy implementation schedules, server upgrades, and data security concerns.

Financial technology (Fintech) is a term that refers to new technologies that seek to improve and automate the provisioning and utilization of financial services.​​​ Fintech, at its most basic level, is used to help businesses, company owners, CFOs, and other stakeholders better manage their financial operations, processes, and lives by utilizing specialized software and algorithms employed on computers and increasingly smartphones.

The definition of “fintech” in the late 20th century was initially restricted to the technology at the back-end systems of traditional banks. The term has subsequently been extended to include new technologies and methods, such as cryptocurrencies. However, following the popularity of bitcoin and blockchain technology in the financial industry, there has been a change to more customer-oriented services, thus necessitating a more consumer-focused definition. Fintech now includes education, retail banking, fundraising, nonprofit management, and investment management, among its many categories.

Fintech stands for financial technology as well as services provided by specialized software companies. Finance as a Service is the next generation of fintech that allows enterprise-level financial systems to integrate with pre-built software solutions and integrations.

What Is the Fintech Stack?

A fintech stack, also known as a financial technology stack, is a collection of connected fintech tools used to operate, support, develop, and optimize finance, accounting, and operational processes at an organization. While different from one organization to the next, among the most common fintech tools that make up a fintech stack, we can include:

  • Account Payable and Receivable Finance Systems
  • Accounting ERP Software
  • Expense Management System
  • Payroll systems
  • Spend Management System
  • Accounts payable software solutions that integrate with A/R systems, including Prepay Solutions, are part of the fintech stack. The other significant forms of accounts receivables include:
    • Invoice Finance Systems
    • Factoring Solutions and many more.

Also, the FaaS software platform can integrate with all of these tools to bring all financial data in a single location for the user. It is easier than ever before for finance teams to oversee and control all their financial data.

The Importance of a Fintech Stack

In today’s era of remote work, building a financial technology stack that contains the proper fintech tools has never been more vital for businesses. Finance and accounting teams may use the best technologies to digitize their usual processes and systems, allowing them to access anywhere.

The financial technology sector is expanding quickly, and financial technology is becoming increasingly important in a CFO’s toolkit. Paper documents and Excel spreadsheets are no longer necessary. While it’s good to use Excel for some tasks, faster tools can speed up data capture and other processes.

Finance and accounting departments are replacing their technology toolkits to take advantage of value-added services like insights and reporting while automating as many procedures as possible. While Excel is still popular for some functions such as financial modeling, faster tools will provide more value and save both time and resources.

Back-end procedures change with the advent of new technologies, requiring that CFOs understand what technology tools they should finance and where to devote their funds. To keep day-to-day operations operating effectively, companies need more than one tool. Depending on the sector, stage of development, and company goals, different organizations require specific financial tools.

Understanding Finance as a Service

Finance as a Service (FaaS) is an outsourced financial service that allows companies to focus on their core business while still having access to the benefits of professional accountants. FaaS integrates with your other critical financial systems and provides real-time reports about how money moves in and out of your company’s bank accounts.

FaaS applications such as accounting, budgeting, planning, forecasting, reporting, and strategic CFO support can be integrated with other critical finance processes. And while this integration will require some technology to be achieved, it takes more than that. The business processes that we are integrating must be compatible with one another.

Finance as a Service (FaaS) aggregates all of your company’s finances in one common database and is working to become the most comprehensive resource for finance professionals. You can use FaaS not only for managing your financial information more efficiently – but also for improving your reporting, strategic planning, and budgeting. The software platform that Finance as a Service uses is designed to integrate with your other key finance systems. Finance as a Service and/or strategic CFO support can be integrated with other critical business processes as well.

How SIMPL Finance as a Service is Delivered with Pre-Built Integration to Enterprise-Level Financial Systems

SIMPL is Consero Global’s Finance as a Service cloud-based software platform with pre-built integration to all enterprise-level financial systems that a company needs. Finance as a Service (FaaS) works by bringing together Spend management systems, Expense management, Accounts receivable and billing systems, Accounts payable and payment systems, Payroll systems, and more.

SIMPL then brings all of this data in one single location so that Finance teams can work on top of the data. It is also important to note that CFOs can have complete control over how they want their Finance and Accounting teams to work: whether it be from a centralized or decentralized approach and having access to all relevant tools for Finance professionals in any location across an organization.

Simply put, SIMPL is a single sign-on and a single source of truth that’s user-friendly and designed to speak to department heads and other stakeholders who have difficulty understanding simple debits and credits. It’s also intended for financial experts who understand financial intricacies such as KPIs, board decks, financial statements, and other financial reports.

Finance as a Service from Consero is designed to make Finance and Accounting professionals more efficient, effective, and productive in their roles while providing them with the tools they need for success.

SIMPL Finance as a Service comes with pre-built integration with all enterprise-level fintech systems: Finance and Accounting software, Spend management systems, Expense management, Accounts receivable and billing systems, Accounts payable, and payment systems. Lastly, it also comes with pre-built integration to all payroll systems. By pre-built, we are referring to a specific best-in-class fintech stack that we’ve put together, which is better than any one company can put together by itself.

When Finance as a Service is delivered this way with pre-built integration to enterprise-level finance systems, it means Finance teams don’t have to worry about integrating their finance and accounting platforms. This way, CFOs and finance teams don’t have to constantly switch between finance systems to see what’s going on in their Finance and Accounting departments. They don’t need to manually combine and distribute data in Excel or other such platforms so that CFOs can get essential views into how the business is doing.

Instead, all relevant information, such as the current cash position, accounts receivable and accounts payable balances and details, approved vendor invoices are presented at a glance within SIMPL Finance as a Service. SIMPL also allows businesses to release payments online, manage employee expense approvals, consolidate hundreds of entities in minutes, etc.

Together with Consero Global, you can unlock opportunities for your business. We assist in establishing scalable systems as we supply a pre-integrated technology stack that can scale with businesses from series B to IPO, ensuring that all established policies and procedures are followed. Clean KPIs and data are available, and we’re providing an expert team that is available to jump into any carve-out or roll-up play in only 30 to 90 days.

The Future of The Professional Service Sector

The Future of The Professional Service Sector

There have been many significant changes throughout the past decade that have impacted how experts in the professional service industry work. The trends associated with the industry are being driven by artificial intelligence and automation. Technology is evolving, enabling companies to expand their horizons.

For instance, telepresence has allowed employers to recruit from beyond geographical boundaries. The second trend that will dictate the future of professional services is automation. It eliminates the need for countless hours on mundane admin work. Employees can now focus on tasks that require critical thinking, such as improving service and quality.

The future of the professional service industry is here, and it looks more like a tech-enabled industry than ever before. The industry has been evolving for decades, but now we are in an era where automation has changed how many professionals work.

Artificial intelligence is impacting everything from marketing to accounting, as well as changing how some professionals manage their virtual offices. There are also new value-driven revenue models that have emerged over the last few years because clients want more transparency about what they are paying.

This article will explore these trends and more in order to predict the future of this industry.

What Are Professional Services?

Professional services are services provided by a professional to their clients. They’re very diverse and can include any industry where the client has an intangible need fulfilled via consultation, advice, or hands-on work.

Professional services are divided into two categories:

Supporting Services – these are typically more transactional, such as accounting and finance offerings, and are usually in the business-to-business industry.

Core Services – these are more consultative and include a wide range of industries, such as marketing & advertising services, educational services, or wellness and healthcare services.

The reason companies turn to professional service providers is for their expertise, experience, and business acumen.

This industry is heavily reliant on the talent of people. The future for professionals in this industry will involve many changes as new technologies, and business models are developed.

Businesses are looking to partner with service providers to help them take advantage of these trends or be prepared for disruptions from various innovations.

Business Strategy Realignment

The two main characteristics that set professional service providers apart from most other types of businesses include:

  • They offer a customized service to their clients, regardless of the tools or business models used.
  • The purpose of building and fostering a long-term relationship with clients.

Innovating within the professional services industry is an essential key to staying competitive. Learning how to use artificial intelligence and other new technologies can provide an opportunity to move your company forward. One example of advanced and robust software is the one that offers automated delivery.

The new trends emerging in the industry are pushing professional stakeholders towards more agile, tech-enabled, and value-driven business strategies.

The future of the professional service sector is now in question. What does this mean for services that are slow to change and maintain their legacy systems and old ways of doing things?

Top Trends Transforming the Professional Service Industry

The industry is in a state of flux, with changes coming from several directions. Some of the most noteworthy trends that will dictate the future of professional services include automation, artificial intelligence, virtual offices, value-driven revenue model, tech-enabled business model, and more. Let’s explore these key industry drivers now!

The Emergence of AI and Automation

Artificial intelligence and automation have been gradually creeping into the industry in recent years, but it is becoming increasingly prevalent as brands attempt to automate their services.

AI has already proved its potential for helping professionals with repetitive tasks or time-consuming ones like data entry, formatting emails, managing calendars, and more.

Automation will be a definite trend to watch out for in the coming years as it offers the industry a chance to develop new, innovative ways of delivering professional services.

AI and automation are also set to impact the industry as they help streamline processes or provide tools that make it easier for professionals to do their jobs.

The future is filled with potential when it comes to these two trends in particular because there will be no shortage of opportunities for brands looking at how AI can benefit them or those interested in what automation has in store.

One of the best ways for professional services to seamlessly solve client needs is data analysis. While effective, these practices can also be time-consuming and prone to human error.

While the onset of artificial intelligence and machine learning has only facilitated this arduous process, it is an integral part of interpreting real-time data to organize large chunks of data into usable information. Organizations are automating back-end work to allow employees to focus on more worthwhile projects.

Globalization and Proliferation of Virtual Offices

The emergence of the internet and other technological advancements has led to a significant shift in how employees communicate. As such, globalization has become more prevalent than ever before. Additionally, virtual offices are becoming increasingly popular as they provide increased mobility for businesses across borders while also simplifying onsite office space management.

Unsurprisingly, the professional service industry will have a lot to gain from this trend. As such, industry experts expect the rise of virtual offices to continue. There will be a global push for more collaborative approaches to office design to accommodate these different work styles.

In the professional service industry, technology-enabled tools have made communication across distance boundaries possible. Additionally, intuitive project and resource management tools have allowed managers to keep track of their projects from afar. Clients are approaching firms based on reputation and work regardless of where they are located.

In the past, many firms were limited to seeking potential clients in their local or regional vicinity. However, with a few exceptions, successful firms cultivate large networks of potential and current clients worldwide by recruiting valued expertise from anywhere outside of their geographic reach.

Virtual offices and remote work have become an integral part of the work culture and environment, exacerbated in recent years by the COVID-19 pandemic. Flexibility has proven to be the trend when it comes to recruiting top talent. 

The skills shortage, the coronavirus pandemic, and other unavoidable circumstances have led to an increase in globalization and remote work environments.

Value-Driven Revenue

Tax and audit services charge the client based on time and checking the accuracy of records. This billing model does not consider how much value is generated out of each task.

For example, an hour of billable work could lead to 10% tax savings for the client. But if the service provider is still invoicing the client based on the employee’s charge out rate rather than on the task’s value, the service provider sees reduced profit margins while the client fails to see the actual benefits of the project.

Firms are now opting for a different type of billing system, the value-driven revenue model, which charges based on benefits and profits.

Agency professionals are now paid for the total gains, such as tax savings, ROI, or insurance claims. This shift from time-driven billing to a value-driven revenue model allows professional service firms to get more clients and increase their profitability.

Tech-Enabled Work Culture for Team Engagement

Statistics indicate that highly engaged teams have, on average, 21% greater profitability. Engagement is also defined by how well team members can use technology and the collaborative systems that support their work.

For example, teams with access to online collaboration tools have a higher level of engagement than those without this kind of software in place. Technology has a massive impact on the way professionals interact with one another and their customers. Moreover, when teams are connected, their productivity increases and gives better results.

Therefore, professional services firms need to build a tech-enabled work environment that will strengthen employee morale and improve their performance. 


These growing trends mentioned above have provided ample opportunity for professional service firms to reinvent their roles and redefine the industry. Professional service firms can now take advantage of new trends because they can offer services that provide more value than ever before, which means higher profitability for these companies at the same time as lower costs on things like overhead or rent in a physical office space. For more information, contact us directly and stay ahead of the trend curve!

The Benefits of FaaS for Professional Service Firms

The Benefits of FaaS for Professional Service Firms

Finance as a Service (FaaS) is quickly becoming one of the most popular ways for Professional Service firms to save money. Professional Services organizations, such as Marketing & Advertising, Business Consulting, Educational Services and Wellness & Healthcare can use FaaS to eliminate the need for costly in-house technical staff while still having access to all the benefits of these services.

The following article will discuss what FaaS are and how they work, along with some of their key benefits.

What Is Finance as a Service?

Finance as a Service (FaaS) is a type of agile service delivery model. It makes use of the best finance operation management practices by leveraging some of the most advanced technologies. These include things such as Artificial Intelligence, Machine Learning, cloud computing, automation, and more.

The Professional Service industry has grown by leaps and bounds in recent years. This is because it provides a wide range of services that are valuable to many organizations, including but not limited to marketing & advertising, business consulting, education service and health & wellness to name just a few.

Organizations are grappling with the challenges of high operational costs and low margins. This is causing some to move away from product development and focus on services only to compensate for this challenging business climate that they are facing.

Finance as a Service (FaaS) offers Professional Services organizations the opportunity to grow their business while reducing operational costs and increasing margins through automation, increased scalability, cost savings, and more.

The Benefits of FaaS for Professional Service Firms

Partnering with outsourced finance and accounting service providers creates tangible benefits for companies and intangible benefits for business owners. FaaS can help those in the Professional Service sector by providing benefits like cost savings, scalability, financial visibility, CFO assistance, and more.

Cost Saving

One of the most apparent benefits of FaaS is in terms of cost savings. Professional service firms are all about delivering a high-quality product. But to do this, they need to invest in their people and infrastructure. FaaS helps these companies spend less on the finance & accounting department by outsourcing back-office functions such as processing accounts receivable, accounts payable, and utilizing enterprise-grade finance & accounting software. 

Cost savings come about via multiple processes that FaaS can provide. Among these, we can include things such as:

  • Automating many manual and repetitive processes.
  • FaaS providers can customize and address their clients’ unique needs, determining the best processes to tackle their needs.
  • Increased financial reporting capabilities.
  • FaaS providers also have trained and skilled finance experts that their clients can leverage.

When companies don’t have a CFO, they’re always left without actionable financial reports and analytics. In simpler terms – without better reports or data, the business can be difficult to maintain, let alone grow and expand.

This also enables businesses to understand the financial health of their company, which is used to make better decisions for business needs. Organizations in the professional service sector will feel a sense of relief when they use a Finance as a Service provider. With these providers, companies can benefit from enterprise-level finance software that allows an organization to save time and engage with data and reporting for better understanding.

Easy Scalability

FaaS providers are structured for specific tasks and provide the right level of resource accordingly. FaaS providers can jump in and help quickly, allowing your company to be more scalable (having a higher capacity) than it would be with an in-house department.

Finance as a Service helps streamline scalability by providing the resources and tools necessary to operate your Professional Service business. FaaS providers help you avoid understaffing or overstaffing, which can lead to unnecessary costs.

The benefits of scalability include being able to accommodate new opportunities quickly as they arise without having any significant setbacks in other areas of your Professional Service company.

CFO Support

FaaS can provide CFO assistance to Professional Service organizations. Many Professional Services firms are structured in such a way that there is no one person with the primary responsibility for financial management and operations, which often leads to what we call “spreadsheet hell” or lack of focus on numbers. There may be several people managing spreadsheets because they don’t have time to do it themselves or nobody wants all the overhead involved with being responsible for accounting and other complex tasks like reporting.

This means that many Professional Services organizations miss out on opportunities when it comes to financial visibility, risk analysis, cost control, etc., without realizing any benefit from their analytics efforts – both financially and operationally speaking.

In contrast, FaaS service providers can assist by providing Professional Service organizations with the information they need to make critical decisions. Professional Services organizations that outsource their Finance as a Service will benefit from improved financial visibility, reduced risk of financial penalties due to missed deadlines, and lower costs required for IT infrastructure maintenance.

Finance as a Service enables companies engaged in the professional service industry to save money, manage finances better, and more. Consider Consero for CFO support – an expert financial advisor who can help provide advice on your expenses.

The FaaS model is appealing for many service providers because it reduces repetitive tasks, freeing up time and resources to focus on the data. A CFO provides perspective and helps you focus on the growth of your business.

Increased Financial Visibility

When using paper-based systems and collecting their data in spreadsheets, professional service organizations set themselves up for all sorts of human errors and time-consuming tasks. The result is often a lack of visibility into the organization’s financial performance.

Professional service organizations can use FaaS solutions to make their business more efficient by automating back-office operations, providing better tools and reports for managing finances, and decreasing time spent on data entry.

Professional services providers can access real-time reporting without paying for expensive subscriptions or hiring staff members with extensive IT experience.

The FaaS model facilitates a clear view of the future and present-day challenges offered by easy-to-read reports. Improved financial visibility will help companies by:

  • Providing a bird’s eye view over cash flow and current financial position.
  • Tracking ongoing account profitability and customer acquisition costs.
  • Demonstrate performance gains to potential investors.
  • Identify errors and potential fraud faster.
  • Better utilize your current and future investment capabilities to make better financial decisions.
  • Evaluate service lines in real-time.

With a bird’ eye view of your company’s performance, you can better mitigate risks and future-proof your strategy. With financial visibility to ensure all data is connected, you’ll be able to zoom in on the details as well.

Otherwise, depending on data stored in multiple disconnected systems prevents you from getting a view of unified information, which is crucial for making decisive decisions.

CEOs of Professional Service organizations usually bring business decisions without seeing what is happening across the entire business. Better financial visibility is vital in understanding and managing the organization’s progress better. As a result, they are less successful than companies with employees who can offer support, such as Finance as a Service (FaaS).

Faster Optimization

Finance as a Service can help Professional Services firms and account for their operations more quickly. This is because FaaS eliminates the need to manually input data, which speeds up processes that typically take hours or days by reducing them down to minutes or seconds.

Financial visibility of transactions in real-time allows Professional Services firms to adjust pricing models on the fly with increased accuracy, making it easier for clients to predict what they will be charged in any given scenario.

Professional Services companies can focus on developing new services rather than spending valuable resources worrying about reconciling invoices and payments from providers who charge hourly rates, etcetera.

When it comes to a company’s problems in finance and accounting, they often follow the same procedure – looking for an organization that researches systems and then picks one that fits their needs best. Next, they configure the system and implement it. This process takes longer to complete because most organizations need 18-24 months to optimize their finance function. One of the leading challenges that Professional Service organizations face is time management. They need to dedicate a lot of time and energy to get their systems up to date, which takes away from managing daily operations and provides less time for core functions.

The FaaS model is perfect for finance teams looking to spend less and get going faster. With the FaaS solution, in 60 days or less, you can:

  • Optimize your finance function more cost-effectively than with an in-house department.
  • Save time upfront as well as long-term time spent on business growth initiatives.
  • Get access to resources like tax experienced CFOs, FP&A experts, controllers, and more to see a #1 differentiator from our competitors.

Increase Efficiency and Reduce Fraud

In a company growing in size, trying to stay productive and accurate using paper-based or excel-driven workflows while maintaining control over everything can be challenging. Fraud and error-prone manual input by staff is a significant risk. Instead of spending their time on value-adding activities, they waste their time undertaking manual tasks that result in errors.

By integrating financial management systems, FaaS offers help with tasks such as reducing duplicated listings and repetitive actions.

A consolidated financial platform that unifies all your data and eliminates paper-based processes will improve financial reporting, expedite collections, and reduce the chance of fraud. Furthermore, segregated duties and critical performance metrics are supported by integrated financial management, which leaves your staff with more time to focus on their core tasks.


Finance as a Service can provide plenty of benefits to Professional Service organizations that use them. Professional Services organizations that use FaaS can lower their costs, provide scalability and financial visibility to make the decision-making process easier for CFOs, and receive assistance from a qualified professional in finance.

FaaS is also flexible and provides more control over finances than traditional accounting systems. Professional service firms can spend less time on administrative tasks thanks to Finance as a Service. They eliminate the need for manual data entry, work cycle delays caused by waiting for accounts payable or payroll department approvals, and any other variables which lead to lost productivity hours spent on compliance issues related to bookkeeping.

How Finance as a Service Helps Professional Service Organizations

How Finance as a Service Helps Professional Service Organizations

Professional services have seen a tremendous boom in recent years, with the number of companies in this sector growing significantly over the last decade. Professional service organizations are characterized by providing expert advice or skills to clients rather than manufacturing products (e.g., marketing & advertising services).

One challenge facing these businesses today is how to stand out from the competition and attract talent. Professional service organizations have to focus on building their reputation, and often, this means becoming a household name in the industry of professional services they operate in.

Another challenge is managing finances; financial management has traditionally been complicated because each organization operates differently with its own financial needs, goals, and processes.

In today’s business environment, financial management is no longer a task that can be done on the side. Professional service organizations are starting to realize that Finance as a service (FaaS) is more than just an expense, it’s an investment. Professional services companies have been utilizing FaaS for years and they’ve seen improvements in their ROI, streamlined operations, and future prospects of the industry.

The role of CFOs in professional service companies has also evolved with technology, which allows them to work remotely as well as spend time on higher-level tasks instead of basic accounting duties such as budgeting for expenses like travel budgets or making sure invoices get paid on time.

Changing Responsibilities for CFOs

In the past, CFOs were responsible for financial reporting and shareholder communications. However, in recent years their responsibilities have expanded to great lengths due to changing management demands. Professional service organizations are looking for input from a CFO on how they should use their resources, better hire qualified employees, improve their customer experience, better manage their customers, and more.

The role of the CFO is changing as a result of technological advancements in recent years. For example, artificial intelligence can assist with forecasting, and automation can be used to make financial decisions. Professional service organizations must know how these technological advancements will affect their future, so they need a CFO who is aware of the latest developments in technology and wants to stay on top of them.

To succeed in their new roles and responsibilities, CFOs need to adapt and adopt new skills, such as integrating data and using analytics. To do this, they will need to embrace a company-wide digital transformation that will streamline operations, capture new data sources and improve their ROI.

By being a driving force behind digital transformation and success, CFOs will have access to all the data that is needed and knowledge of how to best use this data for successful decisions.

CFOs play a vital role between the company and its stakeholders. When you have a CFO who can balance financial objectives with customer-centricity, they can be hugely influential in the organization’s success.

By embracing the digital transformation, CFOs will be able to achieve the following:

  • Technology like artificial intelligence and automation help financial professionals know what customers want.
  • Make company policy to provide a safe space for every talent-scarce SME so they can let their talented people flourish.
  • With current cloud technology and automation, a modern finance leader takes more direct action to help incorporate customer feedback. For example, they may listen to the different departments and synthesize that knowledge with the customers’ needs and expectations to provide a better experience.

Similarly, CFOs will need to use FaaS if they wish to excel in the coming years.

CFOs should also have a strong understanding of their company’s culture and what is important to them before they start strategizing on how best to improve ROI and when it comes time for financial reporting or budgeting.

What Is Finance as a Service?

Finance as a Service is an agile model that enables companies to outsource their finance function to financial services firms. Professional service organizations that are heavy on the technology side will often benefit most from FaaS. It allows them to focus more time and energy on what they do best: servicing clients while also minimizing expenses related to managing and maintaining their finance and accounting function.

Indeed, finance as a service has proven to be an effective model for the industry. It is predicted that this will remain true in the near future, thanks to technological innovations and new technologies such as artificial intelligence, machine learning, and automation.

Depending on the finance as a service provider, professional service organizations can also benefit from other FaaS services such as payroll, benefits administration, full-service bookkeeping, controller level compliance and reporting, financial planning and analysis, and strategic CFO support, among others.

In the past few years, it’s become clear that many professional service organizations are eagerly adopting finance as a service (FaaS) solutions. It allows them to focus more time and energy on what they do best: servicing clients while minimizing expenses.

The Benefits of FaaS for Professional Service Organizations

Professional service organizations are constantly seeking ways to streamline their operations. FaaS is one of the ways they can do so by providing them with visibility into where costs and savings opportunities exist across all departments in real-time.

Professional services firms, such as law offices or financial advisory companies, have historically relied on outside providers for many of their needs, such as accounting, tax preparation, and business financing. They can also leverage FaaS to build a finance department that provides the same services without outsourcing anything or spending additional money building their infrastructure.

One of the benefits of FaaS is increased efficiency for professional service companies because they can integrate many aspects of the organization into the system. Below are some of the most common FaaS benefits for the Professional Service sector.

Cost Savings

Professional service companies are always looking for ways to reduce costs to stay competitive and increase their ROI. One of the best solutions is finance as a service, which helps with invoicing, budgeting, payments processing, – all from one central location that can be accessed by multiple offices or even remote employees.

Professional services providers can also use FaaS software to automate billing processes, so they don’t have to spend time doing them manually each month. The increased automation reduces errors and saves money on labor hours while increasing accuracy over time, leading directly to savings!

FaaS also has other cost-saving benefits: it includes expense management tools that help optimize travel expenses using expense management. Professional service providers also get access to analytics tools that help them analyze their data to improve performance and profit margins.

Enhanced Financial Visibility

FaaS makes it possible to increase the financial visibility of Professional Services organizations. With FaaS, Professional Service companies can now get a complete view of their operations in real-time from anywhere, anytime, on any device with internet access.

With this insight, they can make strategic decisions about where investments need to be made and what projects should be prioritized for growth while reducing unnecessary spending that may not lead towards profitability. Tighter control over expenses also means Professional Services organizations can enjoy improved margins without sacrificing quality or service levels.

The Finance as a Service model helps professional services organizations get ahead. Improved financial visibility will help companies by providing insight into areas such as:

  • Giving a high-level overview of cash flow and current financial position.
  • Tracking ongoing profitability and customer acquisition costs.
  • Highlight performance gained to any potential investors.
  • Detect errors and fraud faster.
  • Finance as a service helps you better manage your investment capabilities to make the best financial decisions.

CEOs of Professional Service organizations often lack enough business visibility to make the best decisions. Better financial visibility is key in understanding and managing your organization’s progress better. As a result, they are less successful than companies with employees who offer support, such as Finance as a Service (FaaS).

Seamless Scalability

As for scalability, the FaaS model is already a proven winner. Professional services companies need to easily scale their business as demand ebbs and flow on an annual basis. This not only applies in terms of managing headcount but also resources such as physical space or equipment.

Professional service organizations can cost-effectively manage their resources with finance as a service model. They pay for what they use rather than committing upfront capital expenditures resulting in wasted assets if usage patterns change later down the line.

In addition, there is no commitment to any particular vendor which offers additional flexibility when it comes time to make changes; instead, whether paying per transaction or by subscription fee-paying for what they use means that professional service organizations will always have the best deal.

Lastly, when it comes time to make changes, professional service organizations can quickly switch providers as they are not locked into any contract with a vendor, which also offers additional flexibility and cost savings for this type of company.

Increased Optimization

Professional service organizations save time and money while increasing their productivity, but there’s one more big benefit to FaaS: improved optimization.

We’re not talking about the apparent benefits like cost efficiency or a streamlined accounting process which have already been discussed in detail – we mean an increased understanding of what is happening with your business by way of data analytics and artificial intelligence optimizations.

Professional service firms need accurate information on how they perform against the competition, so if you invest in these new technologies, they will give you detailed insights into your operations. For example, consider AI algorithms that analyze potential customers across multiple fields and machine learning technology that offers predictive insights.

The CFO in a Professional Service Organization is no longer simply the Chief Financial Officer but rather an influencer across all aspects of the business. They help manage risks and growth opportunities and lead ongoing strategic initiatives that have a significant impact on your company’s bottom-line profitability.

Strategic CFO Support

FaaS service can also help CFOs by providing strategic assistance. Professional service companies will often find themselves facing a variety of operational challenges that need to be addressed for the company to succeed, as well as ongoing business needs which demand financial attention and time management.

FaaS offers an opportunity for professional service organizations by providing tactical and strategic assistance with everything from day-to-day tasks like managing budgets or forecasting revenues, all the way up through long-term planning such as designing new opportunities and building out more comprehensive strategies based on future projections.

Finance is no longer just about crunching numbers – it’s also about getting results! The role of a Chief Financial Officer has evolved; today, they are expected to manage finances and take on an advisory role within the organization.

FaaS offers Professional Service Organizations ways to achieve better ROI, improved operating efficiencies, and the opportunity for creative solutions.

Many Professional Services companies are already using FaaS successfully internally to improve their operations. Some of these include:

  • Strategic Planning – helping an organization plan out its goals for the future.
  • Business Forecasting – forecasting revenue based on historical data and projecting into the future.
  • Budgeting and Cost Control – managing budget allocations across departments or divisions within a company as well as controlling expenses throughout each department’s operational life cycle.

It is hoped that professional service organizations will also use FaaS externally by leveraging this technology to help them with day-to-day tasks and improve the level of collaboration and communication with their clients.

Furthermore, FaaS will have an enormous impact on the role of CFOs in Professional Service organizations. It is hoped that these professionals will feel more empowered to take control over day-to-day operations while also focusing their time on strategic planning and business forecasting.

Professional Service Sector Trends

The future of the professional service sector will be, in large part, dictated by the proliferation of technology. The advent of cloud-based software, for example, is changing the way that work gets done and how professional service organizations are structured. Professional services firms increasingly implement business strategies that rely on flexible labor models to adapt to increasing demand for short-term projects with incomplete requirements.

Consequently, professional service providers need a solution that allows them to scale their operations quickly and use tools that will give them a competitive edge in the marketplace. Finance as a Service is one of the most flexible and efficient solutions available to companies in this complex, technology-driven environment.

A value-driven revenue model is also something that professional service organizations should consider. Professional service providers need to calculate their time in hours and the value of that hour as if they were a consulting firm. A value-driven revenue model will charge clients based on their own success and profits, which will not only increase their profits and help their clients see the benefits of using FaaS.

Professional services companies should establish best practices for collaborating with clients and using resources more efficiently, such as cloud computing and remote data storage. By doing this, these organizations would focus on what they do best: providing excellent customer service!

How Consero Can Help

With Consero’s Finance as a Service, businesses in the professional service sector can leverage their service offerings with a turnkey financial solution. Professional services firms can outsource their finance and accounting functions, freeing valuable time for more important business activities like client development or product innovation.

Consero’s Finance as a Service provides professional service organizations the ability to strategically outsource their finance and accounting departments, all in order to maintain a core finance team. This fresh approach to the finance department will provide financial experts who are experienced and knowledgeable enough to make your business a success.

Our services help bridge a gap between your company’s financial goals and numbers (often the cause of business failure). By increasing financial visibility, you can monitor performance and measure progress more accurately. Additionally, this will allow you to assess risk in all potential scenarios, meet challenges head-on, work to create new opportunities, and overcome obstacles to business growth.

Finance as a Service has also removed the need to buy software or hire and train new people. In the past, this has been done over and over again, adding to inefficiencies in both buying software and hiring for each new company. There’s a never-ending process to account payable that every company needs in order to thrive. Consero is equipped with sophisticated technology and top-of-the-line financial expertise, so you have access to a team of experts who can navigate these waters anytime throughout your growth.

Our mission is to provide the infrastructure, staff, and technology that lets professional service organizations achieve accurate information and easy-to-read reporting. This can take the form of implementing our solution quickly so that we are ahead of a client’s internal resources.

With less time wasted on tedious operational tasks, CEOs and CFOs can get more out of their workday. Finance as a Service (FaaS) collects data in automated and efficient ways with help from artificial intelligence so general business people can make sense of it all.

In addition to all this, our clients will receive access to SIMPL – our aggregation platform that combines transaction details, support documents, real-time information, and financial dashboards into one place. We live in an age where people want updates on the go via their smartphones, and we have developed a system that caters to this need.

For more information, contact us directly!

Consero Roundtable: Security and Controls in the Finance Function

In the Age of Rising Cyber Crime: Security and Controls in the Finance Function (Filmed on May 21, 2021)

Vinay Pai, SVP of Engineering –
Brian Koref, Sr. Director of Information Security – Sage Intacct
Jeanine Nosker, VP of Delivery Transformation – Consero

Bill Klein, President – Consero

Listen to this Roundtable to learn about best practices in cyber security and hear from experts on what financial systems and internal controls you can impart to mitigate risk in the finance function and protect your business from losing cash.