XU Magazine - Issue 07

How risk management takes you to the next level

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Sticking to your guns is a time-honoured tradition…

After all, staying with what has worked in the past is thought of as the safe way to build the future. But in 1962 President John F. Kennedy said, “Change is the law of life. And those who look only to the past or the present are certain to miss the future1,” and that is still very true for businesses today. Few people like change, but it is critical to proactively embrace new opportunities in strategic ways to minimise risk.

The Big 4, other large accounting firms, and consulting companies help work through these opportunities in multinational corporations. Traditionally, the SME marketplace has not had access to this type of help for a number of reasons, the largest of which is the high price tag.

Today, the landscape of accountancy is changing, and it is changing quickly. At the past few Xerocon conferences we have seen a significant shift in how accountants and bookkeepers are approaching their business clients. Using cloud based accounting systems has increased efficiency in their practices, and given advisors more time to implement simple proactive services, such as automated reporting. Lately we have noticed that many firms are starting to go far beyond these simple added value pieces and have taken a significant step in providing fiscal management services similar to what has been provided to large companies.

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About the author

Peter M. Vessenes, ProfitSee

With over 30 years experience in the financial industry, Peter is the CEO and founder of ProfitSee, a financial software service for financial professionals, CPAs, and ProAdvisors. ProfitSee is an all-in-one financial analysis and budgeting software from seasoned financial experts. ProfitSee helps business owners and financial advisors alike gain powerful insights to manage cash flow, grow profitability and increase valuation.