Service firms are built on trust, expertise, and the unwavering commitment to serving clients' needs. While these businesses tend to operate on the foundation of intellectual capital instead of hard assets, they are not immune to the risks of fraudulent activities.

Starting a service business is risky and requires a strong focus on the critical financial and operational considerations necessary for laying a solid foundation for the firm.

In professional services, where client relationships, project delivery, and operational efficiency intertwine, Chief Financial Officers can utilize data to deepen their understanding of the business, enhance decision-making, and drive meaningful improvements.

Unlike in product-based businesses, the assets of professional services firms are intangible, rooted in the skills, knowledge, and relationships of their people. Controllers in professional services firms must navigate these nuances to drive profitability, manage cash flow, and ensure financial health.