In this episode of the Professional Services Podcast Modern CFO Series, the discussion focuses on how modern chief financial officers (CFOs) are building a connected digital core. Partner and Professional Services Leader Kristin Bettorf, Assurance Services Partner Scott Duda and CFO Advisory Director Alex Wiley explain what a digital core means and how it connects people, processes, technology and data to support stronger finance performance.

The conversation highlights common technology challenges for professional services firms, including disconnected systems and fragmented data, and explains why integrated, reliable data is essential for AI adoption. It also outlines practical approaches for improving performance, such as prioritizing high-impact processes like order-to-cash and using AI to support automation, analytics and decision-making.

Tune in to learn about:

• What the digital core means for professional services firms and its importance
• How people, processes and technology support finance transformation
• Why disconnected systems create visibility gaps and impact margins
• Key requirements for AI adoption, including integrated systems and reliable data
• Where CFOs can begin applying AI across finance processes
• How standardizing workflows and connected systems can improve efficiency and insight

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In the first episode of our Modern CFO series for the Professional Services Podcast, discover why finance modernization is a priority for today’s CFOs in professional services firms. This episode features Kristin Bettorf, Partner and Professional Services Leader, Scott Duda, Partner, Assurance Services, and Alex Wiley, Director, CFO Advisory. Together, they discuss how the CFO role is evolving beyond reporting, what’s driving digital transformation, and where firms can focus to improve margins, visibility and performance.

Tune in to learn about:

• Why finance modernization is rising on the CFO agenda across professional services firms
• How the role of the CFO is evolving from financial reporting to strategic leadership
• What makes finance in professional services different from other industries
• The biggest obstacles firms face when trying to modernize finance operations
• Why people, process, data and technology all need to work together for progress to stick
• Why order-to-cash is often the right place to begin for firms looking for measurable impact
• How AI is being applied today through automation, analytics, forecasting and collections processes
• What three practical steps CFOs can take to begin the modernization journey

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Navigating Coverage, Claims and Complexities

In the fast-paced world of professional services, where client trust and reputation are paramount, maintaining seamless operations is crucial. Business interruption insurance serves as a vital safety net, offering financial protection against unexpected disruptions, like natural disasters or cyberattacks.

By covering lost income and operating expenses during such events, this insurance helps firms maintain stability and focus on recovery, ensuring they continue to meet client needs without compromising their reputation.

This podcast episode explores the world of business interruption insurance with Cherry Bekaert’s Forensic & Dispute Advisory Services team members, featuring Partner and Practice Leader Lori Smith, and Managing Directors John Collier and J.C. Tuthill. This episode is essential for business leaders looking to safeguard their operations against unexpected disruptions.

Together, they discuss:

0:12 – The importance of understanding your insurance policy’s fine print to avoid inadequate coverage that could lead to serious financial setbacks. Navigate your policy's declaration page, including coverage types, limits, deductibles, and waiting periods, enabling comprehensive protection for your business.

3:39 – The process of calculating claims and the benefits of hiring independent forensic accountants to assess losses and maximize coverage accurately. Discover the impact of various coverages, such as ordinary payroll, extra expenses, civil authority coverage, utility failures and dependent property coverage on your claims.

11:07 – Practical advice on managing your insurance policies. Understand the importance of defined terms, endorsements, riders, and exclusions, and learn how to work proactively with insurance agents and forensic accountants. In the event of a loss, get tips on prompt reporting, loss mitigation and effective communication with insurance adjusters.

Don’t miss this informative episode filled with practical advice and strategies to help your business stay resilient despite unforeseen challenges. If your clients or firm has any questions about business interruption insurance or how to prepare for a disruptive event, please reach out to our Forensic & Dispute Advisory Services team.

Related Insights

• Article: Calculating and Recovering Lost Profits From Business Interruptions
• Article: Navigating Hurricanes and Tax Relief: Guidance from the IRS and State Tax Authorities
• Article: Ways to Effectively Manage Cyber Risk for Professional Services Firms
• Article: Get Ahead of Natural Disasters With Business Continuity Response & Disaster Recovery Plans

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