Press Room | Jirav

Accounting Firms Accelerate Growth with AI-powered Jirav Intelligent Forecasting (JIF)

Written by Jirav | Oct 3, 2024 2:48:04 PM

New intelligent forecasting model tool generates client cash forecasts in seconds, enabling firms to differentiate their services and offer deeper advisory.

Austin, Texas (Oct. 3, 2024) - Jirav, a leading provider of financial planning and analysis software, reports that accounting firms are realizing tangible results from its newly launched Jirav Intelligent Forecasting (JIF) tool. Since its soft launch in early 2024, advisory firms utilizing JIF have reported significant impacts on their ability to advise clients on critical financial decisions, resulting in new revenue opportunities and more efficient operations. JIF leverages artificial intelligence (AI) and machine learning (ML) to automate the forecasting process, helping firms quickly develop forward-looking financial plans based on historical data. 

Turning Data Into Insights - Instantly

Accounting firms are at the forefront of guiding businesses that face intense pressure to plan for and respond quickly to volatile market conditions. Traditionally, creating accurate projections is a weekslong process, involving strategic client discussions followed by trained staff building forecast models based on key business drivers. Firms are reporting that they’re able to quickly create accurate projections with JIF, answer pressing business questions in seconds, give optics into cash movement, and support future business growth—all with minimal setup. More advanced forecasts built with proprietary firm advisory insights can then be added to the client engagement.

Andrew Tucker, Owner at Practice Executive, highlights the benefits his firm’s CAS practice is realizing through JIF: "Jirav Intelligent Forecasting is a game-changer for our firm. We are able to immediately develop insights for prospects and clients to advise them on critical decisions related to cash flow and growth plans. That confidence and immediate access to information already led to a $40K engagement with one of our clients."

“Our customers made it clear that they want AI to accelerate their forecasting services, but they also value the ability to layer in their own market intelligence and expertise." said Michael Morrison, CEO at Jirav. "JIF offers the perfect balance—it gives firms a strong prediction, while allowing them to incorporate their experience and client interactions to fine-tune the results with additional forecasts. This approach ensures impactful insights, enabling firms to scale like never before.” 

Scaling Advisory Services Without Adding Staff

JIF is providing a crucial advantage for firms facing staffing shortages by automating the labor-intensive forecasting process. It enables faster, high-quality client advice, helping firms scale their services without increasing headcount. This balance of speed and accuracy makes JIF a powerful tool for firms looking to expand in a challenging environment.

“Through our partnership with Jirav, their solution helps enable firms to deliver client advisory services (CAS) that go beyond simple financial planning and analysis,” said Erik Asgeirsson, president and CEO of CPA.com, the business and technology subsidiary of the AICPA. “By further harnessing the power of AI and machine learning, the Jirav Intelligent Forecasting tool better positions firms to deepen client relationships and deliver the higher value advisory services that will fuel their ongoing success."

Creative Planning, another early adopter, initially included JIF for 10 clients, increased the usage to over 200 clients, and is now focused on expanding their Business Intelligence and Analytics offering across its customer base. “The ability to provide customized financial insights in a fraction of the time has been a huge win for our firm,” said Chris Gallo, Partner, Director of Business Accounting Services. “We see budgeting, cashflow, and forecasts as a necessary tool in helping businesses focus on the future and JIF has empowered us to uplevel our advisory services.”

Customizable and Ready for Growth

While JIF can instantly generate forecasts with a single toggle, a driver-based model built by skilled FP&A staff is still appropriate for some clients. Firms have the option to customize forecast methodologies for different departments or ledger accounts in a business. Jirav’s vision is to be able to give firms the flexibility to modify and white label the technology for their own firm.

More information about JIF can be found here.

 

About Jirav

Jirav is the leading financial planning and forecasting solution for accounting, CFO Advisory, and SMBs, empowering businesses to turn insights into action with dashboards, reports, and AI and driver-based budgeting and forecasting. As the preferred solution provider of CPA.com, Jirav enables over 3,000 businesses to optimize forecasts for expenses, revenue, and profits to achieve sustainable growth.

About CPA.com

CPA.com brings innovative solutions to the accounting profession, either in partnership with leading providers or directly through its own development. The company has established itself as a thought leader on emerging technologies and as the trusted business advisor to practitioners in the United States, with a growing global focus. The company’s core mission is to drive the transformation of practice areas, advance the technology ecosystem for the profession, and lead technology research and innovation efforts for practitioners. A subsidiary of the American Institute of CPAs, the company is also part of the Association of International Certified Professional Accountants, the world’s most influential organization representing the profession. For more information, visit cpa.com