Finance and Accounting

Traits of a Great Bookkeeper and Where to Find Them

In business, proper bookkeeping and accounting is an integral factor for success. But aside from employing the right people with the best qualities, few challenges to face are the limited pool of talent in the F&A market and the expensive labor cost in employing them. But we know that having a bookkeeper in a company is important because they sustain and keep the business’ financial records on track by enabling owners to make informed decisions on expenditure and investments, and controlling cash flow. This is why hiring the right bookkeeper in your team is important.

To help you out, here are some traits and qualities that you should look for in a good bookkeeper:

Professional Competence and Experience

For your company to avoid heavy losses and other complications, your bookkeeper should have a technical knowledge of the industry. This involves not only organising and maintaining your accounts but also being familiar with tax laws such as GAAP and Sarbanes Oxley and doing their utmost to keep your accounts compliant with them.

A title of Certified Public Accountant (CPA) is not required, although it would be better to hire a bookkeeper with one. It’s more important to thoroughly check on their accounting and bookkeeping knowledge as well as experience in working in the industry. Ideally, a bookkeeper who has expertise in your field of focus is a better choice since they can offer sharper services with a more informed approach. They can also provide reports on how your business is performing month-to-month, and have an idea of what success metrics look like in your industry.

Transparency

Bookkeepers make the financial side of the business much easier to handle, which saves you time to focus on more important things. However, in turbulent times, they should also be able to be honest and transparent in advising you of the consequences and opportunities in the situation at hand.

It is not the bookkeeper’s job to make decisions for business owners, but they can give them the complete details of the issue as well as the stakes and recommendations that can help them take the next steps moving forward.

Accessible and Client-Focused

This is not to say that only those who answer concerns and inquiries in the wee hours of the night are good bookkeepers; this only means that with the advanced technology in communication that we have today, a good bookkeeper should be visible to the client and prompt when it comes to responding to messages especially when these are deemed urgent. 

Being present shows that the bookkeeper is focused on the needs of their client, which is another trait that you should look for when hiring for the job. They should be attentive to the specific needs of the client and be proactive enough to advise them on the opportunities and risks that they are exposed to. Basically, more than just getting paid, a good bookkeeper values the success of their client.

Why Outsource?

Outsourcing your bookkeeping operations may be more beneficial for your company than you think. For one, it cuts on costs of both hiring full-time workers and investing in bookkeeping tools. 

It also provides you the ability to scale your operations depending on the work demand, and most importantly, it gives you access to F&A professionals and specialists that have the traits mentioned above and no longer need to be trained, saving you time and money.

When outsourcing, the right partner can build your dedicated team of well-trained F&A professionals, tailored to streamline simple to complex accounting functions. They can meet your goals, whether they be growth, improve productivity or simply bottom-line cost savings, and exceed your expectations. With access to highly-skilled experts who use cutting-edge technology, you will have more time and freedom to focus on your business’s core competencies.

The right outsourcing partner ensures:

  • Access to talent through their A+ recruitment process
  • Cost saving of up to 70%
  • Adaptability in technological advancement
  • Established Information Security

The major net results of partnering with the right company are:

  • Operational excellence
  • Having a great F&A team
  • Operational cost savings of up to 70%
  • Accuracy and quality
  • Timeliness in submission
  • Information and data security
  • Sense of security and peace of mind

Partnership with Infinit-O
Infinit-O’s mission is to create endless opportunities for your company to realize your full potential.

Infinit-O Key Benefits:

We can build you a great, high-performing F&A team! Here are some examples below:

Let’s work together to build a great Finance and Accounting Team.

Start small. Exceed expectations. Think infinitely. Think Infinit-O.

3 weeks ago No Comments Views

Key Finance and Accounting Professionals to Employ During Business Recovery

Every business owner knows that finance and accounting is essential not only in keeping finances in check, but also in making sure that the company survives and even thrives amid potential financial risks and challenges. There are a lot of factors to consider when it comes to finance and accounting, and these require expertise in a lot of areas–areas that may spell the difference between a successful business and a struggling one. Below is a list of finance and accounting roles and how they can help your business rise above the rest:

  1. Bookkeeper

A bookkeeper, as the name implies, is the keeper of financial records. Accurate financial recording helps organisations keep track of their income and expenditure and makes sure that they stay within budget, says Oxbridge Academy. Financial record-keeping is done on a daily basis, and this includes keeping a record of all receipts, payments, and other financial transactions; filing source documents; and preparing cash flow statements and financial reports. Bookkeepers are also responsible for issuing invoices, paying accounts on behalf of the company, performing payroll administration duties, and filing tax returns. These responsibilities make bookkeepers essential in business recovery as they ensure that your employees are getting paid on time and that your expenses and income are tracked properly even amid crisis. 

  1. Accountant

Like a bookkeeper, an accountant also keeps track of financial records, but what makes accountants different from bookkeepers is that aside from financial record-keeping, they also interpret financial information. According to Northeastern University, accountants can perform functions similar to bookkeepers, but they are also in charge of evaluating financial operations to recommend best-practices, identify issues and strategize solutions, and help organizations run efficiently; offering guidance on cost reduction, revenue enhancement, and profit maximization; and conducting forecasting and risk analysis assessments. By analyzing and evaluating your company’s financial situation and helping you identify and address crucial financial struggles, accountants help ensure that you have the right set of tools to recover business operations during and after a business crisis. 

  1. Financial Risk Managers

Financial risk managers take financial analysis to the next level. In a recent article, Investopedia states financial risk managers help identify threats to a company’s assets, a company’s earning capacity, and a company’s overall success. Furthermore, financial risk managers “determine risk by analyzing financial markets and the global environment to predict changes or trends. It is the FRM’s role to develop strategies to counteract the effects of potential risks.” This means that aside from interpreting the finances of the company, financial risk managers take a look at the company’s overall financial status and situation within a wider context, and this ensures that the company is more prepared for any possible financial risk that may threaten it. What’s best about financial risk managers is that they can help you come up with a business continuity plan that would not only help you avoid or manage business risks, but would also help your business quickly recover and continue providing its vital services during or after any economic crisis. 

Build a Great Team with the Right Partner

Overall, these three roles enable your company to obtain data that is necessary for maximizing profit and curb fraudulent practices. However, due to the rapid changes in the industry, with more and more companies choosing to do their finance and accounting in the digital world, few are able to keep up and stay on top of the many news and trends as well as the corresponding training and skills update needed. Online tools have been made available in recent years to help companies adapt, and these include accounting softwares, expense trackers, and billing tools, but many employers are now outsourcing finance and accounting roles, as outsourcing can be more cost efficient with up to 70% savings on operational cost and can help a company focus more on its operations, especially if they’re composed of lean teams.

With the right partner, they can build you a great F&A team that ensures:

  • Right partner, right team ensures
  • Access to talents
  • Cost Savings
  • Accurate financial recording 
  • 95% team productivity 
  • 90% Timeliness in accounting submission 
  • Quality of finance and accounting output

Support from the right outsourcing partner allows you to fortify your company’s finance and accounting processes despite the limited talent pool and a very high priced job market. The best partner will scout finance and accounting specialists and match them to your unique needs to help you focus on achieving your business goals and the following benefits:

  • Operational excellence
  • Having a great F&A team
  • Operational cost savings of up to 70%
  • Information and data security
  • Sense of security and peace of mind

Partnership with Infinit-O

Infinit-O’s mission is to create endless opportunities for your company to realize your full potential.

We can build you a great, high-performing F&A team composed of:

Let’s work together to build a great Finance and Accounting Team.

Start small. Exceed expectations. Think infinitely. Think Infinit-O.

3 weeks ago No Comments Views

Traits of a Great Finance and Accounting BPO

Strategy and planning are crucial in ensuring that your corporate accounting firm can operate without any hiccups. And the formula for fruitfully navigating a business towards success is by effectively managing income and expenses and having a great finance and accounting team. As a result, unexpected financial downturns can be easily circumvented because without a strategy, it would be like leaving the performance of your company to chance. Generating business strategies and contingency plans can also be designed more effectively through a well-established F&A process and skilled domain experts team.

Many businesses are now outsourcing finance and accounting making the industry huge and growing bigger every year. Because there are many outsourcing companies out there, knowing the best traits to look for before partnering is one way to ensure that you invest in the right company and the right collaboration. Allying with a third party vendor should be done carefully because it is an investment that will define the course of your business. We listed 3 traits of an F&A BPO should look for:

  1. Access to talent

There is a shortage of finance and accounting professionals like Bookkeepers, CPAs, Data Entry Specialists, etc in the F&A industry. 38% of finance and accounting professionals say there is a general shortage of professional skills.  This means, as a firm that wants to hire only the best F&A accounting professionals. But a reputed finance & accounting BPO has A+ recruitment team and process that gives them access to the best talent in the F&A industry. 

This allows them to add the best talent to your workforce and build you a great team of F&A experts which in return can scale your operations on an immediate basis because their industry network allows them to source new talent quickly and effectively. A great BPO has a well-established hiring process to allow them to filter the best people for your company and make sure that they have the proper certifications and skills

  1. Adaptability in technological advancement

Process optimisation is another factor to consider because through stricter controls, checks and balances and the use of advanced technology you are assured that your company’s fiscal requirements are met. The use of Six Sigma, Kaizen and lean management techniques ensures not only are outsourcing processes continuously improved but also that the benefit is transferred to their clients. 

Outdated tools and technology may be ineffective in the long run making it difficult to report numbers after the factual, let alone in real-time. Without updated tools and F&A technologies, your business is prone to miss deadlines, commit mistakes, devise ineffective strategies and remain in business stagnation. Having updated softwares (i.e. Quickbooks, Geneva, etc) fills up any finance and accounting requirements needed for your business to grow. Make sure to get the tools that have features fit for your current business needs.

This is another trait to look for in an outsourcing company because technology and process are ever changing and evolving. A great partner understands this need and is responsible to make sure that their clients are updated and not outdated.

  1. Established Information Security

Simple firewalls and antivirus softwares as your company’s sole security measure may not be enough to outmaneuver data risks and security threats. Underestimating the importance of information security especially in this digital age can put your business in jeopardy especially your financial information. Because one of the most important and private data that should be kept secured is a company’s financial and accounting records; those that contain business assets, budget and revenue. A compromised book allows hackers to take advantage of your business’s financial assets.

A great F&A BPO is ISO 27001:2013 and ISO 9001:2015 certified and General Data Protection Regulation (GDPR) compliant because they know the importance of data security. Aside from that, they also have internal Information Security in place to ensure that their team members and their internal processes are adhering to protecting their client’s records and books.

  1. Cost Savings

One major advantage of outsourcing is its cost saving opportunities. You can cut down operational costs in recruitment and hiring, training, office space and utilities and even hardware and software needs of your business because your outsourcing partner will take care of those things at a more affordable cost with efficiency and quality in the work because they  are already experts in that trade.

Despite the cost savings, the right outsourcing partner can still build you a great team of experts because they have access to world-class talents at a more cost effective rate.

  1. High Net Promoter Score

Net promoter score helps businesses gauge the quality of the customer service offered by outsourcing companies. Organizations can use NPS to assess which outsourcing service is best to partner with because this score shows loyalty trends and growth revenue outputs.

In a way, NPS represents the primary way customers survey their experience because it means that their clients are happy which results in customer loyalty and retention, making this a critical trait a BPO company should have. When used correctly, NPS (of at least 60%) can tell you how well the BPO is performing, how often they resolve issues, and if their clients are satisfied with their experience.

All these qualities and more can be found with the right outsourcing partner who can provide a customized, high quality F&A business solutions that can promise for the following:

  • Operational excellence
  • Build a great F&A team specifically designed for your unique needs
  • Operational cost savings of up to 70%
  • Accuracy and quality
  • Timeliness in submission
  • Information and data security
  • Sense of security and peace of mind

Partnership with Infinit-O

Infinit-O’s mission is to create endless opportunities for your company to realize its full potential.

Infinit-O Key Benefits:

We can build you a great, high-performing F&A team composed of:

Let’s work together to build a great Finance and Accounting Team.

Start small. Exceed expectations. Think infinitely. Think Infinit-O.

4 weeks ago No Comments Views

Ultimate Guide to Outsourcing Your Finance and Accounting Team​

Controlling your finances means controlling your business…efficiently. Simply put, finance and accounting is at the heart of your company’s success and survival. The formula for effectively navigating a business towards success is by effectively managing income and expenses and having a great finance and accounting team. With those factors at hand, unexpected financial downturns can be easily circumvented. Generating business strategies and contingency plans can also be designed more adeptly through a well-established Finance and Accounting process and skilled domain experts team.

finance-and-accounting-team-outsourcing
finance-and-accounting-team-outsourcing
2 months ago No Comments Views

Skills and Credentials to Look for in an Accountant

Financial management is one of the most crucial aspects of business. According to The Business Journals, 80 percent of businesses in the United States fail within the first year mainly due to poor financial management.

This is why it is important for companies and organizations to build a great, high-performing team of accountants to effectively perform tasks such as analyzing and preparing financial records, computing tax returns, and ensuring that financial documents are accurate and in compliance with relevant laws and regulations among others. 

To effectively build a great accounting team, knowing the following certifications ensure that you are employing the best people for your business. Below are several certifications and licenses you have to take note.

Accounting Certifications and License

  1. Certified Public Accountant

According to international staffing agency Robert Half, the Certified Public Accountant (CPA) license is considered as the gold standard for accounting and finance in the United States. Granted by the American Institute of Certified Public Accountants (AICPA), this certification validates that an accountant has expertise in skills such as forensic accounting, tax, compliance, and risk management.

  1. Chartered Global Management Accountant

This financial certification, on the other hand, is granted by both the AICPI and the Chartered Institute of Management Accountants (CIMA) to CPAs working in business and government. This guarantees one’s competency when it comes to management accounting skills.

  1. Certified Management Accountant

Recognized globally, the Certified Management Account (CMA) certification demonstrates a professional’s mastery of critical accounting and financial management skills. This is granted by the Institute of Management Accountants (IMA).

Best accounting skills to look for

Beyond these certifications, there are also a handful of skills that an accountant must possess to be able to do their tasks effectively in the workplace:

  • Accuracy and strong attention to detail

When it comes to financial management, the smallest of errors can have serious ramifications to a business when left unseen. The responsibility of ensuring the accuracy of information falls on the shoulders of accountants so it is important that they are consistent in paying strong attention to detail when it comes to analyzing bulks of financial data.

This is also where organizational skills come into play as accountants deal with not just huge quantities of data but also a variety of different systems that need constant maintenance and updating. They should be able to structure their tasks without compromising the others especially during the busier times of the year.

  • Proficiency in accounting software

As more accounting firms and organizations adapt the use of accounting automation in their operations, accountants should be able to navigate finance-specific software programs with ease. These programs range from spreadsheet platforms, enterprise resource planning (ERP) systems, business intelligence softwares, and many more that are used for managing different accounting activities.

  • Analytical and critical thinking skills

The mere profession of accounting is analytical in nature so it is important for accountants to be quick on their feet when it comes to identifying the appropriate techniques to be used in executing extensive financial analysis as well as in interpreting financial data and analyzing patterns and potential issues in the information. That is why you should also look for a team who is aware of  F&A regulations, taxation laws, GAAP and Sarbanes-Oxley.

Once faced with errors and discrepancies, accountants should be critical in making firm and calculated decisions to solve these problems by considering all variables and potential risks in developing effective solutions.

  • Good communication skills

More than just analyzing data, accountants should also know how to properly present it in a concise and organized manner that even numbers-savvy individuals can understand. Verbal and writing skills should also be refined to be able to relay information properly and avoid errors due to miscommunication.

Accounting is important for a business, may it be big or small, because it helps you keep your financial affairs on track, ensures that your business is in compliance to relevant laws and guidelines, and gives you the opportunity to make future projections for your business. With a highly-skilled and competent team of accountants on the job, you are guaranteed to be on your way to success.

Building a Great, High-Performing Team

One  great way to build a dedicated team of accounting professionals is by finding the right outsourcing partner because their speed to market hiring process allows you to have the best fit accounting talents for your company in only 30 days with 70% savings on operating cost.

With an outsourced team at your service, you can focus more on daily operations and achieving your business goals. More importantly, the right outsourcing is ISO-certified and GDPR-compliant, and has a well-established Information Security in place to ensure that your company’s books and confidential financial information are kept secured. 

Partnership with Infinit-O

Infinit-O’s mission is to create endless opportunities for your company to realize your full potential.

Infinit-O Key Benefits:

We can build you a great, high-performing F&A team! Here are some examples below:

Let’s work together to build a great Finance and Accounting Team.

Start small. Exceed expectations. Think infinitely. Think Infinit-O.

2 months ago No Comments Views

How to Win the Number Game and the Value of a Great F&A Team

Business is a number’s game.

To get full control of your company, knowing where money is going and coming from is your leverage in effectively navigating a business towards success. If numbers such as income and expenses are managed effectively, it builds a strong avenue for potential growth and achieving your goals by creating strategies to weather unexpected financial downturns.

But how do you win the number’s game?

By building a great F&A Team.

Since all businesses, regardless of industry, depend on tactical financial management, you need to have a great finance and accounting team to keep your company headstrong in the number’s game because they play a key role in guaranteeing your win.

We listed 3 reasons how they can secure your success:

  1. They keep clean financial records

Finance and accounting both essentially record your company’s past, present and future financial activities. Although finance focuses mainly on future acquisition and accounting leans more on tracking your past financial transactions, they are your ledger in tracking income and expenses on your current and future operations.

Through them, you can maintain accurate data of your financial activities that can help you understand your business’s cash flow and preempt future acquisitions, potential savings and prospective revenue.

  1. F&A circumvent legal problems

A team of F&A experts make sure that they adhere to important business laws because they know that overlooking a minor detail could have major implications to tax management and extirpate a company. Poor financial records can lead unavoidable audits and possibly face unnecessary legal troubles.

Reliable and responsible F&A team ensures statutory compliance is practiced accordingly by following economic laws and regulations. On top of it, they are also ISO 27001:2013 and ISO 9001:2015 certified. They make certain that liabilities such as sales tax, VAT, income tax, and pension funds, to name a few, are appropriately addressed.

  1. Help develop financial strategies

A high-performing F&A team not only keeps a clean financial record and assists you in avoiding any legal problems, they are also your ally in developing financial strategies to keep your business growing and helping you achieve your financial goals. They can generate financial reports and thoroughly analyze your company’s books which you can use to have a better understanding of your company’s cash flow giving you an avenue to develop optimal financial strategies.

Business owners who have a better view of their fiscal records empower them to make informed financial decisions and map out plans to secure their growth and success. Lastly, knowing your current financial standing can also help you identify new areas of growth that can be used to create more opportunities for business accomplishments.

Challenges in building great F&A Team

The next step to secure your victory in the number’s game is to employ the right experts and build a great F&A team. But, there are two hurdles in doing so; salary and available talents.

Higher and Increasing Salary

Finance and accounting belongs to the high paying talents in the job market. A US Bureau of Labor Statistics (BLS) records that the median pay for a Financial Analyst in 2014 was $78,620 per year, $37.80 per hour but it is projected to grow by 12% in 2024. Accounting on the other hand has a median pay of $65,940 per year, $31.70 per hour and is projected to increase by 11% in 2024, which is also an above-average growth rate.

This means that to build an F&A team means to invest on the right people because employing them requires paying a hefty amount for their salary. 

Shrinking Talent Pool

In addition, there’s a limited pool of talents for the F&A profession in the US.

Finance and accounting talents aged 55 and up have increased in the past 10 years. This makes the talent pool of younger, experienced and highly qualified candidates shrinking. Although there are fresh graduates and novice F&A professionals in the pool, companies prefer those that have years of experience making the hunt more challenging.

Right Partner, Great Team

One sure way for a business to build a great finance and accounting team is by finding an outsourcing partner who has access to the talent pool talents while ensuring up to 70% savings on operation cost. A premier outsourcing partner will take care of scouting the best fit people for your company and employing high performing finance and accounting specialists that match your unique needs. Because of their access to world-class talents and a speed to market hiring process, you can easily build a great F&A team and focus more on navigating your business towards success.

Partnership with Infinit-O

Infinit-O’s mission is to create endless opportunities for your company to realize its full potential.

We can build you a great, high-performing F&A team! Here are some examples below:

Let’s work together to build a great Finance and Accounting Team.

Start small. Exceed expectations. Think infinitely. Think Infinit-O.

3 months ago No Comments Views

Top 3 Tools to Use for Finance and Accounting

Dealing with financial reports and keeping up with expenses manually can be a tedious and exhausting process. Just like any other industry, finance and accounting also has its own set of challenges and one major pain point is the growing demands of technology and process efficiencies.

Traditional finance and accounting internal systems and infrastructures are now deemed to be obsolete. As a result, it is now more important than ever to use the right tools for your finance and accounting team. However, an overwhelming number of tools are marketed to help improve efficiency and make F&A tasks easier and quicker. Yet, choosing the best tool for your finance and accounting team can be quite challenging as well as building a team that has proficiency in utilizing these tools.

Knowing the top 3 tools for finance and accounting is your ticket to increase your F&A team’s productivity and improve their efficiency .

Top 3 F&A Tools

  1. Accounting Software

There are now plenty of modern and effective software being offered. However, before deciding on what accounting software to use, it is crucial to ensure that it has features catering your business requirements (e.g. POS software integration, cloud-based entries, or tax information)

Here are some of the new and top-rated accounting software in the industry:

●       Sage One

Sage One is one of the current leading industry providers for accounting software solutions. A cloud accounting and invoicing software designed for small and medium business owners. It can also help bookkeepers and accountants do their jobs quicker and more efficiently .

Its advantages are; easy inventory tracking, automated sales tax rates, project tracking, and flexible user permission. However, the reports it generates are not freely customizable.

●       Zoho Books

Zoho Books is part of the Zoho application family. It boasts an impressive selection of accounting tools fit for both finance and accounting teams and business owners.

The notable features of Zoho Books are it’s easy invoicing, tracking expenses, monitoring bank transactions and inventory tracking. It can also generate cash flow statements and balance sheets.  It can also connect with other Zoho applications such as Zoho expense, CRM, Zoho Subscriptions, and many more.

●       QuickBooks by Intuit

QuickBooks by Intuit is one of the traditional software that was able to keep up with the growing demands of technology today. It is a user-friendly software that can be used even by non-finance and accounting experts.

It has a bold promise in helping you save at least 8 hours of work in a month. It creates a comprehensive dashboard, invoice tracking and creation, automatic expense categorization, VAT tracking, and calculation, among others.

2. Expense Tracking

Expense tracking is paramount for any company. It is an extremely tedious job, especially when there are a handful of expenses moving in and out. Although some accounting softwares already includes expense tracking features, a dedicated and specialized expense tracking tool is still a must.

Here are some expense tracking tools to consider.

●       Rydoo

Rydo is one of the top choices for specialized expense tracking software because of its affordability. it also has international expense tracking, which will do wonders if your business deals with a lot offoreign deals.

●       Expensify

Expensify is a good tool for expense tracking because it is user-friendly and convenient. It is easy to load information and provides prompts on what are the next steps. It also has a reminders feature that alerts you if there are documents not yet submitted and file. It also has notifications for books for  reimbursement.

3. Billing Tools

Among all the finance and accounting duties, billing processes can be the most time-consuming and tedious.  Licensed professionals with years of experience can still find billing duties to be challenging. However, it is a good thing that there are now softwares specially designed to make billing more manageable.

●       SuiteDash

SuiteDash is a billing tool best suited for small to medium-sized businesses. It has features such as client portals, invoicing, project management, and file sharing.

It is a fully integrated cloud-based platform that combines most commonly used business tools so finance and accounting teams and business owners don’t need to go through the frustration of learning other platforms that don’t work well together.

●       Nexway Monetize

Nexway Monetize allows easy implementation of billing plans and subscription models tailored to a specific business. It is best suited for SMB and large enterprises. This customizes invoices a lot easier. It also has a feature allowing you to send foreign client invoices in their local currency and language.

●       Zoho Invoice

Here’s another member of the Zoho application family. It is designed for business owners and freelancers. Like other Zoho applications, this one is easy to use and allows you to create a fully customized invoice so that you can get paid quicker.

Great Tool, Great Team

Having the right tool for your finance and accounting team is vital to help them accomplish their tasks easier and quicker. By doing so, your company’s overall efficiency and productivity can also increase. With that, it’s easier for you to see whether your company is earning the revenue you expect, allowing you to make quick and accurate financial decisions. 

Dealing with these tools can be overwhelming. Additionally, building a team of F&A experts and training them on utilizing these tools birth another layer of operational responsibility especially if there is a limited pool of talents in the F&A industry and the number for highly qualified candidates are shrinking. One way to overcome this is by finding the right outsourcing partner who has access to world-class F&A talents who can equip and certify your team to put these tools to good use.

In addition, softwares such as those mentioned above, can already break your bank. But with the right partner, you can save up to 70% on operational costs, yet assuring your team’s efficiency and productivity.

Partnership with Infinit-O

Infinit-O’s mission is to create endless opportunities for your company to realize your full potential.

Infinit-O Key Benefits:

Below are some examples of F&A expertise that we can recruit to build a team just for you:

  • Accountants
  • Bookkeepers
  • Finance Associates
  • Finance Specialists
  • Fund Treasury Associates
  • Other F&A positions

Let’s work together to build a great, high-performing Finance and Accounting team

Start small. Exceed expectations. Think infinitely. Think Infinit-O.

3 months ago No Comments Views

The Difference Between Finance and Accounting

Finance and accounting are usually lumped together. But understanding the key differences will allow you to better distribute fiscal responsibilities to the right people and create a great finance and accounting team for your business.

The Basics

The basic difference between finance and accounting is their core responsibility. Finance is the one exercising high-level control for your company’s financial strategy while accounting is taking in a more detailed look at your company’s books. To put it more simply, finance looks forward to plan future acquisition and accounting looks back to a company’s past financial transactions.

The Difference Table

To fully grasp the difference between these disciplines, let’s put it on a list.

Building a Team

With the understanding of how vastly different each role functions, the next step for a business is to employ the right experts for each department and build a great team to respond to their unique needs. Although both finance and accounting professionals almost have the same clients such as corporations (businesses), governments, and nonprofits, at the end of the day, you should carefully consider the right experts that best fit the role.

The table below shows the traits and characteristics per profession as a guide to know who to employ.

Finance and accounting decisions are tough especially if you’re trying to build your business from the ground up. At the end of the day, you should carefully consider all of the information including all the similarities and differences and decide which option best fits your business goals.

But it is also important to note that there is some level of difficulty in employing the right people for your finance and accounting team. Two major things to consider are salary and available talents.

Salary

According to the US Bureau of Labor Statistics (BLS), the median pay for a Financial Analyst in 2014 was $78,620 per year, $37.80 per hour but it is projected to grow by 12% in 2024. Accounting on the other hand has a median pay of $65,940 per year, $31.70 per hour and is projected to increase by 11% in 2024, which is also an above-average growth rate.

Talent Pool

There is a limited pool of talents for these professions in the US. The share of finance and accounting talent that is age 55 or older has increased from 2011 to 2017 hence the talent pool of younger experienced and highly qualified candidates is shrinking. Although there are fresh graduates and novice finance and accounting professionals in the pool, companies are more likely to employ those that have years of experience.

One way to address these hurdles is by building a great, high-performing finance and accounting team with the right outsourcing partner who has access to world-class talent yet assures a 70% savings on operation cost. The best partner will scout finance and accounting specialists to match them with your unique needs and help you focus on achieving your business goals.

Partnership with Infinit-O

Infinit-O’s mission is to create endless opportunities for your company to realize your full potential.

Below are some examples of F&A experts that we can recruit to build a team just for you:

Let’s work together to build a great Finance and Accounting Team.

Start small. Exceed expectations. Think infinitely. Think Infinit-O.

4 months ago No Comments Views

The Benefits of Outsourcing Finance and Accounting Services

A business is only as strong as its weakest link. Without an efficient accounting team  and processes, a business cannot generate quality financial reports and statements. Regardless of the size of the company, accounting is at the heart of a company’s success. 

Small and medium business owners face accounting challenges everyday, while they are trying to simultaneously service their customers and perform their core value proposition because they often do not have the workforce or the resources to get the accounting job done. Building an accounting team is quite difficult due to limited access to the talent pool and hiring skilled professionals at an affordable cost.

To overcome this, partnering with an outsourcing company to help you build a great accounting team can help you hyper focus on your business goals.

Cost Savings

When you in-source accountants, you will pay their salaries and benefits such as medical and life insurance including the purchase of all of the softwares and tools they need to get the job done. This is really expensive. But, if you build an outsourced accounting team, you can cut those operational expenses up to 70% off.

The savings that outsourcing partners usually provide is considerable without reducing quality of service and compromising productivity. They will take care of the employee’s salaries, taxes, benefits and other operational expenses while you still get the full benefit of a full-time employee.

Access to available talent

The accounting profession is experiencing a tightening pool of skilled candidates globally making the hiring process even more difficult. As a result, companies are spending more to hire skilled accountants by bumping up compensation offers and being more flexible on the negotiation requests from these professionals. In return the company will have to invest more to hire them.

But with the right outsourcing partner, you won’t have to deal with scouting accountants that will match your unique needs because of their access to world-class talent and A+ recruitment process.

outsourcing; finance and accounting; F&A, finance & accouting

Eliminate hiring process and cost

In connection with the above point, another great thing about third party accountants is that they will take care of the hiring process and filtering the best people for your company and making sure that they have the proper certifications and skills. 

Recruitment and hiring is time consuming. Dealing with this along with making sure that your business goals are being worked on may add another level of challenge you have to face. Aside from scouting and screening applicants, background checks and interviews, newly hired team members have to be trained on the ins and outs of your business to get them fully on board with your company’s vision. Your outsourcing partner can do all the necessary training to fully equip them.

Time efficient

As your business grows and you focus more on achieving your business goals, you will find yourself dedicating more time and energy on managing your growth and less on micromanaging non-core activities. Therefore, outsourcing administrative and financial tasks like bookkeeping and accounting help realign your resources on creating the business strategies. It will be bringing more revenue, as well as networking and building relationships with your clients.

Partnership with Infinit-O

Infinit-O’s mission is to create endless opportunities for your company to realize your full potential. 

Below are some examples of F&A expertise that we can recruit to build a team just for you:

  • Accountants
  • Bookkeepers
  • Finance Associates
  • Finance Specialists
  • Fund Treasury Associates
  • Others

Let’s work together to build a great Finance and Accounting Team.

Start small. Exceed expectations. Think infinitely. Think Infinit-O.

4 months ago No Comments Views

Outsourcing Your Accounting Services to Maximize Business Growth

Starting a Business

Accounting might not be the most thrilling aspect of a business. You would perhaps prefer to babble about the products you manufacture and how you will market them rather than tackle your accounting responsibilities.  Managing cash flow is one of the core principles of any business. The accounting department takes the center stage when finance is concerned. For one, it helps in evaluating the business status with the financial reports they present. It says a lot on the resource utilization, budgeting, and projections. A company also needs to worry about legal business compliances as well as filing for financial statements. All these functions handled by the accounting department are paramount to the survival of any business.

That is why, it would be best if you acknowledge that accounting is crucial to managing your finances efficiently. It is one of the central forces in your business. It is not just one of the business aspects. It is valuable to make the business unsinkable. So, the next thing you do is to work on the bookkeeping tasks.  

Outperforming Bookkeeping

Bookkeepers are insightful in managing A/R, collections, A/P, deposits, bank account reconciliation, payroll, basic financial statements, and sales taxes. As they make sure that your financial books are updated and managed properly as they do you will still find yourself engaged in the accounting department. Also, in an unforeseen business challenges such as health crisis (i.e. COVID-19 pandemic) and natural calamities, having a solid bookkeeping team will secure your assets and inventory while overcoming any economic wounds. 

Why? Because there is a need for management accounting. Management accounting requires a higher level of responsibility as it prepares management and fiscal reports for business conformities. Management reporting is utilized to make business decisions clearly supported by real-time data and other indispensable indicators of performance.

But time will come that you are no longer capable of being too engaged in every facet of the business. Or when your business expands, you will realize that your time and effort will be more substantial if you concentrate on the core business management than dealing with the accounting responsibilities.

This is where you will find outsourcing to be the best thing to do next. Here are some reasons that outsourcing your accounting would aid you to reduce the hassle and allow you to maximize resources to more critical business aspects.

Cost Savings

Hiring a regular employee is a high investment in your operational cost. While these employees are vital in making the business thrive, your investment to make the business ball rolling must substantiate their efforts. Plus, the fact the regular employees are the cream of the crop, this means you also give them the cream of the crop benefits like bonuses, medical insurance, and even their retirement package which your company should contribute to.  All these equate to an expensive investment. 

Whereas, if you outsource, you will deal with your partner company. Your partner will take charge of all employee relations, compensations, and benefits. Another strength that you can bank on with a quality outsourcing partner is that they already have established domain expertise, so you can trust that they know what they’re doing.

Reduce Potential Business Vulnerability

In essence, it is critical to delegate tasks to your employees; even so, the back-and-forth needed to manage bookkeeping and accounting could result in some security concerns. A professional accounting company would seriously take your fiscal safety, and there is no need to turn over the invaluable tasks to an unqualified apprentice. 

Outsourcing accounting firms could cover payroll, bookkeeping, and invoicing requirements, along with comprehensive accounting services. They generally guarantee commitment to flexibility, visibility, and transparency to skip out on extended contracts in the event the services do not work well for you. They can also be your saving grace as a business continuity team during an emergency or disaster by overcoming financial threats.

Another two key factors that will fuel you in avoiding the risks are the ISO certification and SOX compliance. Being certified will help you align your business goals to the demands of your business partners and consumers. An ISO certified company has high regard to excellent customer experience by reducing errors and leveraging efficiency. A SOX compliant company meanwhile ensures that there is a strong financial reporting landscape by maintaining data integrity and credibility of financial disclosures.

financial plan

Be at Peace as you Avoid Accuracy Issues


Although you may be adept at tracking the finances of the firm, it is reasonable to feel distressed when it is not your field of expertise. So, do not allow constant hesitation or jitters for a huge accounting mistake to dwell inside your head.  Get rid of that fear by merely paying a professional and well-experienced firm that could successfully handle your fiscal record keeping. With the right team, you are allowing your business to breathe seamlessly by not worrying about your financial concerns.

Incorporate Global Best Practices

When you have to point out how to arrange and track the business finances more efficiently, you may opt for counting on established processes and practices. And an outsourced accounting company would already have those processes figured out. So, you could imagine how much more composed your workers would be realizing that they would be compensated in time, all because you employed an outsourced firm to cater to everything, including the payroll.  

And when it comes to the financial aspect of the business, the next thing you’ll consider is perfection. It is not impossible to attain this if you have the right policies and processes that will be the organization’s lamp as you journey to success. However, establishing that is taxing that it may drain your analytical juices. So instead, let the right outsource company handle that for you.

So now, why would you consider outsourcing your Accounting Department? 

Not to mention, one of the most excellent perks of outsourced support is personalizing a superiorly functioning staff with additional resources and know-how. Outsourced specialists who have a deeper grasp of industry-specific outstanding practices could generally improve processes and productivity and, most importantly, integrate the current staff. 

Substantially, their fiscal reporting capabilities are commonly updated with industry standards and utilize the most advanced technology. Many a time, this concentration could assist in underscoring the needs of the business and its opportunities for growth.

The bottom line is that through outsourcing your business’ accounting requirements, you are able to concentrate on what you do best – operating a business that you genuinely love, and at the same time, saving yourself a considerable amount of money, time, frustration and potential distress.

Now is the Best Time

The best time to look for a partner company is before it becomes urgent. If you only sought financial assistance during the occurrence of a crisis, say a pandemic, the tendency of work is recovery from a financial loss rather than preventing it. Having a team of finance professionals will help your company identify these unforeseen events and create financial mitigation measures that suit best for your business.

Of course, you wouldn’t want to end with a company that is just good at babbling their accomplishments. Instead, you want a track record that stands out. While many outsourcing companies are excellent in the field of Finance and Accounting (as they claim), very few are bona fide.

Infinit-O is a trusted F&A outsourcing partner and we can help you save upto 70% on operational cost. We have collaboratively built high performance teams performing to excellent results over the past 15 years. Our teams comprise competent F&A professionals such as certified public accountants in the field of internal auditing, bookkeeping, and other critical accounting functions. We endeavor to enable our clients to meet their goals in terms of business growth, better productivity, and most importantly, cost efficiency.

At Infinit-O, we build great teams. Our goal is to create long lasting partnerships with our clients; rendering a strong combination of business consultancy, process optimization, and outsourced services; all utilizing the latest technology to provide excellent value for our clients. We are ISO-certified,  GDPR and Sarbanes-Oxley compliant, so your company and data are safe with us because information security is also our priority. All these applied, your financial growth and continued profitability are sealed.

Let’s Build a Great Team for you – starting with Finance & Accounting.

Start small. Exceed expectations. Think infinitely. Think Infinit-O.

Thinking it’s time to partner up? Go and make the call.

8 months ago No Comments Views

Newsletter

Subscribe to our emailing list and get notified of the top stories on the web.

Scroll to top