Finance and Accounting

Accounting Personality Traits & Qualities of a Good Accountant

An accountant’s work requires a high degree of precision and a certain degree of level-headedness.  Their’s is a detail-oriented environment where minor oversights can have huge consequences on a client’s business. A single digit carelessly added or absentmindedly removed will have a domino effect on how the accounting books will look like, how decisions will be made, and what those books say about the financial health of a company.

With so much riding on these professional’s shoulders, clients must be careful in selecting an accountant who will do the bookkeeping for them. Accountants should possess certain characteristics that will allow them to do their jobs well. We’ve compiled ten traits of an accountant that we believe are very important. Take a look at this list and see if you agree.

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1. Updated with the Latest Accounting Trends

It’s not enough to have a solid grasp of the basics. Accountants must constantly stay abreast with the industry’s generally accepted accounting principles or GAAP, as well as any changes in tax laws. Attending refreshers, going to conferences and seminars will help keep her up to speed on the latest in accounting trends. Technological advancements are also evolving at lightning speed, and turning away from these changes will be a huge disservice to clients and the business.

2. Organized and Structured

Staying on top of all the figures, paperwork, and data that accountants deal with daily requires good organization skills. It saves time because they have a system that allows them to find the information they need efficiently. Having a manageable structure to follow during their day to day work week frees up their energy and resources to analyze, research, and do their number-crunching duties without unneeded distraction.

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3. Accurate and Detail-Oriented

These traits are crucial in the work accountants do. At the very least, the numbers they are working with have to be accurate and correct. Doing due diligence should be second nature to them, and not something that they need to be reminded with constantly.

4. Accountable

No surprise here: accountants must be accountable. No finger-pointing allowed; they know that whatever the outcome of their work turns out to be, the buck stops there, exactly where they are. Let’s face it: even the most detail oriented accountants who always do their due diligence are also human, and are, therefore, also fallible. There’s no shame in making an honest mistake that’s attributable to human error, just as long as these are not deliberate mistakes that happen too often. Keeping detailed accounts and accurate reports will come a long way in spotting where and how such inaccuracies came about (see trait no. 3).

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5. Client-Centric

It’s not enough to have a knack for numbers. Accountants must also understand their clients and the type of business their clients have. Having a solid grasp of your client’s business requirements and goals will enable you to decipher what types of economic methods or accounting rules will meet your client’s business needs. An accountant’s views and advice will make them even more valuable to their clients, and give them a good reputation that will earn positive recommendations and more clients down the road.

6. Team Player

The stereotypical image of a lone accountant doing their number crunching in their own cubicles is an inaccurate picture of what accountants actually do. They typically work in teams and have face to face meetings with clients and other decision makers on a regular basis. They are therefore required to be generous with what they know; sensitive to other’s needs, and be supportive of their team’s goals. They have the ability to work with different types of personalities.

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7. Creative

They’re not solely left brain thinkers. The ideal accountants use their creative sides, too. They make use of right brain thinking to come up with fresh ideas and creative strategies to solve client dilemmas that don’t always show up in textbook cases. Paradoxically, being organized and structured in how they approach their day to day responsibilities frees up their minds for out of the box thinking, which are solutions that benefit clients.

8. Trustworthy

The information accountants work with are confidential in nature. This is why professionalism is an important trait that they must always abide. Not only is this the right and ethical way to go about their business, but having a reputation for trustworthiness will win them more clients in the long run. Trust is something that is not easy to build, and it’s a trait that must be taken seriously in order to earn good feedback from clients.

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9. Top-Notch Communication Skills

Having the ability to interpret jargon and complicated accounting concepts into ideas that can easily be grasped by clients is an invaluable trait that an ideal accountant should possess. An accountant that is able to interact easily and get their ideas across clearly to anyone is a major asset that clients and employers always look for.

10. Ethical

A strong sense of integrity and an inclination toward honesty are traits that inspire confidence in an accountant’s work and professional practice. This is a trait that should extend into their personal lives as well, because an accountant who has the ability to be morally upright and live as an upstanding citizen is someone who will most likely obey the rules of law. Being a law abiding citizen means that this trait will show up in how they do the accounting books as well: one that is within generally acceptable accounting laws and one that is obedient of all relevant laws.

Make sure the person who handles your finance and accounting has these accountant personality traits!

Infinit-O is a trusted F&A solutions partner that can help you build and operate a dedicated team of accounting professionals of every level including certified public accountants designed specifically for your unique needs, with cost savings of up to 70%. We can help you meet your goals, whether they be growth, better productivity or simply bottom-line cost savings. With access to excellent talent who use cutting-edge technology, we provide some of the best strategic solutions for your business. We are ISO-certified and GDPR-compliant, so your company and client data are safe with us.

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9 Must-Follow Social Media Influencers on Finance

Twitter is more than just a virtual space for the latest Hollywood Twitter wars, personal rants, and daily 140-word reports on what everyone is eating for breakfast.

For those who understand the great possibilities that it offers, it’s recognized as one of the most convenient tools for quickly sharing information and for keeping up with the latest news and trends in industries where new knowledge is highly-valued – like financial tips, news, and how-tos.

For small business owners, following top social media influencers on finance is one of the easiest ways to get updated with the financial industry. According to their Klout scores, we list down 9 must-follow influential tweeting individuals on finance. These peeps could help you make a well-informed and carefully executed financial plan for your business. 

Nouriel Roubini

www.twitter.com/Nouriel
Roubini is an economist and professor at New York University’s Stern School of Business. He anticipated the collapse of the U.S. housing market and the worldwide recession in 2008. He is the Chairman of an economic consultancy firm, Roubini Global Economics.

Christine Lagarde

www.twitter.com/Lagarde
Lagarde is the Managing Director of the International Monetary Fund (IMF). She’s the first woman to become finance minister of a G8 economy and is the first woman to head the IMF.

David K. Waltz

www.twitter.com/davidkwaltz
Waltz is a Fortune 500 Financial Officer who is the author of the Treasury Cafe, a blog which empowers people in the strategy and finance sectors with tools, information, and insights.

Ben Chu

www.twitter.com/BenChu_
Chu is the Economics Editor of The Independent who heads the publication’s blog. He provides financial advice and personal views on the economy in both national and international perspectives.

Karl Deeter

www.twitter.com/karldeeter
Deeter is a financial adviser/analyst at Irish Mortgage Brokers & Advisors. He also blogs about finance at http://www.mortgagebrokers.ie/blog/.

Colin Williams

www.twitter.com/ColinTWilliams
Williams founded Humble Financial Services Marketing in 2011, which provides specialist strategic advice to help businesses grow. He tweets about strategic finance and marketing tips and tactics for the social world.

The Numbers Guy

www.twitter.com/WSJnumbersguy
Carl Bialik is a journalist for Wall Street Journal. He is the creator and writer of the weekly Numbers Guy column at the paper’s website. He writes about the use, and particularly, the misuse of numbers and statistics in the news and advocacy.

Chris Smith

www.twitter.com/AwesomeFinance
Smith is the author of Securing Your Financial Future and the creator of the Awesome Financial Future web series. He gives hints and tips about investing in long-term funds to necessary everyday spending, and how to get the most out of your cash. He’s the “man on a mission – to raise the personal finance IQ of young adults everywhere.”

Irene Aldridge

www.twitter.com/IreneAldridge
Aldridge is the author of High-Frequency Trading: A Practical Guide to Algorithmic Strategies and Trading Systems. She is an investment consultant, financial advisor, portfolio manager, a recognized expert on the subjects of quantitative investing and high-frequency trading (HFT), and a seasoned educator.

Is there anyone else you think should make it to the list? Let us know.

Managing your business’ finance and accounting on your own is taxing and does not always result in favorable results. With our customized solutions, rest assured that all your concerns would be addressed accordingly and at the same time, it would allow you to concentrate on other important factors vital for your company’s growth.

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9 Blogs Every Accountant Should be Reading – Infinit Accounting

As professional accountants, it’s important to be kept up breast on the latest news and information about what’s new in the industry. Getting a different view and reading about thought-provoking insights on topics ranging from auditing, fraud, tax accounting and regulations will keep you on your toes and help you make informed decisions in the workplace.

Here’s a list of 10 must-read blogs by experts, associations, former college professors, and members of professional networks that are geared specifically to provide accountants and auditors fresh insights and updated news and regulations on all matters accounting-related.

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1. Accounting Coach

If you need straightforward, no-nonsense guide on all your accounting questions, the Accounting Coach is an excellent resource. It houses info that dates back to 2003, and has a wide readership of over 80,000 newsletter subscribers and 14,000 Facebook fans.

2. Accountant By Day

Kellen, the woman behind this popular blog, writes musings about accounting, personal finance, and everyday life of an auditor and tax accountant. Her blog used to be called AccountingElf.com, where she wrote about her experiences as an accounting student.

3. Accounting Principals

An overview of all accounting career-related topics, including helpful tips on how accountants can leverage social media to boost their careers, job reports, updated news, among others.

4. The Accounting Onion

The tagline succinctly sums what the blog is all about: “peeling away financial reporting issues one layer at a time”. Tom Selling holds a PhD and CPA license and is a former Accounting professor with a solid academic background and author of numerous books. He finds blogging the perfect platform to educate and inform.

5. Bloomberg BNA Accounting Blog

Comprehensive coverage of topics ranging from accounting, taxes, business and auditing.

6. AccountingWEB blogs

If you don’t have time to sift through the internet for accounting blogs, this is a great selection of useful blogs and websites that focus on accounting-related topics, all compiled in one page.

7. Accounting Tomorrow

This blog covers news and articles about the accounting profession and is a useful resource for current and aspiring CPAs of all levels. There’s something to be offered for various accountants here, regardless of experience or lack thereof.

8. AICPA Insights

This is a straightforward accounting blog with with news about the industry, plus various way to maintain productivity and creativity in the workplace. If you’re an accounting professional who’d like to share your thoughts about the topic, you can apply as a guest writer for the site.

9. Accountex Report

Teach yourself about cloud management and other new accounting trends with the Accountex Report, and transform your processes quickly and efficiently.

10. CPA Practice Advisor

This is one of the most most popular technology and practice management resource for accounting professionals. Get the latest news about payroll, tax, and accounting from several experts in the field.

Want more blogs to follow? Check out our other post, 10 Must-Read Blogs on Financial Management.

Do you have any accounting blogs in mind that we missed in this list? Share them with us in the comments below!

Small businesses are making their ways into the commerce through some trials and errors along the journey. While budget is somehow limited among them, know that our services are reasonably priced, ensuring that you can reach your goals. Outsource your needed facilities and we’ll gladly assist you with all your concerns. Learn more!

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Profit and Loss Management: 3 Ways to Do it Right

For a business to maintain operations, provide better services, and come up with new products, it needs to make a profit. In any business, profit is always accompanied by certain losses. The key is to ensure that profit and loss management is done correctly to help businesses stay afloat and better yet, thrive.

What are Profits? What are Losses?

A profit is an amount of money that is more than its original price. On the other hand, a loss is an amount of money that is less than its original price.

In business, we say one makes a profit when the business makes money or experiences a return of investment (ROI). A business experiences a loss when it doesn’t make money on a product or service but loses part of more than what the owner initially invested.

Profit is making money.
Loss is losing money.

What is Profit and Loss Management?

Profit and loss management is managing income (incoming cash flow) and expenses (outgoing cash flow) to ensure that a business earns a net operating profit.

Usually, profit and loss management deals with profit and loss reports (commonly called P&L reports). You can compare it to a report on how the financial aspect of the business is doing or performing. It helps determine how profitable a business venture is or in the case of P&L projections, how profitable it will be.

Profit and loss management is crucial to help a business stay afloat, project and strategize for its future and improve its performance.  By comparing profit and loss forecasts with the actual performance of other companies—preferably competitors or role models, a business can identify areas they need to focus on or improve on.  For example, is the business spending enough on research and development to ensure that they can stay one step ahead from their competitors? Are they spending too much on expenditures?

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All of these considered, we have come up with three ways for you to do profit and loss management right:

1. Monitor Profit and Loss Reports Constantly

P&L reports are generated on a weekly, monthly, quarterly or annual basis based on a company’s standard operating procedure. However, accountants can generate reports as needed and requested by the management. Take advantage of this and constantly look at the numbers. Look for trends and use them to forecast and project profits and minimize losses.

According to an article on business.org, a P&L chronicles a company’s fight for financial survival, as well as the results of that competitive struggle, during a specific period (quarter, month, or fiscal year). A company’s P&L data shows indicators like revenue, expenses, and net income, or net loss if expenses exceed revenue. Revenues range from operating earnings and interest income to cash generated on investments or in joint ventures with other establishments.

The reports alone can help you make informed business decisions to help your business maximize profits.

2. Combine Monitoring of P&L Reports and Cash Expenditure

Cash is still king, no matter the business type or size. Effective money management shows how a company saves money, grows its existing cash, and averts financial meltdown. This should be managed or controlled efficiently. Expenditures (outgoing money or expenses) should be monitored.

Combined with P&L reports, this helps a business save money during lean months, and have spending power on strong months to invest in new business products, infrastructure, technology, manpower or any aspect that is needed for business growth.

Developing a business strategy that combines these two will result in effectively managing business income and helps the company “feel” profits when they come in.

3. Outsource Team for P&L Management

It can be hard to generate P&L reports especially when there is too much red tape in the organization. It can also be challenging to do projections on it if you are too involved or immersed in the company. You tend to prefer to stick to gut instinct when making analysis.

Partner with a finance and accounting solutions partner to build a team of bookkeepers and certified public accountants to generate reports strictly from an accounting point of view could give a manager a different perspective. The team can also help develop a business strategy formula to help a business owner understand how to increase or make more money.

There are a lot of factors affecting the profitability of a business and profit and loss management is just one aspect. Effective business strategies, cash managements, maximizing profit and loss based on the company’s strengths are examples of how a business can save money, make money and lessen losses. No matter how much cash a company has or how many assets it owns, losses extending over long periods of time will weaken the value of its assets, decrease its cash holdings and drive it to bankruptcy. Profit and loss management will help a business prevent substantial business losses from happening if done right.

Managing your business’ finance and accounting on your own is taxing and does not always result in favorable results. With our customized solutions, rest assured that all your concerns would be addressed accordingly and at the same time, it would allow you to concentrate on other important factors vital for your company’s growth. Learn more!

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Explained: Management Accounting VS Financial Accounting

Accounting is an essential tool for any business. However, one must differentiate between financial and managerial accounting because they provide different types of information and serve different objectives. Below are the 5 ways that show how different they are.

What is the difference between financial accounting and managerial accounting?

End Users

External stakeholders, such as stockholders, lenders, financial analysts, and others from outside the company, are normally the ones who make use of the financial statements produced by financial accounting.

On the other hand, management accounting reports provide data that can be used by internal decision-makers such as the managers of the company.

Objectives

The purpose of creating financial statements is to provide external stakeholders with an accurate report on the financial health of the company. For example, these statements are essential for lenders to determine the credit-worthiness of the organization. Potential investors also want to see the profitability of the company before they invest. Further, these financial statements are also required to be submitted to government agencies such as the Securities and Exchange Commission.

The managers of the company need data that they can use in order to make decisions regarding the day-to-day operations of the business and this is where management accounting reports are beneficial. Budgets and costing, for example, help managers determine how a specific department is performing and if they are contributing to the achievement of the company’s overall goals. They also help management identify possible areas for improvement.

Information

Financial reports present data on the company’s financial health and performance over a specific period of time. The most common financial accounting reports include the Balance Sheet (which lists the company’s assets and liabilities), Income Statement (which details the company’s revenues and expenses) and Statement of Cash Flow (which shows how cash and cash equivalents are affected by changes in the balance sheet and income statement).

While financial reports require exact numbers, management accounting reports do not. Instead of just using data regarding past performance, they are also based on current trends and forward-looking forecasts. The typical management accounting reports include Sales and Revenue Forecasts and Budget Forecasts.

Guidelines

Management accounting is based on business needs and is more flexible in that it does not need to follow any specific structure. On the other hand, financial accounting is more rigid and must adhere to the Generally Accepted Accounting Principles (GAAP).

Frequency

Management accounting reports are usually prepared on a weekly or monthly basis by managers or business analysts. Financial accounting reports are filed annually. The annual reports must also be made part of the public record for publically traded companies.

Maximize management accounting and financial accounting for your business by partnering with a credible and trust-worthy accounting outsourcing company.

Managing your business’ finance and accounting on your own is taxing and does not always result in favorable results. With our customized solutions, rest assured that all your concerns would be addressed accordingly and at the same time, it would allow you to concentrate on other important factors vital for your company’s growth. Learn more!

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10 Must-Read Blogs on Financial Management

Having sound financial management know-how will help you not only in handling your personal accounting but also allow your business to grow and expand. It includes overseeing financial resources through planning and organization aside from simply keeping accounting books.

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We have gathered 10 must-read blogs on Financial Management that will help you learn more about handling your finances and other techniques about accounting.

1. CPA Success

If you want to improve and expand your business or simply learn tips from business experts, CPA Success is an excellent resource to go to.

2. MintLife

MintLife provides a fun and practical ways to manage your personal finances. From how to maximize your budget to be more adept in saving, you can count on this blog.

3. Seth Godin’s Blog

Who doesn’t read Seth Godin? If you don’t, you better. Seth Godin is an author and a public speaker on accounting and marketing. And while you can learn a lot from the books he has written, you can gain a lot of knowledge also from reading his witty remarks on his blog in a more personal and amusing note.

4. Taxable Talk

Need to be up to date with financial events, legislation, and theories? Read news and commentaries straight from Russ Fox, E.A., of Clayton Financial and Tax of Las Vegas, NV & Bethesda, MD.

5. Dave Ramsey

Sought after financial advisor, Dave Ramsey shares his knack about how to manage your finances and grow them. He offers workable advice from keeping a doable family budget to being debt-free. Videos of his TV show, budget tools, and Dave’s finance classes are also provided on this website.

6. ClockWork Accounting

ClockWork Accounting is a good reference for anything accounting-related such as accounting software, accounting services, degrees, etc. So if you need to be up to date accounting-wise, bookmark this website now.

7. AccMan Pro

With more than 30 years of IT-related finance experience, Dennis Howlett is a reliable resource in this field. In this blog, he shares his knowledge to guide you in growing your business.

8. Harvard Business School Working Knowledge

This website is a forum where innovative business practices are offered by Harvard faculty themselves. They also discuss known concepts and issues in management practice and provide inspiration for leaders in their respective fields.

9. Tax Domme

Tax Domme is a blog where your tax proficiency is not intimidated. It gives great advice about tax and other related topics that is understandable by all levels of readers.

10. Accounting Observer

You may read updated financial current events and other information about accounting from this blog. So if you want to know what’s up in the financial realm, read the Accounting Observer.

Have you been following any of these blogs? If not, you’d better be! We’re looking forward to hearing your experiences from these blogs. You can also share your favorite Financial Management blogs in the comments section below!

Managing your business’ finance and accounting on your own is taxing and does not always result in favorable results. With our customized solutions, rest assured that all your concerns would be addressed accordingly and at the same time, it would allow you to concentrate on other important factors vital for your company’s growth. Learn more!

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3 Best Practices for Improving Financial Management Reports

Financial management reports can cover anything from income statements, profit and loss summaries, and tax filings to retained earnings. Regardless of what you plan to cover in the next report, your business will need an efficient system that goes beyond presenting these details in an organized manner. You want to also improve the decision-making and responsiveness that arises from the report. You want stakeholders to act according to your findings and view the information provided as useful in the long run.

Profit and Loss Management: 3 Ways to Do it Right

Financial reports are a good indicator of the health of a company. You need to not only show how each financial aspect performed but also what has helped drive these forces, such as sales or marketing. Specific information such as revenue from your operations or how you can improve your company’s total assets can be sought after at the end of your plan. 

How then can you improve the company’s reporting to ensure a clear, efficient, and effective presentation? Check out these three ways to improve your financial management reporting.

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1. Have a Goal in Mind.

A report that tries to cover everything ends up discussing nothing. Before you head into drafting that financial management report, think first with an end in mind. You can go over a few questions to draw out a specific answer. Do you simply want to express your company’s overall revenue and expenses? Do you need to budget the expenses in the coming year? Do you need to see how the business financially grew based on its key drivers? These are just some of the questions you can consider when planning a report on the upcoming goals and plans for your business. From there, you can articulate an umbrella goal that will clarify and specify what your report hopes to achieve.

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2. Maximize Visuals.

A financial report with images and charts helps your readers visually summarize and explain financial data. You want to give your business stakeholders clear and easy-to-comprehend visuals you want to present. Utilize infographics, pie charts, and other illustrations that can summarize the important points. Make sure the text and the visuals work hand in hand to tell the story of your data. Having a story in mind ensures that the goal of the report is maintained as you take the reader through the report’s information.

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Make sure all elements work together so the report is readable. Stick to a color palette and use it consistently across the different pages. Otherwise, all the effort you made in ensuring consistency in the data and different information will be useless if they all don’t look good together.

Keep Everything Clear and Simple

3. Keep Everything Clear and Simple.

You’ll end up alienating your CEO or managers if the data and strategies presented are hard to follow and understand. Apart from using a color palette, keep in mind the basic design principles that will make sure the information reads clearly every time. Use white space to balance elements, stick to colors that are easy on the eyes, and make sure to use readable fonts.

The language should also avoid anything that remotely resembles corporate language and management speak. This just drowns out your message and makes your report’s goal less apparent. You want every word and the sentence completed to be clear, honest, and straightforward. Avoid resorting to jargon, keep the language simple, but never talk down to your reader.

For small businesses, creating a comprehensive financial management report can be time-consuming and eat into the hours they can spend on growing the company. Outsourcing provides a cost-efficient solution that enables managers to focus on their business and still have expert teamwork on the management report that covers bank statements, profit and loss summaries, tax filings, and other crucial information. 

Companies like Infinit-O can build you a dedicated team of market and financial analysts to complete a clear, straightforward, and goal-oriented management report on your finances. The outsourced team will spend the time you don’t have, ensuring that stakeholders have all the information they need in order to make the right business decisions to move their company forward. This leaves you to focus on your core tasks such as producing the right products or services, delighting your customers, and increasing your revenue. 

Infinit-O is a trusted F&A solutions partner that can help you build and operate a dedicated team of accounting professionals of every level including certified public accountants designed specifically for your unique needs, with cost savings of up to 70%. We can help you meet your goals, whether they be growth, better productivity or simply bottom-line cost savings. With access to excellent talent who use cutting-edge technology, we provide some of the best strategic solutions for your business. We are ISO-certified and GDPR-compliant, so your company and client data are safe with us.

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4 Areas in Finance Where Information Technology Greatly Helps

Information technology (IT) has helped companies in so many ways, especially when it comes to preventing cyberattacks and threat intelligence, improving the way we save our information on the cloud, and transmitting data from one source to another. Businesses across the globe now cannot function without an IT team backing up their servers and protecting important data such as company information, personal data of their employees and clients or customers, and behavioral data for marketing automation tools. IT is now an integral part of any business model, but while companies may understand the importance of IT, they still experience roadblocks like lack of training or underinvestment may have a harder time adapting to the highly digitized world.

Profit and Loss Management: 3 Ways to Do it Right

Within finance departments, however, there are challenges in streamlining accounting processes. Even with their technology, financial teams may need to speed up and ensure their stakeholders and consumers that the financial data they have are, aside from secured, accessible, understandable, reliable, and comparable to make better decisions for the company. 

So where does IT help? Here are 4 areas in finance where information technology can contribute greatly.

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1. Access to Information for Bookkeeping Processes

Information Technology simplifies bookkeeping processes and aids you in keeping your financial goals on track. Cloud computing, for instance, gives both the bookkeeper and the business owner access to financial data that are ready for review. This makes it easier for the accounting department and business leaders to make decisions faster.

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2. Faster Data Processing for Financial Reports

IT improves the reporting process by making data processing faster and minimizing errors. Aside from those, information technology has made it easier for financial leaders to understand the data with the use of real-time visualization and thus make important decisions for the company immediately.

A good way to see the effective fusion of IT and financial reporting would be how auditors and regulators use information technology to perform audits with state-of-the-art databases and applications to provide high-quality reports more accurately and frequently. Their reporting processes are streamlined and have fewer margins of error, thus increasing work efficiency and allowing these professionals to work in a shorter period of time.

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3. Multichannel Borrower Experiences for Mortgage Processing

According to a Fiserv consumer report, around 67% would feel more comfortable applying for a home loan on a laptop or desktop, while 29% prefer doing loan applications on their mobile devices. At times though, the prospective lender will change from one channel to another, such as a social media chatbot and then to a contact center. As long as the application process is streamlined, the loan applicant will have a successful time from start to finish.

This digital shift from paper-based applications improves borrower experiences because it provides more benefits for applicants, from acquiring information faster to improving transparency between the loan applicant and the financial institution. 

4. Automating Processes for Risk Management

Risk management relies so much on data that it’s no news that information technology has influenced this aspect of any business. IT facilitates the risk management process, from identification to analysis and evaluation. Through Big Data, analytics, cloud computing, and compliance systems, risk managers are able to organize and improve the business and block any threats that could bring down their revenue. 

For instance, data analytics is particularly helpful in market risk analysis, improving processes in:

  • Fraud Management – fast fraud identifications
  • Credit Management – better predictive capacity
  • Operational Risk – improve safety and more control over interaction with clients

Information technology has helped risk management experts evaluate early more often to see if a project should continue or not, and improve communication strategies throughout the organization in order to respond to risks.

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Build a Flexible F&A Team with Finance and IT Know-How

While your in-house finance team might know how to work well with financial tasks that involve minimal IT investments, they may need further training, which may be out of your budget or update the entire F&A department with the latest financial technology. To ensure that your finance and accounting tasks are consistently monitored, team up with an F&A solutions partner that can keep up with the latest IT trends that could positively affect your business and improve revenue and overall ROI.

Infinit-O is a trusted F&A solutions partner that can help you build and operate a dedicated team of accounting professionals of every level including certified public accountants designed specifically for your unique needs, with cost savings of up to 70%. We can help you meet your goals, whether they be growth, better productivity or simply bottom-line cost savings. With access to excellent talent who use cutting-edge technology, we provide some of the best strategic solutions for your business. We are ISO-certified and GDPR-compliant, so your company and client data are safe with us.

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5 Ways Outsourcing Improves Your Company’s Mortgage Processing

The US housing crisis from 2006 to 2009 changed how banks approved their mortgage loans. They’ve become stricter with the approval of these loans. Before the housing issue, the average borrower paid 20% of their down payment. Today’s borrowers only pay 5%, which has a significant impact on a mortgage lending business’s profit and operational costs. Can mortgage processing be done at a lower cost such that the lender or bank can focus on improving their services within these circumstances?

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3 Practical Ways to Create Intelligence Reports for Smart Business Strategies

In today’s highly competitive, digital market, any company requires updated data and a thorough analysis that will lead the way to actionable items. Business intelligence reports use services and software that turn data into actionable insights that your company can use for both its tactical and strategic decisions. A thorough business intelligence report will provide stakeholders and managers the key information and analysis around these findings in the form of graphs, charts, summaries, reports, and dashboards.

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