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:

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.

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.

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: