Accountants are no longer just the number crunchers in a business. With the increased automation of their basic tasks, they are now expected to focus on strategic finance and accounting operations and make important business decisions to drive growth.
This shift is happening for two main reasons:
Clients are demanding more from their accounting firms every year, and;
Business owners are looking for more ways to cut costs, increase efficiency, and scale rapidly.
But there are other processes that are time-consuming and expensive. What can you do to help your accounting team reach optimal productivity?
There are several ways to streamline your finance operations and move seamlessly from number crunching to strategic leadership.
It’s Time to Streamline your Finance Operations
With the advancement of technology in finance, there are a number of ways you can streamline your finance operations. Here are three simple ways to develop more strategic finance and accounting operations:
Download Our E-book: Profit and Loss Management: 3 Ways to Do It Right
1. Use New Technology
Is your current accounting software meeting all your business needs? There are tons of updated software available to help streamline your business’ finance operations.
Modern accounting software connects to various systems, including point-of-sale systems, bank accounts, and payroll systems, saving time in the accounts process. Also, cloud accounting solutions allow accountants to work from anywhere. This level of automation helps streamline your finance process and increases efficiency.
Admittedly, new technology is a huge investment for businesses. To keep costs down, consider outsourcing your business finance processes. Outsourcing companies are specialists in their fields, which means they already have the latest technology available.
2. Reduce Focus on Administrative Tasks
With so many opportunities to automate basic accounting tasks, accountants have increased productivity and more time for more strategic finance and accounting operations.
One way of making the most of this new found free time is to focus on technology education within the finance department. The use of artificial intelligence in finance is on the rise. Workers who are well educated on these new developments will ultimately be more helpful to the business.
Another way to reduce your accountant's focus on repetitive administrative tasks is to outsource. Outsourcing allows your team to focus on core functions aimed at growing your business.
3. Review and Update Processes
“What's measured gets managed.” This is especially true in business. Including your finance and accounting operations.
Although automating accounting tasks will help your business, it's important to keep an eye on the systems you are using. As your business grows, your needs will change. Set aside time to regularly review and update your finance processes and technologies to ensure they are still producing good results for your business.
Outsourcing is one way to ensure your finance processes and technologies are always updated. Solutions partners invest in top-notch technology and keep up with industry trends in order to provide customers with the best possible service.
Is your business making the most of this change? Make the most of your finance and accounts department by partnering with a strategic solutions partner and develop your in-house team to be successful leaders in finance.
Infinit-O especially is a trusted F & A solutions partner that builds and operates dedicated teams of well-trained F & A professionals specifically tailored to your unique needs. When it comes to finance and accounting, Infinit-O can meet your goals, whether they be growth, improve productivity or simply bottom-line cost savings. With our access to highly-skilled experts who use cutting-edge technology, we provide some of the best strategic solutions for your business. We are ISO-certified, GDPR-compliant, and follow the most stringent data privacy standards, so your data are safe with us.
When you’re ready to grow, think Infinit-O!
Finance and Accounting
Data and Research