LATEST BLOG POST

Top Australian Finance & Accounting Outsourcing Trends For 2019

 

 

More and more Australian businesses are embracing outsourcing. Employing the services of a third-party provider or moving some of their operations abroad has enabled higher profit and greater business growth. The increased demand from downstream businesses has led to the higher demand for BPOs in Australia. These businesses look toward BPOs for their technical expertise in services such as finance, accounting, human resource, recruitment, and IT. The hired offshore services allow companies to lessen their overhead cost, while also employing the best talents that may not be on their shores. Quality is not compromised for the sake of low quantity.

Finance and accounting are two of the main services Australian businesses outsource abroad. Small businesses benefit from outsourcing finance and accounting, as they can employ the BPO company’s resources, technology, and expertise at a lower cost. As a result, the business can focus on growth, profit, and utilizing its limited resources for overall development. Here are some of the top Australian finance and accounting outsourcing trends for the coming year.

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Boosting your Human Workforce through RPA Integration

Using robots to perform different tasks is no longer just the stuff of science fiction. Robotic process automation (RPA) has become an integral part of a business’ finance and accounting tasks. Unlike the clunky robots people see in movies, RPA is actually a software that utilizes artificial intelligence and machine learning to perform repetitive, high-volume actions such as billings and collections, payment processing, risk management, accounts receivable, compliance improvement, and transaction data management. The software is able to replicate these tasks inside a graphical user interface, executing functions such as data transfer, automation of workflows, and merging data in the desired format. RPA is able to do all these and more with greater accuracy, speed, and minimal errors. The numbers don’t lie: financial data accuracy is increased by 95% and savings reach up to 80% thanks to RPA’s data extraction capabilities.

RPA is a valuable investment for companies that deal with high-volume processing and transactions on a daily basis. It’s especially useful for businesses that don’t have the time, resources, and budget to hire a large team to take on multiple, high-volume tasks. Some companies have already begun integrating RPA into their financial and accounting systems. PwC’s 2017 Financial Services RPA survey reports that 11% of respondents have integrated RPA across the business. The other 19% are moving toward adopting RPA into the business.

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What Benefits Can Hospitals Get from Healthcare Automation?

What benefits can hospitals get from healthcare automation?

Even as automation has become part of our daily lives and an integral part of operations in various industries, it is still lagging significantly when it comes to healthcare. This is an issue that healthcare systems and organizations need to seriously consider as it is projected that the U.S nursing shortage will grow to 260,000 registered nurses by 2025 due to an aging population needing more health care, and staffing going into retirement, mainly the baby boomers. Add to the mix the consistent need to reduce costs and eliminate redundancy and you have got one thing to seriously consider – applying automation to health care operations, from patient support services to tasks that require little cognitive value.

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How to Streamline the Process of Bringing on Additional Labor Support

Bringing on additional labor support is an essential process for growing a business. In order to keep up with the ever-increasing demand you must have the appropriate level of help. But, the process of bringing on the additional help you need can become complicated and time consuming if you are not careful. In order to prevent the process from eating up all your time you need to find a way to streamline it. You can start by developing a system you can use to find additional labor support when it is needed. In addition, getting set up with an outsourcing company will go a long way toward helping you streamline the process of bringing on additional labor support.

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Exploring Artificial Intelligence for Accounting and Financial Forecasting

Current developments in artificial intelligence (AI) and software automation are creating bigger opportunities than threats for most accountancy firms. With an almost limitless capacity to revolutionize how stakeholders make business decisions and interact with each other, AI is poised to become a transformative technology in this generation.

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Is Automation a Good Option for Reducing Labor Costs?

In the past, the idea of automation brought to mind sophisticated robots that could take the place of human workers. While that may still be an interesting idea to ponder, the reality of automation looks much different. Advances in technology have led to an increasing number of processes that can be automated. More and more business owners are looking into the idea of automation as a way to reduce labor costs. The reality is that automation is a viable option for many business owners who are looking for a way to minimize costs in order to serve more clients and increase profits.

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How CPA Firms Can Streamline Their Practice through Automation and Outsourcing

 

The Age of Automation

The World Economic Forum’s Future of Jobs Report has indicated the years 2018 – 2020 as the pivotal period for the Age of Automation. This is also considered as the beginning of the Fourth Industrial Revolution. Artificial intelligence (AI) and robotic process automation (RPA) are radically transforming business models and operations. Adapting to RPA can afford numerous opportunities for your CPA business, such as reducing error rate and turnaround time and improving services and compliance.

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Cost Effective Options for Completing Routine Business Processes

Every business has routine tasks that have to be completed in order to keep the business running successfully. Some examples of these important but routine tasks include taking customer calls, data entry, data processing, and handling accounts receivable and payable. If you ignore these types of tasks, the success of your business will quickly start to suffer. The good news is that there are some cost effective options for completing routine business processes.

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Who Can Help Me Create Standardized Processes for My Business?

There are many types of tasks within a business that can be done more quickly and efficiently when you develop a standardized process to get them done. But, it is not always quick or easy to create the standardized processes that will ultimately help your business run more smoothly. The time and effort you will save in the long run make it worth the effort to develop as many standardized processes as possible. If you are thinking about doing this for your business, start by learning more about standardized processes and then reach out and get some expert help.

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Is It Possible To Automate Some Processes In Order To Minimize Costs?

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