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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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The 5 Most Innovative Fintech Trends in 2018

This 2018 proves a promising year for Financial Technology, a.k.a. FinTech, as it continues to propel the financial sector to greater heights. According to the World FinTech Report 2018, FinTechs are driving revitalization of the financial services customer journey by innovating with emerging technologies. Financial firms must look to continue aligning with customer goals, maintaining trust, and delivering digital and efficient processes for future success.

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Impact of FASB Updates on Hedge Accounting Standards

Most Significant Revision of the Hedge Accounting Standard

The recent Accounting Standards Update (ASU) No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities is a major development in the industry. The Financial Accounting Standards Board (FASB) has promulgated the update to improve and simplify the rules on Hedge Fund Accounting and address effectiveness concerns.

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Top 3 Cloud Accounting Tech Trends in 2018

Cloud Accounting is one of the most exciting developments in the industry that has made accounting a whole lot easier. The term “cloud” is a metaphor for wireless computing, which refers to all records and files stored remotely and accessible through the internet. This has enabled both business owners and accountants to access and collaborate on the same data anytime from anywhere.

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Achieving GDPR Compliance through Risk Management Outsourcing

What is GDPR?

The General Data Privacy Regulation (GDPR) becomes effective on May 25, 2018, which bolsters data protection and privacy for all individuals within the European Union (EU). It standardizes data privacy across all EU member states and mandates all organizations who process, store, access, or market data to maintain certain standards and implement protocols around data access, consumer authorization, and data breach notification.

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My Business Needs Immediate Help in Areas of New Growth

The needs of your business are going to evolve as it grows. As a result, you will have to be flexible and find ways to meet the evolving needs of your company and your customers. If people are interested in your business or are connecting with your mission then you want to do everything possible to keep things running smoothly so you can capitalize on the things you’re doing right. The question is; how can you keep up with the ever-changing needs of your business as it grows? The answer: outsourcing.

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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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10 Trending Finance and Accounting Must-Haves for Your Enterprise

Accounting is a paramount element of any business process since this major function can provide accurate, expedient, and relevant information for management decision making. While change is inevitable and a necessity for growth, enterprises that continue to reshape their business processes and business model need to also be aware of the building blocks of modern accounting.

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10 Major Accounting Errors and How to Avoid Them

Accounting errors can be costly and jeopardize your business integrity. As a business owner, you can greatly benefit in bookkeeping outsourcing and avoid accounting pitfalls that can have an impact on your company’s bottom line. Here are ten major accounting mistakes to watch out for.

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