LATEST BLOG POST

Streamlining Finance Operations: From Number Crunchers to Strategic Leaders

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.

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Four ways to improve the efficiency of your finance and accounting processes

The Finance and Accounting departments form the backbone of a company. These areas play a vital role in every business. They keep careful records of the business’ cash flow, liabilities, assets, and profits, which help managers make profitable decisions to grow their business.

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How Outsourcing Simplifies Your Finance & Accounting Processes

 

 

 

Outsourced companies have gone from service to solutions providers, focused on improving the businesses of their clients. An Ovum study on 150 big companies in the UK, US, and Canada reports “driving efficiency” as the main priority of CFOs.  They want to know how the resources of outsourcing companies—such as technology and F&A processes—can help in running more efficient businesses.

Simplifying your company’s F&A processes is key to an efficient business, as it enables positive results such as a higher benchmark and baseline for financial processes, increased services, higher cash flow, and a reduced cycle for book closing. Thus, both backend tasks such as payroll and accounts payable and strategic responsibilities such as auditing and forecasts will be delegated to outsourcing companies.

There are more benefits to outsourcing multiple F&A functions, as opposed to limiting services to only one or two tasks. According to Jag Dalal of the International Association of Outsourcing Professionals, outsourcing multiple functions gives companies “value beyond improving the transactional component because the outsourcer can see when cash comes in and goes out.” There is an opportunity to take advantage of the cash-on-hand and “optimize internal processes,” he describes.

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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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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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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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