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.
1. Artificial Intelligence (AI)
AI and machine learning technologies have become part of accounting software. These technologies are able to automate data entry, making bookkeeping more efficient and error-free as a result. Research expects that accounting tasks—along with audits, tax, and payroll—will all be fully automated thanks to AI-based technologies.
AI technology will not remove the need for accountants. A well-equipped and well-staffed BPO can provide you the error-free automation of an AI, along with the business-oriented thinking of its accountants. The accountants will focus on client-based information such as large financial transactions including IPOs, borrowed funds, and strategic restructuring or reviews.
2. Robotic Process Automation (RPA)
RPA is becoming an integral part of Australian finance and accounting trends. More outsourcing companies include these in their services for improved compliance, reduced risk, lower cost, and increased business. RPA is basically a software that runs in your chosen interface and processes all transactions, data entry, and other repetitive tasks like a finance or accounting staff would. The difference is reduced error and higher accuracy. As a result, more businesses enjoy greater data accuracy and better compliance. RPAs also work much faster and are able to handle high volumes of data. Since this is a software, the cost is much less compared to hiring staff in-house.
3. Cloud Accounting
A cloud platform allows your business and the BPO company access to the shared data. This platform comes at an affordable, reduced business cost. At the same time, your company is given access to an infrastructure that allows for quick, easy collaboration between parties. You could even include a number of add-on features to the software, depending on the data the BPO will be dealing with. The cloud also serves as a backup and protects the loss of your business’ intellectual property.
4. Collaborative Accounting
Collaboration doesn’t stop in your cloud software. You and the BPO company can work on accounting in real time, as long as both parties are connected online. Most BPOs can work within your time zone, so you won’t have any problems speaking to them through an instant messaging or online call platform. For instance, the BPO’s CPA can look through the company’s transactions and then make any clarifications using your preferred online mode of communication.
5. Combining Technical Advancements & Innovation
Outsourcing is no longer just a matter of affordable labor. With several countries offering outsourced finance and accounting services, it’s important to choose a company that maintains its relevance with the latest technologies. While an accounting and finance expert is valuable, so is that person’s fluency in the available technologies. The BPO company you employ must be well-versed in both the technicalities and the technologies that enable error-free, accurate results.
When it comes to outsourcing finance and accounting, you want to hire a company that is aware and utilizes the latest trends. Infinit-O is an established outsourcing company that provides finance and accounting processes relevant to this century. We provide your small or medium Australian business the tools it needs to be competitive and increase growth in today’s business environment. Your company can save between 40 to 60 percent in personnel, labor, and infrastructure by employing Infinit-O’s services. Your business also gets its own team that works 24/7 so you can achieve all your financial goals. Talk to us today and find out how we can help grow your business.