It’s quite evident that the accounting sector has undergone some major changes over the years… and changes are still taking place. Advancements in technology and changes to the tax system are some big trends shaking the industry.
Businesses are now going beyond the best practices in accounting and see now that digital innovations are improving financial processes. These address pain points in production output, operational costs, and return on investment, among others. Finance leaders are now creating a balance of maintaining their traditional responsibilities while developing a corporate strategy with digitization and automation in mind.
Companies must embrace the holidays and understand that the period between Thanksgiving and New Year, the in-house staff may be physically present but their minds are traveling elsewhere. The holidays are the busiest months in any company’s calendar, but productivity could be decreased while consumer demands increase. This puts your business on the edge as you try to balance respecting your staff’s personal time with their families and keeping the company afloat.
One good business decision is to outsource several tasks throughout the year, and not just during the holiday season. This way, even when your staff goes on paid time off or may at least work remotely, your company still keeps working efficiently with a team of specialists that take on specific tasks.
Moving Forward with Outsourcing
Let’s take the example of a transportation management company that crosses over North America throughout the year. One of their goals is to improve the efficiency of tracking and monitoring shipments across the continent in various offline and online channels. However, due to a high price job market, it was difficult for them to find the right in-house team. They considered outsourcing as a way to help them find the right specialists, and they partnered with Infinit-O.
Infinit-O built a team of highly trained data analysts that track transactions and monitor customer shipments through chat, email and web tracking. They also make sure that freight invoices from different carriers are organized in a database for accounting purposes. Due to their efficient tracking and monitoring strategies, there able to help the transportation company to track each shipment with minimal errors to no errors (98-100% accuracy rate). This has led the company to focus on their core business, even during the busy holiday season, while their Infinit-O team works to keep the company moving along their path to growth and success.
Think Beyond the Holiday Season
It can be challenging to run your business during Thanksgiving, Christmas, and New Year, but with outsourcing, you’ll be able to achieve the following results all year round and especially during the holidays:
- Cost reduction — When you partner with a global solutions provider and build a team of specialists, you’re saving on labor and training costs to as much as 70% while getting high-quality results that cater to your unique needs.
- Access to specialized talent — If you’re having a difficult time finding an in-house team due to a short supply of experts in your country or the salary may be too high for your company budget, outsourcing helps you reach the right specialist for the right job anywhere in the world.
- Reduced errors — Many B2C companies expect an increase of inquiries and orders, so human errors, especially in managing inquiries and confirming personal or contact information, can happen especially when you’re working with a sparse in-house team. What more during the holidays? Having an outsourced team can help you manage the consumer demands and increased customer service, and reduce errors that could worsen in the long run.
- Scalability — Related to the reducing errors, your chosen solutions provider moves along with your unique needs. Do you need added customer service agents to handle an increase in inquiries, or an A/R team to evaluate and validate order invoices? If you have any shift in your business, your partner will adjust along with you.
- Guaranteed performance — The holidays may be a time when your in-house staff can’t always handle the stress because the business is trying to finish everything before the year ends and meet the demands of their consumers. A solutions provider can quicken turnaround times and keep your business running.
The benefits of outsourcing go beyond just answering the short-term holiday rush. A globally trusted solutions partner can help you sift through any season all year long, giving you endless opportunities to grow and meet the demands of your consumers.
Infinit-O is a trusted solutions partner that can help you build and operate a dedicated team of well-trained specialists specifically designed for your unique needs, with cost savings of up to 70%. We can help you meet your goals, whether they be growth, better productivity or simply bottom-line cost savings. With access to excellent healthcare talent who use cutting-edge technology, we provide some of the best strategic solutions for your business. We are ISO-certified, and GDPR-compliant, so your company and data are safe with us.
Telemedicine provides immediate healthcare services through information and communication technologies. In other words, you can now consult online with a doctor no matter how far the hospital may be from your home. Healthcare organizations are offering a wide range of telehealth services to patients, such as the tele-ICU, telecardiology, and other variants. Tapan Mehta, head of Cisco Systems’ global healthcare marketing has seen “a number of hospitals and clinics integrate telehealth technologies for a variety of use cases such as teledermatology, teleradiology, telestroke, etc.” He elaborates that the Stanford Dermatology Clinic now offers a weekly teledermatology clinic as part of its “outreach, treatment, referral, and consultative capabilities.”
Applications are becoming more and more integral in our daily lives with more customers preferring to communicate via an application instead of phone calls or visiting a website. This is why for any small business venture to succeed in providing products and services, it is now extremely critical for them to utilize applications. These support applications allow small businesses to provide optimal customer service as well as to reduce costs handling service inquiries. If you are a small business owner looking to provide the best customer service support possible, here are 10 very good customer support apps to consider using.
Accounting is an essential tool for any business. However, one must differentiate between financial and managerial accounting because they provide different types of information and serve different objectives. Below are the 5 ways that show how different they are.
What is the difference between financial accounting and managerial accounting?
External stakeholders, such as stockholders, lenders, financial analysts, and others from outside the company, are normally the ones who make use of the financial statements produced by financial accounting.
On the other hand, management accounting reports provide data that can be used by internal decision-makers such as the managers of the company.
The purpose of creating financial statements is to provide external stakeholders with an accurate report on the financial health of the company. For example, these statements are essential for lenders to determine the credit-worthiness of the organization. Potential investors also want to see the profitability of the company before they invest. Further, these financial statements are also required to be submitted to government agencies such as the Securities and Exchange Commission.
The managers of the company need data that they can use in order to make decisions regarding the day-to-day operations of the business and this is where management accounting reports are beneficial. Budgets and costing, for example, help managers determine how a specific department is performing and if they are contributing to the achievement of the company’s overall goals. They also help management identify possible areas for improvement.
Financial reports present data on the company’s financial health and performance over a specific period of time. The most common financial accounting reports include the Balance Sheet (which lists the company’s assets and liabilities), Income Statement (which details the company’s revenues and expenses) and Statement of Cash Flow (which shows how cash and cash equivalents are affected by changes in the balance sheet and income statement).
While financial reports require exact numbers, management accounting reports do not. Instead of just using data regarding past performance, they are also based on current trends and forward-looking forecasts. The typical management accounting reports include Sales and Revenue Forecasts and Budget Forecasts.
Management accounting is based on business needs and is more flexible in that it does not need to follow any specific structure. On the other hand, financial accounting is more rigid and must adhere to the Generally Accepted Accounting Principles (GAAP).
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Management accounting reports are usually prepared on a weekly or monthly basis by managers or business analysts. Financial accounting reports are filed annually. The annual reports must also be made part of the public record for publically traded companies.
Maximize management accounting and financial accounting for your business by partnering with a credible and trust-worthy accounting outsourcing company.
Managing your business’ finance and accounting on your own is taxing and does not always result in favorable results. With our customized solutions, rest assured that all your concerns would be addressed accordingly and at the same time, it would allow you to concentrate on other important factors vital for your company’s growth. Learn more!