Businesses today are looking beyond bookkeeping and accounting as a compliance-based service that merely keeps the books clean and addresses complaint issues. Rapid advancements in accounting tools and technology have not only improved the performance of accounting processes but also increased the demand for accounting and financial intelligence.
Long gone are the days when bookkeeping and accounting were just a means to record, report, and file taxes. Businesses today are actively seeking accounting professionals as trusted advisors who can positively influence the trajectory of the business.
Bookkeeping & Accounting: More than Just Numbers
Bookkeeping, invoice processing, AP, AR, tax filing, and compliance services are required as foundational pieces. However, businesses flourishing and competing seek value-added services like cash forecasting, budgeting, benchmarking, business valuation, financial startup, and tax planning services. Instead of being just a counting partner, businesses today are looking for complete end-to-end accounting and financial services that can help them gain an edge financially.
If you’re a business reading this, your competition might have already started extracting maximum value out of their accounting process by pivoting their approach. If you’re a business that aims to do the same but is short-staffed or short-equipped to do so, then this blog is for you.
Common Accounting Challenges & Ways to Overcome Them
Accounting departments often aspire to deliver insightful financial analysis, but the reality of high-volume, manual tasks frequently hinders this goal.
A deluge of invoices demanding data entry consumes a significant portion of staff time. Reconciliation processes become a cumbersome cycle of back-and-forth verifications. The entire accounts payable and receivable functions are often manual, error-prone, and time-consuming. Even a single lost or misplaced invoice can disrupt workflows and consume valuable hours. Even simple and straightforward approvals can stretch into days due to lack of right communication and collaboration in manual process.
Despite the dedication of accounting teams, the predominance of manual tasks often leads to sub optimal accuracy. The subsequent reporting demands, fuelled by the constant need for consolidation data across different departments further worsen the issue.
While hybrid models incorporating automation tools offer some relief, the core challenge of generating insights and recommendations remains largely unaddressed. The overwhelming focus on transactional tasks has transformed accounting into a compliance-centric function.
However, with the right technology and strategies, this paradigm is being fundamentally shifted.
Unlocking Potential of Accounting with Right tools & Expertise:
Today’s comprehensive accounting tools significantly cut down the time spent on each accounting process. Automation harnessed by AI technology is actively helping accounting professionals automate even the most complicated and tedious manual tasks, freeing up time for leveraging skills and expertise. However, not every business can fully afford these tools or house the comprehensive expertise to take full advantage of them.
Do they have to reel in manual processes and still limit themselves to compliance-centric bookkeeping and accounting? Not necessarily.
At Back Office Accountant, we have a comprehensive team of bookkeeping and accounting professionals who leverage these advanced automation tools to shoulder the heavy volume of accounting work, helping you focus on your core tasks. As a trusted back-office partner, we offer assistance at every step of your accounting process, from tedious accounts payable to complicated accounts receivable and bank and credit card reconciliations.
If you’re a business that needs competitive accounting support, we also provide full-scale back-office accounting services that offer end-to-end bookkeeping and accounting services.
With comprehensive back-office accounting services, you can completely outsource your accounting and financial services to derive actionable financial insights and intelligence that positively impact your business trajectory. For more information on our back-office accounting services, please visit: https://www.backofficeaccountants.com/
