Traditional accounting processes are outdated and insufficient for modern businesses. What should be a quick 2-minute chat over an automated accounting platform can turn into a prolonged manual back-and-forth, in a tradition process.
By the time the accounting team reaches the reports, the monthly deadline is close, and they have to wage a constant uphill battle as the deadline nears. As a result, the accounting team is left with no time to analyze, draw insights, and enable optimizations that can improve financial performance and thereby the bottom line.
How about streamlining every manual task so you spend minimal time on administrative tasks like data collection and report making, and maximum time on the tasks that matter most: closing the books faster, finding insights, and delivering value?
Automation makes this possible.
Accounting Automation with Back Office Accountants:
By automating all the manual tasks related to AP, AR, and reconciliation, automated accounting technology helps you close your books faster and gives your accounting team maximum time to deliver value through efficient and accurate financial and accounting management.
However, not all businesses are yet fully equipped to automate their accounting processes due to a lack of resources and budget constraints.
If you are one of them, Back Office Accountants come to your rescue. In this blog, we touch upon the challenges of traditional accounting processes our clients used to face before they outsourced accounting automation to us and then communicate the benefits they accrued with our services.
Read on:
Problems Faced with Traditional Accounting Processes:
From data entry to data consolidation, approvals to reconciliation, and report generation, businesses had to spend massive amounts of time at each phase of the traditional accounting process. While automation in invoice capture and data consolidation may provide a few benefits, the other processes still take up a massive amount of time, further reducing the effectiveness of these automation tools. All these problems also come at the cost of maintaining an in-house team while coping with issues of time, accuracy, and potential errors.
At Back Office Accountants, we work hand-in-glove with our clients (especially restaurants and real-estate business) to handle their toughest accounting challenges, whether it be Accounts Payable or Accounts Receivable. Being high-volume work, they were always at the receiving end of significant burdens. Our Accounts Payable Specialists and Accounts Receivable Specialists, equipped with our automation tools, were able to eliminate these issues in no time.
Benefits of Accounting Automation:
Our Accounts Payable, Accounts Receivable, credit card, and bank reconciliation services, along with our end-to-end back office accounting services as a whole, not only helped them achieve month-end closing in record short time but also provided the following benefits:
Improved Efficiency and Accuracy: Our automation tools seamlessly automate all the manual tasks with extreme accuracy, saving time and improving efficiency.
Scalability: Restaurant businesses, in particular, were able to easily cater to increased demands during peak seasons, which were usually a nightmare for them.
Focus on Core Services: With Back Office Accounting handling all the heavy work, their respective accounting teams were able to focus on core tasks that drive maximum value.
Cut Costs: Without the need to hire additional accounting teams or spend on extra resources, businesses were able to cut unnecessary overhead costs.
Our full-service back office accounting services have consistently helped improve accuracy, efficiency, and scalability while significantly cutting costs and time for businesses. You can read our testimonials from accounting heads, managers, and business owners across different verticals here to learn more about the value we deliver.
Why Outsource Your Accounting Automation to Back Office Accountants?
As a full-scale accounting firm, Back Office Accountants leverages advanced accounting automation tools to seamlessly automate every accounting process, cutting down total time and extracting maximum value from each accounting process.
Our expert accountants and industry veterans possess specific industry knowledge and skills across various industries. They amplify their expertise with cutting-edge accounting automation tools at Back Office Accountants to provide the best possible accounting services in the least amount of time.
All our services are tailored with standalone Accounts Payable services, Accounts Receivable Services, and Bank and Credit Card Reconciliation services. For businesses that seek complete accounting assistance, we also provide Full-Service Back Office Accounting Services powered by advanced accounting automation tools.
If you are a business looking to automate your accounting operations with the right outsourcing partner, Back Office Accountants has an impeccable track record of delivering exceptional value for businesses across all sectors. You can know more about our services here.
