Most companies that are thriving view accounting as a strategic function. Companies relying on bookkeeping have a hard time keeping up in today’s changing climate. Bookkeeping by itself does not provide opportunities. In a fiercely competitive work environment, companies that properly manage finance can grow and protect themselves from risk.
The opportunities are exciting for the future but it also comes with lots of challenges. Too many companies are stuck looking into the past because of lack of expertise and or technology. It is important to understand the past, but essential to have the knowledge and tools to be able to see in real-time and make educated predictions into the future. As companies grow, hiring and retaining qualified employees can be a difficult task with lots of uncertainty.
A growing number are relying on Accounting as a Service (AaaS) to gain a competitive advantage. AaaS combines tactical and strategic accounting and includes leading software.
Top 3 benefits of Accounting as a Service:
- Focus on Core
- Concentrate on growing the business
- Efficiency gains
- Eliminate staff turnover complexities
- Ability to scale as you grow
- Professional Expertise
- Qualified controlled/CFO leading accounting and finance department
- Improve cash flow
- Reduce financial risk
- Audit ready at all times
- Real-time visibility into your business performance
- Increased security
- Reduced IT headaches
- Integration with other applications to eliminate information silos
Forward thinking companies put themselves a head of the curve. Interested in learning more about Accounting as a Service? Contact us.
Small and medium-sized businesses (SMBs) are often driven by a passion or cause – not spending hours on accounting and financial management.
SMBs face many financial challenges that affect cash flow including hiring new employees, increasing profits, employee healthcare, growing revenue and properly managing expenses.
Fortunately, technology has changed the game for SMBs. In the last decade, new technologies have enabled SMBs to compete with large enterprises.
Technology is only part of the equation. Accounting as a Service (AaaS) is a hybrid solution that combines services with software; thus, the client can enjoy the benefits of professional expertise and leading cloud technology. This lays a great foundation, allowing companies to focus on revenue generating activities. They are able to focus on future growth instead of being stuck analyzing the past.
10 Benefits of Accounting as a Service
- Real-time visibility to your business performance via dashboards
- Reduce financial risk
- Increase productivity
- Be audit ready at all times
- Improved process flow and automation
- Eliminate staff turnover
- Cost savings
- Increased security
- Reduced IT headaches (upgrades and maintenance)
- Integration with your other applications to eliminate information silos
Interested in learning more?
Outsourced Accounting or Accounting as a Service (AaaS) provider can be the catalyst to take your organization to the next level. For some SMBs, accounting is not looked at as a strategic function of the organization, but it should be. It also shouldn’t take focus away from growing your core business. Lots of SMBs don’t consider Outsourcing. Here are 5 main reasons why.
1) They think it is too expensive
By using Accounting as a Service, you have access to shared service center. Providers have put a lot of investment, thought, and execution into their model and have staffed accordingly. With an AaaS provider you now have access to a full accounting department that often is less expensive than one full-time FTE. This doesn’t even figure in technology costs that come with the service.
2) It is the same as bookkeeping services
Bookkeepers are responsible for recording daily financial transactions. Controllers are responsible for financial reporting, internal audit and internal controls. CFO are responsible for financial planning, financial data analysis and strategic planning. By relying only upon a bookkeeper you are stuck looking in the past and cannot see into the future to effectively make critical decisions for your business. AaaS providers ensure daily transactions are done correctly but also greatly reduce risks and provide necessary forward-thinking strategy to help growth your business.
3) We can just do the same in-house
For most SMBs it is hard to justify the expense of having a bookkeeper, controller, VP of finance and CFO. All positions have importance. You don’t want to pay a senior level person to do daily transactions and you definitely don’t want to ask an entry level person to manage financial risks.
4) We cannot have any finance staff in-house
Often AaaS providers work with internal staff to fill voids. Yes, providers can function as the entire finance department but often work with existing staff to help maximize their production.
5) We have more control and stability by utilizing in-house staff
Employees turnover and training are always on the minds of companies. If you don’t have a defined professional develop plan for each employee, you are at risk of losing your top talent to other opportunities. By using an AaaS provider you eliminate the risk of employee turnover. You also will not miss a beat when people people are out sick, on vacation, or on leave.
What do I get with an AaaS?
- Enterprise software platform (workflow, automation, dashboards etc)
- Vendors paid on-time
- Customers billed on-time and accurately
- Employee expenses captured and reimbursed
- Cash transactions reconciled
- Timely payables collection
- Accounts analyzed and reconciled on an ongoing basis
- Financial and management reports delivered on-time and accurately
- Scalability and rapid deployment, when needed
- Regulatory compliance delivered
- Audit ready
- A finance and accounting function that is STRATEGIC