Facilitate Greater Financial Transparency
What is the story behind the numbers reported to them?
Lavoie is uniquely positioned to help our clients achieve transparency in accounting practices and take organizational capability to the next level.
Benefits of Financial Transparency
Transparent financial records are also referred to as shifting to an “open books” financial management. The ultimate goal is to make accounting records visible to all employees.
By making accounting records available to all employees and not just managers, executives, and the accounting department, the entire staff has a thorough and real-time view of how the organization is faring.
Here are some of the key benefits of open books financial management and why making accounting records transparent improves organizational efficiency.
Make Smarter Future Decisions
The only way to ensure funds are allocated properly is to have a clear financial picture. In addition to looking at the present, financial transparency is also critical to future success. Organizations can develop stronger long-term strategies based on accurate data.
Build credibility with investors
Increasing financial transparency fosters trust and integrity. Without transparent statements, investors can’t build confidence in your company or shake the fear of risk.
Expedite decision-making processes
When managers get to see how their daily work and decisions have an immediate impact on performance, it can provide more powerful insight than a monthly or quarterly report. Financial transparency equates to fast and accurate procurement of real-time financial data for managers to make decisions and form action plans.
Improve team financial literacy
Employees outside the accounting department do not need to have a thorough understanding of accounting standards to do their jobs. However, transparent financial records and the numerous opportunities to interact with them will cause them to become more financially literate regardless of their function.
Having more financially literate employees makes for stronger and more informed decision-making across departments, and even in their personal lives. Jobs that have a tangible benefit in their personal lives will make them happier and more loyal employees.
How Our Outsourced Accounting Services Improve Transparency for Organizations
Transitioning to open books financial management is not without challenges. In choosing Lavoie as your outsourced accounting partner to ease this transition, our services can put your organization on the right track.
Tailored cloud software solutions
As specialists in accounting cloud solutions, Lavoie works with organizations of all sizes in finding the ideal accounting software and utilizing necessary features and upgrades. We help our clients leverage our technological resources to provide real-time visibility in how the transition is progressing, in addition to mitigating information security risks.
We focus on accounting, you can focus on organizational goals
Outsourced accounting services can provide a fresh perspective on organizational performance while also pulling in niche experience. Most of all, Lavoie can assist your organization in transitioning to financial transparency by leaving value-added tasks to your employees while we focus on changing and upgrading your accounting infrastructure.
Industry-specific financial transparency
If your Charlotte, NC-based organization needs assistance transitioning to an open books financial management model, our industry-specific experience can help you determine what must be done after this transition and which financial data points are most important to each department.
Lavoie works with organizations in the following fields:
Why Work with Lavoie?
Lavoie is a trusted outsourced accounting partner based in Charlotte, NC that works with clients all over the United States. We only accept engagements if your firm is a great fit with ours and our specialists can help in a meaningful way that adds value to operations.
Lack of financial transparency has proven to be damaging to companies in the long run. Improving your financial transparency and actively involving your employees in the process provides opportunities for both long-term growth and short-term operational improvements.
Working with Lavoie for our outsourced accounting services can fast-track your organization’s financial transparency transition more efficiently than standalone software or hiring additional employees. We can bring both the accounting and technical knowledge to the table that both of these methods are often lacking and without increasing headcount.
Contact us today to set up a consultation and see how we can add value to your team.
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