Virtual accounting represents a modern paradigm shift in financial management services. It’s considered as part of the fintech solution that transforms how accounting and bookkeeping tasks are managed. One such solution gaining prominence in this matter is virtual accounting. This innovative approach to accounting is revolutionizing the way businesses manage their finances. This ensures that companies remain competitive and agile in delivering their services. Especially for small businesses and start-ups, it can be expensive to hire a complete in-house accounting team.

• In September 2021 we wrote about the tightening labor market, looking at three tactical ways to help a business become less dependent on recruiting, developing and retaining non-core employees.
• We are not simply bookkeeping and accounting service provider rather we also take care of your CFO function with our flexible engagement models and play role of strategic partner in your business growth.
• Derek Gallimore has been in business for 20 years, outsourcing for over eight years, and has been living in Manila (the heart of global outsourcing) since 2014.
• In this way, RSM FAO enables more timely, actionable information to guide decision-making.

Transform finance to reduce planning time, improve forecasting accuracy and free up employee time. Armed with this new model, finance leaders can outmaneuver uncertainty, maximize investments and boost growth and shareholder value. Conduct periodic reviews of the outsourcing arrangement to ensure it remains aligned with your business goals.

What Types of Businesses Can Benefit from FAO?

Infosys BPM offers distinguished finance and accounting outsourcing services to support the end-to-end F&A function. We help finance leaders design, transform, and operate their finance functions in a digitally powered environment, maximizing the effectiveness and efficiency while enhancing user experience. Today, we have over 14,000 F&A professionals spread globally, serving over 100 clients across several industry verticals from 23 delivery centers across the globe. Gartner defines finance and accounting (F&A) business process outsourcing (BPO) as the use of digital F&A solutions and managed services supplied by a third-party service provider. Finance & Accounting Order to Cash Automation or simply O2C Automation enables businesses to improve cash flows and productivity, over time.

• Digital finance service experts both in house and on consultant basis to deliver precision solutions in a timely manner.
• According to Q US Bureau of Labor and Statistics data, April 2021 registered twice as many job “quits” as April 2020, and employee compensation was 15% higher than the prior year.
• Traditional accounting involves hiring full-time, in-house accountants who require salaries, benefits, and office space.
• However, over the subsequent eight months employees struggled to outpace an inflationary environment, actually losing buying power as CPI increased three percentage points while employee compensation year-over-year is off five points.

But with outsourcing companies, you get the opportunity to expand departments without physically expanding your office. If you’re still looking for a reason to start outsourcing finance activities, then look no further. Auditing is necessary to uphold transparency within the company, as regards sound business practices and compliance with the law. Outsourcing your statutory reporting and compliance to an expert team will bring peace of mind that the information being presented is up-to-date, accurate, legally compliant, and geographically specific. To provide accurate data regarding how realistic goals can be fulfilled, your provider must have very sharp eyesight – they’re looking out for discrepancies.

Change how finance works by orchestrating the right combination of human and machine talent and drawing on data and insights. RSM employs a proven phased approach with continual validation checkpoints during the process, a dedicated team, regular meetings, end-user training and ongoing two-way communication. The last thing you want is yesterday’s technology or a hard-to-use platform. RSM’s cloud-based FAO platform is easy, scalable and technologically powerful, providing real-time information in dashboard format for clear decision-making. Our technology can automate and integrate your transaction workflow, giving you real-time visibility into your business and freeing you to concentrate on your core competencies. You can then use the dashboards available on your desktop or mobile device to monitor your financials in real time — 24 hours a day, seven days a week, and 365 days a year.

Deloitte Finance and Accounting Business Process Outsourcing Services

Financial analysis services typically cover data that pertain to product cost calculation; profitability; reviewing of credits and rebills; and reviewing company sales contracts to determine impact on accounting policies. In managing this data, your provider must assume an eagle-eye approach with regard to how your company’s leadership realistically fulfills all its financial goals. Needless to say, your provider will handle this data and help you project-wise and practicable business decisions based on these.

The member firms of RSM International collaborate to provide services to global clients, but are separate and distinct legal entities that cannot obligate each other. Each member salary secrets firm is responsible only for its own acts and omissions, and not those of any other party. Visit rsmus.com/about for more information regarding RSM US LLP and RSM International.

How to Find the Right FAO Provider

The department may struggle with antiquated systems and processes when performing simple tasks like the monthly close of the books. FAS automation allows enterprises to automate all swivel chair operations and synchronize all enterprise systems in real-time. FAS system is the enterprise finance and accounting (F&A) system, where the financial data of an enterprise resides. FAS maintains all the data related to accounts payables and accounts receivables in the enterprise.

As a result, Outsourcing Finance and Accounting Services can be a valuable tool for digital business transformation. It is really difficult for small and mid-size business clients to hire full time account staff or CPA firm and get cost effective solution. CapActix’s cost-effective structure made it possible for us to meet all our financial needs at a competitive rate. CapActix use all advanced technology to provide in depth analysis and reports which helped in improving efficiency. We offer top-tier outsourced tax preparation services to CPAs, EAs, Accounting, and Tax Firms across the USA. Our tax preparation outsourcing services can help you deal with compressing tax season by keeping your accounts, records, reports, and more as per the taxation legislation and compliances.

Get the latest insights on outsourcing from our senior professionals

Streamline operations, reduce costs, and ensure meticulous financial auditing through our systematic approach. In our organization with all its history, the ownership group has been loyal to many of the employees. So, I’ve had to consider that when automating or outsourcing finance and accounting tasks. The cloud-based infrastructure on which virtual accounting relies ensures that data can be accessed in real-time from anywhere with an internet connection.

Accounting Solution Service

Connext is a leading provider of finance and accounting (FAO) solutions, dedicated to delivering innovative, scalable, and customer-centric services. With a commitment to excellence and a forward-thinking approach, Connext has a client retention rate of 99% and year over year growth of over 80%. “BP sees this partnership with Accenture as an important milestone in driving standardization in our finance and accounting processes by consolidating our F&A service providers,” said Brian Puffer, Group Controller at BP. High-quality finance and accounting service providerss follow such strict standards and have their own functions to make sure that your data are stored securely.

Couple that with HR’s backlog of core jobs that need filled, and outsourced F&A jobs become even more valuable. In September 2021 we wrote about the tightening labor market, looking at three tactical ways to help a business become less dependent on recruiting, developing and retaining non-core employees. Our follow-up piece in October explored technologies that are helping eliminate manual data entry, accounting and reporting processes. Now, turning the page to 2022 and facing (yet another) new normal, businesses are accelerating investments in these technologies and the corresponding opportunity to outsource supporting business processes in a different way than before. Deployment objective of this outsourcing is about achieving the goals with respect to automating the manual activities happening at ground. We recently outsourced one of our activity to the datamatics team and we must say, our experience is overwhelming.

Navigating the Data-Driven Landscape: Challenges in Business Intelligence Adoption

With a global network of over 1,200+ F&A professionals, 12 million invoices processed per year, we serve diverse industry verticals. You won’t have the burden of finding staff or investing in training, so you’ll save time and money on this crucial aspect for yourself! It has become abundantly clear that within financial, tax and accounting firms, there exists a reservoir of exceptionally talented individuals capable of delivering high-margin tax and accounting advisory services. However, these very individuals often find themselves entangled in the time-consuming web of repetitive tasks and low-margin compliance work. The solution to this challenge lies in the realm of financial and accounting outsourcing partnership, which presents a multitude of advantageous possibilities for your growing practice and company.

They recognize that every company has unique needs and customize services accordingly to maximize customer value while avoiding overpayments. A-la-carte techniques allow clients to choose only what they need rather than paying an arm (or leg) upfront. We, at CapActix, are one stop solutions provider for all your Accounting and Finance need.