Emerging technological developments and outsourced accounting services have redefined the accounting industry. They are helping companies to play in fair competition using artificial intelligence and automation. These advanced accounting tools and techniques not only minimize the time required to do repetitive jobs but also provide error free reports that help in analysis and decision making while maintaining data security.
Companies always have the option of hiring their own in-house staff who need to keep themselves acquainted with all the latest advancements in accounting or they can always choose to outsource their accounting function which will not only reduce their staffing cost but also ensure professional service delivery.
The digital transformation of accounting is happening rapidly. The outsourced accounting firms have equipped themselves with talented professionals and the technological know-how which is provided to all their clients, irrespective of their scale of operation.
Outsourcing accounting services provide a wide range of benefits such as
- Cost effectiveness
- Access to qualified financial accountants and professionals
- Customizable accounting solutions
- Adherence and compliance of all statutory requirements
- Use of advanced accounting tools and techniques, etc.
Let us understand how outsourcing firms leverage technological developments for their client’s business advantage
1.Using Cloud-based Accounting
Financial service providers use cloud-based accounting systems by leveraging the power of the internet to work on a real- time basis. Cloud based accounting can be easily integrated with the current accounting system and data can be easily uploaded with no hassles. It not only takes care of financial transactions but also taxation, payroll, etc. The supporting documents can be scanned and uploaded, which can be retrieved, thus eliminating the need to collect documents physically. This saves a lot of time, effort and valuable resources for the companies. Along with being user friendly, cloud-based accounting systems are very reliable and offer a high level of data security.
2.Using Automation and Artificial Intelligence (AI)
The development of automated systems is a blessing to the accounting industry and outsourced accounting firms make use of this to the fullest. Using automated accounting reduces the time taken for mundane and repetitive tasks. Automation when used with AI helps in completing complex activities with accuracy. This results in error free reporting of financial transactions because of minimum human interference. AI algorithms provide the desired outcomes in the shortest possible time. Thus, automation and AI increase both productivity and efficiency.
3.Online meetings and conferences
Using the power of the internet to connect with people, outsourced accounting firms can now provide their services to clients across the world. Companies can now talk to their service providers and get all their issues solved. Since outsourcing service providers have many experts available, the client’s problems can be solved in the least possible time.
Similarly, the service providers can get in touch with their clients to get any clarifications and update their records and business transactions. With internet services, it is now easy to stay connected with just a click and save both time and money by scheduling meetings and traveling to just get some clarifications.
There are several online accounting applications like Xero, QuickBooks, Wave, Profit Books, etc. Outsourced accounting firms use these applications widely, as they can access these applications from anywhere. As more and more companies are now shifting to digital accounting, these accounting applications are very convenient for accounting, inventory management and invoicing. Using these applications on mobile phones, the user can even process payments. Such is the ease of using these accounting applications.
Companies can also log in and check their accounts and advise the service provider if they notice any deviations. Companies do not need to invest in high-end systems, the financial service providers can also help clients by training them to use these applications. Thus, these accounting applications help companies to carry on their business activities smoothly.
The outsourced accounting firms keep themselves equipped with advanced reporting tools. With these tools, they can process client’s financials and other available data to provide valuable insights about the company’s current situation.
Every client needs reports in different formats based on several factors, and advanced reporting tools make this possible. The accounting service providers are experts in generating reports as per the client’s requirement, using cloud-based accounting aids this process and they provide error free reports to clients that help them take right decisions in the nick of time.
New technologies in accounting are developing quickly and shaping the future of this industry. Companies have a lot of their plate and keeping a track of every new accounting technology can be a tough job. Hence, outsourcing this critical function to a good accounting service provider is always the best option. Outsourcing firms that use the latest technologies bring about a positive change in their client’s business and accounting process.
Diligen is one such accounting service provider who keeps its professionals updated with the latest accounting tools and techniques. They not only provide quality service to its client but also enhance and improve the financial and accounting process to give clients better output.
Diligen provides a wide range of customized accounting solutions to its clients who can easily upscale or downscale it at any time based on their requirements. So, if you are looking for an outsourced accounting partner, get in touch with Diligen for all your accounting solutions.