Outsourcing Takes Control Over Internal Processes – Breaking The Apprehension For Accounting Firms
Think about it for a minute. The global pandemic of Covid-19 forced all industries, including accounting, to choose a remote model for their workforce. Was losing internal control a reason for worry for you then? It wasn’t. When you have outsourced a certain set of tasks to a team of professionals, that shouldn’t raise a […]
The outsourcing advantage – how external auditors add value to the audit process
If this is a new service for you or if you have been trying to streamline the process, here is some food for thought. Is auditing an integral part of your business? Is your audit process absolutely transparent? Will your team of auditors tell you the hard truth during tough times? If you have […]
Local Resources Lose Staff To Outsourcing – How True Is The Claim?
Since the beginning of time, there has been a never-ending debate on whether outsourcing is bad for business. Many claims suggest that outsourcing, as a business model, hurts the social and economic aspects of accounting businesses. While some firmly argue that this model helps in lowering costs and gaining better quality, others say that it […]
The Role of Audit in Protecting Businesses from Fraud and Financial Misconduct
Fraud and financial misconduct is an issue that needs to addressed at all levels. But here is the problem. By the time, firm leaders or any other stakeholders become aware of the fraud, it is too late. Sometimes, the leaders themselves are involved. The accounting regulatory standards have loopholes and fraudsters do spot them. Let […]
A Comprehensive Checklist for Effective Accounts Receivable
A report says that about 4,00,000 businesses open each year, but shut down within 5 years. 82% of businesses claim cash flow as the top issue for their failure. For accounting firms, especially the small ones, the balancing act of keeping track of the cash flow, streamlining, and ensuring that it is all happening on […]
Debunking Myths About Ethics In Accounting
Ethics in accounting encompasses several aspects and perspectives. Generally, by accounting ethics we understand the integrity of financial reporting or ensure we don’t fall into a fraud trap. However, the scope of ethical accounting exceeds that. Embracing ethical principles in accounting can potentially change an accounting firm’s face value. It’s more about building a culture […]
Efficient AR Reporting With Outsourcing
For any accounting firm, accounts receivable is one of the biggest assets on the balance sheet. Think about it for a moment. Whether you are a small, medium, or large firm, a steady cash flow is a need everywhere. For most businesses, they do not have a streamlined process to collect the credit when due. […]
How To Take The Stress Away For Late Payments In Accounts Receivable With Outsourcing?
Accounts Receivable is not only a business process, it is a way of ensuring steady cash flow within a business. Across all industries, the need to ensure that you keep track of the money you are about to receive and receive in due time is key to the success of the business. So what is […]
From Compliance To Strategy – Redefining Accounting With Outsourcing
Accounting has always been viewed as a compliance-driven field. Its primary function is to ensure that the financial records are accurate and that firms adhere to the regulatory requirements. In business operations, regulatory compliance presents a significant challenge. The business landscape is changing. It is influenced by technological advancements, globalization, and a shift in business […]
Local Resources Lose Staff To Outsourcing – How True Is The Claim?
Since the beginning of time, there has been a never-ending debate on whether outsourcing is bad for business. Many claims suggest that outsourcing, as a business model, hurts the social and economic aspects of accounting businesses. While some firmly argue that this model helps in lowering costs and gaining better quality, others say that it […]