Must have Soft Skills for Accounting Firm Leaders and CPAs in 2024
As accounting firm leaders, it is no longer enough to ace the art of balancing books – the profession has evolved over the years and they now need to balance several other aspects to become successful. Technical prowess, accuracy, and attention to detail to avoid errors are only a part of it; the accounting leader’s […]
Communicating in Accounting: High impact Strategies for CPAs and Firms
Accounting is a niche field. While you might think that your clients know all about the jargon and the nitty gritty involved in accounting. Over the past few years, the accounting and finance field has undergone an enormous amount of changes. These are not just limited to technology and automation but also include the introduction, […]
CFOs, Is Global Consolidation of Financial Statements a Challenge for You? Read this!
According to a recent survey by Blackline, although CFOs believe that it is essential to have the ability to access and analyze the firm’s data in real-time: – 37% of them admitted to not having complete trust in their data. – 50% of the senior accounting professionals mention that they do not completely trust the […]
Accounts Payable Guide for CFOs to Maximise Performance
As a Chief Financial Officer (CFO), you most certainly understand the critical role that the Accounts Payable (AP) function plays in the smooth operation of your business. However, if you were to suggest to the members of your organization about its importance, they might not agree with you. In fact, it is one of the […]
Are You Struggling With Efficient Collection Process? It’s Time to Look Deeper (AR)
Businesses cannot afford to let their existing capital go to waste. The cost of new capital and the stakes of losing the existing one are too high. It is often difficult for businesses to realize how much of the cash is trapped within their balance sheets. Optimizing the working capital and freeing the pinned cash […]
Paytm Compliance Fiasco: RBI Notice, Financial Issues, and Tips for Businesses
In the past week, a lot has been written about the Paytm-RBI issue, and the virtual bank’s compliance challenges. Since there’s a lot of noise around this case, we are here to break it down. On January 31st, the Reserve Bank of India ordered Paytm Payments Banks, a restricted bank and subsidiary of Paytm to […]
Offshore Accounting and Finance Processes: How to Measure ROI
Originally Contributed to The Woodard Report Many companies are turning to Offshoring as a way to reduce costs and improve efficiency. In an increasingly competitive business landscape, organizations are continuously seeking ways to optimize their operations and enhance their financial efficiency. From cost savings and enhanced productivity to improved accuracy and scalability, offshoring has the […]
The Role of Cultural Differences in Managing an Offshore Finance and Accounting Team
Offshoring accounting functions has become a common practice for many US Accounting and Certified Public Accountant (CPA) firms, with India being a popular destination. While offshoring offers numerous benefits such as cost savings and access to skilled professionals, it also introduces a unique set of challenges due to cultural differences. To successfully manage an offshore […]
The Importance of Communication and Collaboration When Working With an Offshore Finance and Accounting Team
In an increasingly interconnected world, small and medium-sized Certified Public Accountant (CPA) and accounting firms in the United States are turning to offshore finance and accounting teams to enhance their operational efficiency and competitive advantage. Offshoring offers cost-effective access to skilled professionals and specialized expertise. However, for successful collaboration with an offshore team, effective communication […]
The Role of Automation and Technology in Finance and Accounting Offshoring
As the world becomes more digitized, traditional accounting practices are no longer sufficient to meet the needs of clients. New technologies such as cloud-based accounting software, artificial intelligence, and data analytics are rapidly transforming the way accounting is done even when offshoring. The 2022 AICPA PCPS (Private Companies Practice Section) Survey shed light on the […]