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The Transformation of Finance and Accounting Over the Years

Many organizations nowadays are looking for finance and accounting career trends that can help in reducing overall costs while at the same time gaining a competitive edge. Outsourcing the operations of your business is actually one of the newest trends being followed by a lot of companies. The industry of finance and accounting outsourcing has, indeed, grown exponentially over the years. Small, medium and big businesses resort to this because it helps them save a lot of money and time.

The outsourcing process normally begins when one business lets an external agency take over its finance operations. This third party team or individual will handle all of the finance and accounting basics, therefore releasing a heavy burden from the owner. Agencies generally charge nominal fees for their services including making year-end reports, audit compliance papers, entries and finalization of accounts. A few of the most recent trends in the finance and accounting department include:

Prescriptive and Predictive Analytics

This is just one of the most successful trends being employed that exist in the finance and accounting industry today. It involves providing a predictive descriptive analysis on how a specific future model will turn out and it prescribes an optimum solution which is going to fit the operations and nature of your business. If you want to adopt this trend for your very own business, you will certainly get an idea of your current standing plus a forecast for what is about to come.

Robotic Process Automation

Another emerging finance and accounting description trend that is making a name for itself when it comes to outsourcing is the RPA or Robotic Process Automation. As suggested by the name, it involves technology in the automation system, thereby improving quality and eliminating the use of repetitive and unnecessary processes in order to come up with final results. Because of this relatively new process, agencies which are tasked to handle finance and accounting operations can make use of computer software in bringing about accuracy, efficiency and speed when it comes to the presentation and management of accounts.

Over the Years

In 2010, most of the industries who shifted to outsourcing of finance and accounting tasks involved logistics, financial services, travel, manufacturing and retail. Other industries that have started exploring this scope include IT firms, banks, the medical sector and real estate.

Enhancing business productivity and reducing cost has always been the core of many organizations which are operating around these fields. Today, focus is not just given on finance and accounting jobs but also on generating new revenue sources. With refined economic methodology, businesses are given the chance to improve efficiency while upgrading performance indicators like profit recovery.

We, at The Startup Expert® firmly adhere to the fact that financial service providers must be driven by a robust implementation of various processes that can enhance and manage regulatory and monetary risks, as these can greatly contribute to business growth. If you want to learn more about how you can innovate and improve your business, contact us now!

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