By Janita Kapoor
Although most accountants and firms have embraced the perennial changes of our disruptive tech-driven world, yet there are many undergoing changes that affect businesses from different angles.These issues can slow down workflow and demand too much time and attention.
Whether you’re an individual accountant or an accounting firm, you will thrive or struggle based on how you turn these challenges into stepping stones that lead to new opportunities.
Hiring and Retaining Talent
Finding the right talent with the required skills set and retaining top employees in the face of competition, has always been and will continue to be, one of the biggest challenges faced by the accounting industry.With outsourcing, accountants and firms have access to a large pool of talent that are highly skilled and trained in the latest tech, all this without the headache of recruitment, training, cost of hardware, office space or management of the staff.
As automation increases, and new technological advancements becoming a constant, boosting existing skills and expertise to leverage the outputs of technology is crucial. Upskilling and training employees can be an expensive and time-consuming activity.At dot, we constantly help our POD’s – ‘Professionals On Demand’, improve their skills and train them in high-spec accounting software to improve the services you deliver.
Payroll processing consumes a big chunk of time as it requires a high level of accuracy and error-less calculations. Many firms may face the challenge of delay in making the payments due to the manual payroll process and non- specialized persons who are appointed to perform such tasks.With dot, our POD’s automate your payroll processes using cloud-based payroll platforms that help with accurate and timely calculation of earnings, deductions, company contributions, taxes and more.
Keeping Up with Technology Trends
Aside from the constantly changing regulations and tax laws, keeping up with evolving technology can be a burden. Many firms are still working with accounting systems that are outdated. Financial reporting, cash management, accounts payable and month-end close processes are all being impacted by technology.The dot HQ combines the benefits of outsourcing with performance boosting software and technology, so you won’t just do more accounting, you’ll do better accounting.
Financial Forecasting and Reporting.
Using financial statements to evaluate and predict business performance is essential to any business. Since so much is changing so quickly, access to real-time analytics is key. This is what will make the difference in building financial models that take into consideration the historical trends and current conditions.When you choose The dot HQ as your outsourcing partner, you gain access to dots’ proprietary software and tools that give in depth insight into financial performance to make better business decisions.
With the current market trends throwing numerous curve balls towards the accounting businesses, The dot HQ’s outsourced accounting services backed by technology, accountants and firms can easily navigate these challenges and at the same time grow their practice.