Modern View on Finance & Accounting

Faced with the necessity to struggle in this very competitive world, most companies have already reviewed their policies concerning companies’ growth. Although overhead expenses, as well as finance and accounting, are still considered the main and permanent goal of any changes, companies are searching for the innovations that can add value to their products and services while cutting expenses. Financial managers are often asked to discover new cost-saving ways of performing finance and accounting functions for encouraging and ensuring the company’s growth.

Many financial managers consider it as a difficult and daunting goal. It can be realized by optimizing working assets (capital) and concentrate resources on the main domains of the business which bring profit. Reducing costs can be achieved by implementing innovative tools and software solutions, careful tracking of expenses and money, doing away with redundancy, applying tax incentives and labour arbitration.

Although most companies have already accepted these ideas, two issues are sometimes neglected:

  1. Business is not only supported by finance, it can be advanced by it.
  2. Planning, implementing and improving company’s finance infrastructure is an important skill that should be developed.

Main tasks of present day finance and accounting managers:

  1. Making up regular profit and loss statements
  2. Drawing monthly cost accounting reports
  3. Compiling and analyzing financial data on business transactions
  4. Implementing new accounting procedures and tracking their efficiency.
  5. Analyzing budgets and expenses
  6. Reviewing financial and accounting reports for accuracy and fullness
  7. Preparing various accounting documents (invoices, payments statement, budget calculations, revenue reports, business expense report, etc.)
  8. Clarifying financial and accounting issues to the personnel and customers
  9. Fixing accounting disagreements
  10. Recommending and implementing financial databases and software solutions
  11. Interacting with internal and external auditors while performing audits.

Finance and accounting outsourcing

Finance and accounting outsourcing (FAO) is not a new trend in business. Finance and accounting outsourcing is a form of cooperation when a third specialized party is responsible for finance and accounting issues of your company. In Europe and the USA the level of such services is so high that it allows companies to focus on their main activities letting finance and accounting specialists do all the necessary reports.
Finance and accounting outsourcing is not only a stereotype crash and economy but it’s another higher level of your business protection.

Advantages of Finance and accounting outsourcing

  1. Financial feasibility. After delegating your accounting for outsourcing, you pay exclusively for the work of a specialist without the necessity to organize his working place, to update software, to pay for getting the required financial information, etc.
  2. Focus on your profile activities. Delegate the tasks to specialists and devote all your attention, time and resources to your main expertise.
  3. Competence in difficult and non-standard situations. Rich practical experience let the employees of the specialized companies find solutions to all complicated tasks.