Law firms are increasingly outsourcing their finance & accounting tasks to specialized companies as a way to save time and money while improving efficiency. Outsourcing allows law firms to focus on their core competencies, such as providing legal services to clients, while leaving the financial and accounting tasks to experienced professionals. By outsourcing these tasks, […]
Accounting is rated among the hardest jobs to fill in the US. As you hold this fact in your hand, now know that the job growth rate of accountants and bookkeepers is 10% lower than that of other professions. So, even though the job to applicant’s ratio shifts in favour of employers, it has become […]
The pandemic has finally accelerated the adoption of Outsourced Accounting Services. Despite the growing popularity of remote accounting firms, pre-pandemic, it was COVID-19 that triggered the switch. Not so surprisingly, it was also the 2008 crisis that first resulted in the aggressive growth of the outsourcing industry. Benefits of Outsourced Accounting Services: Outsourcing the accounting […]
At the centre of every cash flow problem encountered by a growing small and medium business lie inefficient accounts payable process that is characterized by slow invoice processing, errant or late payments, additional interest or fines and even strained vendor relationships- all these after loads of time spent by AP resources. And yet all these […]
Computers and cloud accounting together have transformed the accounting industry. The signature accounting ledgers, excel charts, manual receipts and clunky storage are now being replaced by simple web-based accounting – thanks to cloud computing and storage. Cloud accounting tools like QuickBooks, have not only simplified the tedious job of accounting professionals but have skyrocketed efficiency. […]
Often businesses increase sales by liberalizing their AR policy which leads to overgrown Accounts Receivable that are harder to collect. The longer one waits for Accounts Receivable harder it is to convert it to cash. Over time these problems grow, pile up and cause cash flow problems. As a remote accounting firm that has been […]
Accounting technology is always in flux and is constantly evolving. The productivity optimization accounting technology offers, the efficiency it delivers and the money it saves are directly proportional to the sophistication of technology (and also their fit). A business that is looking to gain an edge over the competition or a CPA firm that is […]
Accounting and financial services always grabbed a major share in outsourced services. However, the unprecedented COVID-19 has further increased this share as the CPA firms all around the world are benefitting from outsourced booking and accounting services more than ever. For instance, at Outsourced Bookkeeping we have registered higher growth in the pandemic years as […]
No other accounting function has as much sway on the business cash flow and bottom line as Accounts Receivable. Being the lifeblood of a business in terms of revenue Accounts Receivable is the critical aspect of business accounting that needs to be efficiently managed for smooth business operations. However, the majority of the businesses face […]
