Is it Time to Consider Managed Accounting Services?
Data is the currency of the future. The organizations that make the most of the information flooding into their offices gain a distinct competitive advantage and lay the foundation for sustained success.
The challenge, however, is that data has no value unless it's tracked, stored, managed, and analyzed carefully. While most companies have more than enough data to work with, few have the resources necessary to leverage it successfully. Ambitious companies are forced to make a difficult choice – add expensive new staff and technology to the ranks, or risk losing out on the next big opportunity. In order to resolve this catch-22 scenario, consider enlisting a third possibility.
Managed Accounting Services (MAS) can allow finance departments and other stakeholders to outsource the heavy lifting of data management to business and accounting experts. Technologies engineered to generate business intelligence can quickly extract insights from huge amounts of data. Those insights then play a direct role in strategic planning, organizational governance, regulatory compliance, and other crucial concerns.
Trying to replicate these same results with spreadsheets and staff would be a challenge. The advantage of MAS is that companies and nonprofits can rely on the experience of a dedicated and specialized accounting service provider and a sophisticated technology platform to produce more actionable intelligence without having to invest the time, cost, and headcount required to evaluate and implement the necessary technology and hire and maintain a team of financial data specialists. Suddenly it's possible to add big data analytics to your accounting tool kit. Once you do, opportunities for the future abound:
- Enhanced Advantage – Predictive analytics allows a company to fluidly forecast the future and align themselves for success over the short and long term.
- Deeper Reporting – Metrics from multiple departments or data sets can be integrated together to produce more revealing reports about specific aspects of performance.
- Safer Risk – The comprehensive risk management that CFOs are now tasked with is easier and more reliable when analytics are available to perform real-time monitoring and auditing.
- Stronger Investigations – Identifying instances of accounting fraud is much simpler to do when analytics are used to spot anomalies in large data sets.
Utilizing analytics is clearly an advantage. It's quickly becoming a necessity, too. The amount of data that today's accounting departments deal with is a fraction of tomorrow's total. Unless there are tools in place to translate this data into something with meaning and utility, its substantial value is wasted.
MAS accounting outsourcing companies is a great way to fast-track an analytics initiative. Companies can reap the rewards of effective data management without needing expertise or capital investments. With the right accounting partner catching up to the cutting edge becomes as seamless as possible.
AcctTwo is a leading provider of Managed Accounting Services. We combine the power of technologies like Adaptive Insights and Sage Intacct with the experience and expertise of our team. World-class analytics are now accessible to all. Contact us to learn more about the unique advantage we can offer your organization.