The common line about Managed Accounting Services (MAS), also known as Business-Process-as-a-Service, BPaaS, or Business Process Outsourcing for accounting and finance, is that it's mostly a way to cut costs. But that's like saying the best thing about not having to sleep much is that you save a ton on bedding. It misses the point.
It's true that MAS can have a real and ongoing impact on budgets. In practice, however, enterprises realize value in many ways. MAS is less a way of keeping costs in check and more a means to optimize everything you do. Here are some examples:
Eliminate Persistent Errors
Even the most diligent accountants will make errors or commit to standards that fall below best practices. Offloading your accounting processes to an MAS provider lets you take advantage of systems and oversights that eliminate more mistakes. You pay the same or, in some cases, less for a higher caliber of accounting and gain new confidence in the process.
Increase Organizational Flexibility
The size of your accounting or finance department is rarely a perfect match for your current needs. And when those needs suddenly grow or shrink, it's costly and complicated to add or subtract resources. MAS gives you the freedom to scale your needs immediately and precisely.
Focus on Core Competencies
Accounting and finance are important departments but not major contributors to the development of a brand, product, or services. By outsourcing more of your necessary workflows to a Managed Accounting Services provider, you're free to focus on the core competencies and objectives of your business.
Redirect Professional Talent
Your finance and accounting team consists of highly-trained professionals who often spend big parts of their day on data entry. MAS is doesn't necessarily eliminate these team members but can instead liberate them to focus on projects that generate revenue or enhance your competitive position, while your MAS provider can handle the more transactional tasks and use technology to streamline those processes.
Adopt a Strategic Mindset
Success in today's highly-competitive and increasingly uncertain markets depends on being lean and agile. The outdated model of keeping all business practices in-house or duplicating them through an outsourcing firm is woefully unsuited for today's businesses. Remaining relevant means doing things in better ways. MAS is not simply an alternative to an accounting department - it's an overall improvement and a significant strategic asset.
Every business reaps different rewards from MAS. Since this solution is flexible and customizable rather than one-size-fits-all, it's possible to implement with a trained eye on ROI.
The experience of AcctTwo combined with the power of the Intacct platform are capable of transforming your approach to accounting and finance. The next step is to explore how AcctTwo's Managed Accounting Services would operate within your enterprise. Request a free consultation for more details.