The definition of "accountant" is different today than it has been at any other time in history. Traditionally, these professionals were labeled as bean counters and number crunchers. The work they performed was essential, but it did not rise above the level of administration.
Companies now realize that accounting is both an obligation and an opportunity. In fiercely competitive industries, finance functions as a strategic asset. The companies that manage it most effectively are able to engineer growth, seize market share, and insulate themselves from risk.
The evolution of the accounting profession is exciting for the future, but it's also uncertain and unsettling for the present. Professionals that are used to handling a very specific set of responsibilities are now operating on a previously unparalleled scale. Trying to look forwards and backwards at the same time is a juggling act at which few accounting departments are equipped to excel.
As a result, a growing number of companies are relying on managed accounting services as a way to outsource labor-intensive workflows without sacrificing quality or consistency. According to research almost half of all companies currently utilize managed services to some extent, and an additional 31 percent are planning to utilize this resource more in the future.
For accounting departments eager to embrace their new role and maximize their contribution and value to organizations moving forward, managed accounting services offer some appealing advantages:
- Focus – When things like payroll, accounts payable, and general accounting are handled by an off-site team, the in-house accountants are able to focus more on strategic priorities like corporate governance, risk management, and capital budgeting.
- Flexibility – If and when an accounting department needs to reconfigure how it operates, it's much easier to do if core functions are being handled off-site. The resources that exist internally have the freedom and flexibility to change.
- Consistency – Now that accountants are taking on new workloads, their time and focus is stretched thin. Managed accounting services are a way to ensure that errors and omissions do not compromise the quality of accounting overall.
- Compliance – For the same reasons as those mentioned above, maintaining compliance is only going to get harder moving forward. Outsourcing the burden makes compliance more certain while requiring less input overall.
- Cost – Accountants are being asked to do more, but their departmental budgets are not necessarily keeping pace. Managed accounting services can lead to significant time and even cost savings, emancipating budgets for more important initiatives.
If managed accounting services are not an urgent priority now they will be soon. Rather than waiting until assistance is obviously overdue, forward-thinking companies put themselves ahead of the wave of change. If you're intrigued by the opportunities of managed accounting services, contact an expert from AcctTwo at your convenience.