AcctTwo Blog

With new tax laws hitting the books, trade relationships evolving, and both uncertainty and optimism on the rise, it’s not surprising that accounting is changing. Companies understand that a high performing accounting function is both a strategic advantage and a competitive requirement. And, increasingly, they are looking for ways to improve accounting processes and outcomes without inflating cost or complexity.

A new survey from the Shared Services and Outsourcing Network (SSON) suggests that in-house accounting departments are transforming rapidly. Rather than handling every responsibility on their own, they are relying on third-party support or Managed Accounting Services (MAS) to meet more of their accounting goals.

It's next to impossible to overstate how much technology has (and will) change the face of business. But what is just as remarkable is how crucial the human element remains in offices around the world.

Advances in automation, big data, machine learning, and sophisticated analytics promise to make the impossible accessible. What these technologies will not replace, however, is highly-trained professionals with extensive experience and expertise.

Today's accounting departments are growing and evolving at a historic pace. Now that every conceivable business process has become driven by data, financial professionals have taken on huge new responsibilities for data management and analysis while still handling GAAP.

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. And while most companies have more than enough data to work with, few have the resources necessary to leverage it successfully.

That forces ambitious companies 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 a third possibility.

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:

AcctTwo's customers (Bill Weathersby of Energy Water Solutions, Kristi Lanier of WUXI Nextcode, and Kevin Doffing of Sam's Safety) discuss the advantages of AcctTwo's Managed Accounting Services and Intacct.

Corporate accounting practices have always been under scrutiny, but in recent years, regulators have stepped up their efforts and looked a lot closer at enterprises regardless of size or vertical. In response, these enterprises have had to bring accountants onboard with the technical expertise to ensure compliance and establish internal governance.

AcctTwo CEO Interviewed on Texas Business Radio

AcctTwo's Founder and CEO, Marcus Wagner, was recently interviewed by Matt Register and Jay Curry on Texas Business Radio. Marcus describes the new powerful Software-as-a-Service technologies available for small to midsize businesses. ERP, Accounting, and Financial Planning and Analysis (FP&A) tools are now affordable and accessible, allowing companies and nonprofits to make their finance and accounting departments an enabler of growth rather than an obstacle to growth.

AcctTwo CEO Shares Insight about the Changing Nature of Outsourcing

Back in March, AcctTwo's Founder and CEO, Marcus Wagner contributed a piece to Accounting Today's Accounting Technology section about the spectrum of cloud technology adoption, and how Houston and Austin, TX are a great representation of how cloud and SaaS have been received nationally. Accounting Today recently asked him to provide some insight into another piece of AcctTwo's business: Business-Process-as-a-Service or BPaaS, and that article was published this week.

"If only I had the right people..."

As a small or mid-sized business owner, how many times have you said that phrase to yourself or to others? This concern applies to all areas of your business, but can be especially challenging to the entrepreneur trying to build a quality accounting team because they often times lack the background, expertise, or patience to hire their own accounting department. Not only is it costly and time consuming to find the right people for this critical department, but there's also the challenge of finding the the right balance of skills versus costs. This balancing act becomes even more difficult when trying to staff a small department. How do you staff half of a controller, one quarter of a cash applications person, and one quarter of an accounts payable person, while still providing the accounting expertise for the future? This is never an easy task, even if you can find a qualified person willing to split tasks among different levels of work.