Firms must understand the pros and cons of outsourcing accounting services to thrive. Amid the soaring inflation, SMEs have faced challenges in the accounting department, which involve high salary demands, inexperienced resources, and training costs. This can result in outdated financial records, errors in financial records, and unforeseen expenses. This is where accounting outsourcing comes
According to Statista, the cloud technology market is projected to expand to $138 billion US dollars by 2025, compared to the $31 billion US dollars expected for traditional accounting. The stats are unsurprising as businesses worldwide increasingly adopt cloud accounting due to its many benefits over traditional accounting. This blog post aims to identify the
Cloud accounting has been at the forefront of accounting conversations since the pandemic. With work-from-home and remote work increasingly popular, business interest and investment in cloud accounting have risen dramatically. Cloud accounting has seen major growth, with AI integration and sophisticated automation technology trailblazing a financial revolution. Before discussing what’s new in cloud accounting, let’s
Offshoring vs. Outsourcing Explained: Major Differences and Key Benefits The debate of offshoring vs outsourcing might seem redundant to the average business owner. However, these two distinct processes are often conflated with one another despite not being the same. The main reason for this misunderstanding is that many outsourcing is done through offshore firms. However,
AI in business analysis is evolving. In 2024, it shattered the foundations on which many modern business functions were built. We are currently in an age of change, where everything is experimental. Business analysis lies at the core of this rebuilding effort. Every action a business takes today must be considerate of AI. Business analysis
Accounting trends are reshaping the financial landscape in 2024. Accounting has always been a sore topic for business owners, eliciting groans and sighs as they get the ledgers out. In 2024, however, things have begun to change dramatically. Technology and processes in the accounting space have entered a golden age of progress in 2024. After
Hiring the right outsourcing type for your business tasks is decisive for driving sustainable business growth and gaining financial freedom. Amidst reports of Apple exploring the possibility of outsourcing AI models to Google, it prompts reflection on whether outsourcing could similarly enhance your company’s operations, and which among the leading outsourcing types would be most
Benefits of EDI Implementation In this blog post, we delve into the myriad benefits offered by the implementation of Electronic Data Interchange (EDI). Within the realm of client management, there are varying degrees of manual and automated processes followed by companies as follows: 1. Completely manual Enter order information manually 2. Partially automated Receive EDIs
Virtual Assistants for CPAs are an incredibly potent solution to the ever-present struggle of time management. CPAs simply have so many things on their plate that half the time, you’d be lucky to find their noses not buried in a ledger. Much like the legal profession, the life of a CPA is unfortunately mired by
Outsourced accounting services, or any kind of outsourcing service, are not an operational monolith. Far from it, these firms can be categorized based on various factors. Location, relationship, and pricing strategy are primary outsourced accounting models. Rather than overload you with information, we felt it best to keep things simple and dive into the most