The Accounting BPO has emerged as a new tool that helps in the development and optimization of accounting processes of its customers and came to revolutionize the market, since it is a feature that enables many new business opportunities for accounting firms.
The term BPO, in English Business Process Outsourcing , is used to define the outsourcing of secondary processes of companies, such as the accounting sector. In other words, BPO Accounting aims to “embrace” a company’s internal accounting processes, decentralizing this part of the operation.
Get more work done with fewer operational issues.
Support from a team that is expert in deploying it effectively.
Robust backup reduce the risk of losing data if there is a device failure.
The Role Of BPO Accounting In Accounting Offices
BPO has gained a lot of power among the most offered accounting products on the market in recent years, and this is a golden opportunity for accountants to win new clients and also to raise the level of partnerships with their current clients.
The reasons for a company to hire this type of service are quite varied, but it is a fact that the mortality rate of companies is extremely high, and one of the main reasons for a company’s bankruptcy is poor financial management.
With the outsourcing of an essential business sector, such as accounting, BPO Accounting is a unique work opportunity. By creating a specialized segment for the provision of services, this action model brings several benefits to the accountant.
Bills To Pay And Receive
The accounting control of accounts payable and receivable is one of the outsourced tasks. As a responsible accountant, you will have to enter the cash flow into the system on a daily basis so that management is efficient and errors are detected as soon as possible.
In order to make the interaction with the companies with which they provide services more dynamic and efficient, clients and accounting firms need to have a good management system. It will act as a software that shares all information in an integrated way and optimizes all communication between both parties.
Storage Of Documents
The issuance and storage of documents is also another activity assigned to accountants in accounting offices. As you will be dealing with a sensitive sector of one or more companies, it is important to be aware of the information and have a reliable system.
Cash Flow Management
As a routine and mandatory activity in all companies, you should already be used to managing cash flow . But with BPO Accounting, this process can have different stages.
When providing advice to various companies, the accountant must be aware of all financial transactions and identify any errors, then notify the company, especially in cases of fraud.
All the ingredients are there for this profession to be swept away by the current technological wave: data is their main fuel and it is a profession in which processes are being standardized at speed. In short, value is gradually being captured by technology providers.
Already possessing a very large amount of data on the company, specialists in their interpretation and accustomed to processing massive flows, accountants today have a real legitimacy to position themselves with companies as the privileged partner of management and data exploitation. And thus operate the strategic shift from the profession of figures to that of data.
Accountant, have you ever thought about monetizing your accounting firm with products that go beyond the recurring service you provide to your client? Have you ever wondered if there is a possibility that your company is delivering these services for free? Do you know what these accounting products are and how to sell them? It’s these questions and many more that we’ll talk about in this article.
Currently, a lot is said about Digital and Consultative Accounting and how the accountant of this new era can deliver more value to its client. But it is necessary to make clear what are the requirements for an accountant to become a consultant, what are the challenges that consultative accounting brings and how the accountant must overcome them to be able to monetize their business through the sale of differentiated accounting products and services.
First of all, it is very important that you understand that only digital accounting can allow the accounting professional to offer the recurring consulting service, to become a consultant accountant and his office to an accounting firm that sells other types of services.
The New Demands Of The Consultant Accountant
The fact is that when the accounting professional becomes a consultant accountant, he also creates a new type of demand, that of consultability. Customers, in need of valuable assistance, now enjoy an absolutely necessary professional profile, which was not offered before.
And that’s where we identify a challenge: if the consultant accountant does not impose limits as a consulting professional, he will continue to have an exhausting daily demand and, due to lack of time, he will not be able to offer and dedicate himself to differentiated products that monetize his business more.
In addition, as a solution delivery, the consultant accountant needs to be more and more distant from recurring compliance, but increasingly closer to the law. There is no way for a consultant accountant to solve a problem using a legal path if he does not have a good understanding of legislation. In other words, time is still a big challenge, yes!
Having understood this limit and the possibility that it brings, let’s talk now about monetizing products, their particularities, what sales methodology the accounting firm can use to offer them to customers and what added values impact this new relationship.