James H. Clarkson, Jr., CPA
As businesses move themselves to increasingly leaner operations, working to do more with less, the need to handle complex financial work and bookkeeping while keeping it secure is critically important. In 2016 and likely into the future, more small to mid-sized businesses will turn towards outsourced services for support in this area.
This can be a very wise move, as it saves on potentially costly internal organizational hires and places these essential tasks in the hands of technologically advanced and experienced outside sources. The key is having the right team in place with the right tools to manage the company’s financial operations externally.
In addition to having the right people providing the service, the state of the art system to have for these occasions is known as Intacct, the leading tool available today for the outsourcing of business accounting services. Intacct essentially replaces the traditional “on-premise solutions” for those companies who cannot afford to have one, and keeps the business or organization on firm financial and compliance grounds moving forward.
With Intacct, the streamlining of accounting, bookkeeping and regulatory practices for a business or organization is achieved without missing a beat, and without any added headcount. Working with thousands of clients on advanced business process solutions, Intacct is fast becoming the answer for those companies that want to grow yet want to do it—at least in the present—without any additional infrastructure needs.
Businesses and organizations considering business process outsourcing would be wise to have Intacct as the primary tool in their toolkit. Here are some reasons why:
Cloud-based—Intacct is 100% based in the cloud and provides a level of security which all business owners are seeking, particularly in a day and age when cybersecurity is such a primary concern. Additionally, being cloud-based means a level of accessibility that is seldom seen in other external products yet is so critical for 21st century businesses. It provides and allows for collaboration, no matter where you are, and is accessible via all mobile devices as well.
Real-time updates—In the days when accounting and reporting were done in-house, an owner or manager would simply walk down the hall to that person’s office and make a request for the desired information. With Intacct, it’s still as easy as that walk down the hall, as everything is available in real-time. Owners can obtain up-to-the-minute information on where everything stands simply by logging on. This level of efficiency and reliability is very pleasing to company and organizational heads and can lead to quicker decisions resulting in a better bottom line.
Scalability—One truly innovative aspect of the Intacct product offering is it can not only be applied to businesses of any size, but it can essentially function to grow as the business grows. Many companies are small now but have plans to grow; this scalability is where Intacct separates itself. In addition to being utilized in business process outsourcing, Intacct can be used by businesses that continue to grow at a pace where they ultimately wish to bring these services back in-house, without skipping a beat in the transition from outsourcing to in-house use.
Business advisors are recommending the use of Intacct more and more to their clients because of the level of efficiency, reliability and security it can provide to individual businesses and organizations. Additionally, it’s the recommended cloud based solution of the American Institute of Certified Public Accountants (AICPA). It’s the equivalent of having a trusted backroom accounting staff on call 24-7 without any additional overhead, and provides the company with the support and reliability they need to keep moving forward.
James J. Clarkson, Jr., CPA, is a partner with BlumShapiro, the largest regional business advisory firm based in New England, with offices in Connecticut, Massachusetts and Rhode Island. The firm, with over 400 professionals and staff, offers a diversity of services which includes auditing, accounting, tax and business advisory services. In addition, BlumShapiro provides a variety of specialized consulting services such as succession and estate planning, business technology services, employee benefit plan audits and litigation support and valuation. The firm serves a wide range of privately held companies, government and non-profit organizations and provides non-audit services for publicly traded companies.