In most organizations transaction processing takes a back seat and suffer problems due :
- Lack of suitably qualified staff.
- Absence of an accounting system or presence of a system that does not meet all business requirements.
- Lack of coordination between finance and other departments.
- Absence of qualified staff to analyze and report on financial figures generated.
Following are some of the benefits, you should consider when ‘Outsourcing’ your finance and accounting function:
REASON #1: AFFORDABLE
Outsourced accounting services should be more affordable than hiring someone in-house. As a rule of thumb, you should be around 40-60% of the cost of in-house employees, assuming you get a good company on your side.
REASON #2: ROBUST
One of the main reasons for hiring a firm should be the systems that they have built. This means that you can avoid the headache of recreating the wheel here.
REASON #3: TRAINED
When you turn to an accounting company, their staff should be trained, certified and knowledgeable. This is what they do all day long so they’re going to be great at it. This also means that you’ll be able to get an expert at a great price versus an in-house employee with little to no experience.
REASON #4: ORGANISED
A full outsourced accounting services package should make it possible for you to relax at the end of the year. If they’ve been doing their job, there’s very little if anything that you’ll need to do to get ready for Audit/taxes etc.
Broadpeak offers services and corresponding technology to enable organisations to effectively record and report financial information.
We help our clients simplify their back-office operations in the areas of purchases, sales and employee expense reports – i.e. procure to pay and order to cash
Technology-enabled processes that simplify your back-office operations, including:
Employee expense reports
Currently most of our clients are using Odoo for processing their transactions. However, the team has the capability to handle other ERPs as well.
We close your organization’s financial periods on a timely basis using a process that ensures balance sheet accounts are reconciled, required month-end entries are posted and all other back-office tasks are completed accurately. This ensures that the management have a full view of the financials just after the month end and you can plan your activities for the next month accordingly.
We prepare monthly, quarterly and yearly management reporting pack that refelects the financial performance of your organisation and provide an outlook of future.
We can also help you define and track KPI information through custom dashboards that paint a clear picture of your operations. Flexible financial and operational reporting allows you to quickly understand what’s happening within your business.
Financial planning and analysis
We can assist you in financial and business planning and budgeting activities of your business. This will enable you to track how your business performance compares to the yearly budget and longer term business plan of the organisation.