Like many other crises before it, the COVID-19 pandemic has highlighted and accelerated the need for adaptability. Daily financial functions such as accounts receivable and accounts payable are crucial to business continuity, and visibility into accurate, up-to-date data is critical to support decision making—especially when disruption creates an environment of uncertainty. As stay-at-home orders impacted normal operations, many organizations felt the strain of outdated and inflexible technology, understaffed or unavailable accounting teams, and time-consuming manual processes.
It’s important to identify problems that may have been amplified during the pandemic. Did you have the accounting staff necessary to maintain critical functions through a crisis? Did your technology lack the accessibility and collaboration necessary for a remote team? Now is the time to explore options that can improve the alignment of your people, processes, and technology to avoid recurring issues during the next disruption.
Now is the time to explore options that can improve the alignment of your people, processes, and technology to avoid recurring issues during the next disruption.
The accounting system that you first relied on to manage finances and operations may no longer meet the needs of an ever-changing business environment. One option to improve adaptability and enable real-time financial data is to implement cloud accounting software. By working in the cloud, businesses remove the need for employees to connect remotely to a physical server, allowing for better performance and reducing reliance upon dedicated IT team support. This type of resource provides increased flexibility and scalability to better manage accounts payable, accounts receivable, and functions that support with your day-to-day operations including purchasing, project management, and customer billing. Through the use of a best-in-class solution, you can further accelerate processes surrounding the movement of cash and gain better visibility into cash position.
Sage Intacct, for instance, provides scalability, supports multiple locations and entities, and provides flexible multi-dimensional data capture and reporting. True cloud solutions such as Sage Intacct are designed to handle crisis situations by regularly testing all disaster recovery scenarios. This provides peace of mind that your financial application is consistently secure, reliable, and available.
Now may be the time to explore alternative staffing models, such as outsourcing back office functions to a trusted partner. Collaborating with a team of outsourced accounting professionals provides you with a wide range of solutions to best meet your needs. Outsourcing can help safeguard you from staffing challenges in a fluctuating job market by providing access to experienced staff—whether you need help with day-to-day tasks or even an outsourced CFO. Partners can develop cash flow projections, decipher and understand complicated regulations, and identify how it may impact your company’s finances. An outsourced accounting partner can support your accounting function using efficient processes and provide access to best-in-class technology, so your organization can reap the benefits of modern software.
Working with knowledgeable professionals to outsource some or all of your team’s workload can smooth out the bumps in the road that your accounting department experiences under normal circumstances, provide consistency and reliability, and scale up easily when disruption creates a need for more robust support.
Whether your gap exists in technology or staffing, P&N can help assess your needs and find the right solution for your organization’s unique situation. Now is the time to identify opportunities to increase your adaptability, especially moving forward into a future that will no doubt involve additional disruption. With increased flexibility and fewer manual tasks, leadership can focus on critical operations, business continuity, and navigate many unexpected scenarios with greater confidence. Contact us to start a discussion about how your accounting function can be improved to weather the next crisis.