An accounting evolution: The journey to cloud-based accounting services
Outsourced accounting services is not a new concept, but it has recently undergone several significant changes that benefit business owners. Commonly known as finance and accounting outsourcing (FAO), the emergence of cloud technology has increased the value of outsourced accounting and led to much higher demand. The platform allows organizations to focus on their core strengths and growing their businesses, while back office tasks are automated and integrated, typically at a lower cost.
Read CPA.com’s recent case study, An accounting evolution, to learn more about the rise of outsourced accounting, and how RSM’s FAO platform has evolved to better serve clients. RSM leverages leading technical accounting, tax and technology practices to help clients automate complex, time-consuming accounting tasks, and gain real-time insights and reporting for more informed decision-making.
FAO provides year-round strategic support to help companies improve processes and performance. Outsourced services include:
- Financial statement preparation
- General ledger and trial balance
- Cash flow management
- Payroll preparation and reporting
- Accounts payable and receivable
- Transaction processing
In addition, advanced outsourced functions include virtual CFO, controllership and business advisory.
In the past, only larger companies could afford the costs involved with outsourcing their back office functions. However, the advent of effective cloud-based accounting platforms has brought costs down and enabled companies of all sizes to leverage the value and efficiency of outsourcing. Emerging technology has driven the explosive growth of FAO, as advanced cloud applications are scalable and cost-effective, and introduce several operational efficiencies.