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Why has outsourcing business services become so popular?

As technology has become more and more integrated into our daily lives, digitization is creating dynamic change in our society and how we do business. Part of this process has made outsourcing more available and practical than ever. But why has outsourcing become such a popular option for businesses around the world? Here's a quick look at the reasons behind this trend. As-a-Service Economy: It used to be that when you needed to obtain an asset, you would need to put down a large amount of money on that asset. As-a-service programs allow businesses to pay a much lower monthly subscription for access to that asset without the huge initial investment. Cloud Computing: Years ago, you'd need to

How has the accounting industry changed over the past few decades?

Not that long ago, all accounting happened with paper and a pen. It was a slow, arduous process that limited the scope of what an accounting specialist could do for your company. But with the advent of new technologies, the pace of progress has changed dramatically. Here's a quick look at the changes that have happened in the accounting industry as the years have gone by. The origins of accounting go back to ancient times, with the roots of modern accounting developing in Renaissance Italy. But some of the most dynamic changes in the industry have happened over the past few years. As computers began to be used by large corporations, the possibilities of using this new technology for accounti

What's involved in becoming a CPA and why does it matter to my business?

When you're considering outsourcing your accounting work, you hear a lot of different terms thrown about to describe different levels of responsibility and accountability. One of those terms is certified public accountant, or CPA. But what exactly is involved in the process of becoming a CPA and why should it matter to your company? Here's a quick look. The requirements for becoming a CPA varies from state to state, but there are some overarching requirements that seem to fit across the board. Typically, about 150 hours of semester credit are required, beyond the total needed for most bachelor's degrees. In general, 30 to 35 hours of accounting coursework is required, with some states requir

Does your business plan include updating your IT security?

When you developed your business plan, you probably knew somewhere in the back of your mind that it would need to be updated over time. But one area where many businesses fail to consider in business plan updates is IT security. With the Equifax security breach earlier this year and regular reports of leaks, viruses, ransomwear and more, it's easy to see why it's important to your company's performance in the digital age. Here's a quick look at updating your business plan and why it's vital to your company's bottom line. A recent study by SolarWindsMSP found that 80% of small and medium businesses in the US and UK are planning on changing their company's response to IT security threats. Amon

Need to pull off a business transformation? Consulting services can help.

Today's market is rapidly evolving. As the internet brings our world closer together, transformation is something we're hearing about on a regular basis. But what if you need to transform your current business into something more relevant in today's market? Here's a quick look at how a consulting service can help. When you need to transform your company, you need a sound strategy in place to help you navigate the process. Planning that strategy is vital to the success of your company while it goes through and following that transformation. But what are you trying to transform in your company? In today's market, the transformation is focused on a few specific areas. There is a strong focus on

Having a hard time finding accounting talent? Here's why.

You place ads on LinkedIn, Indeed and Career Builder. You talk to temp agencies and recruiting offices. But you still can't find the right accounting professional for the job. Though it may seem like you're the only business who can't find the right accounting staff, you're not alone. Here's a quick look at the accounting talent shortage and how you can fill the gap in the meantime. The 2018 Robert Half Salary Guide for Accounting and Finance Professionals noticed a shortage of talent in accounting services. At the same time, demand for these accounting professionals has remained very high as the market continues to improve. To retain the professionals they already have, many industry leader

How will the FASB rules change/impact your pension plans?

You rely on your retirement plans to help you get through your golden years. But what do you do when the rules that govern those plans suddenly change? A recent rules change at the Financial Accounting Standards Board (FASB) has many concerned about the potential impact of this change on pension plans. Here's a quick overview of the rules change and how it will impact you and your company. The change in rules requires a pension company to only allow service costs to be recorded as an operating component of the plan on income statements to their clients. Prior to this point, there were a wide range of other costs that could be included in an income statement. Interest costs, expected returns

Not sure what to do about digitization? Business consultants can help

One of the biggest changes the business world now faces is the challenges being brought to bear by digitization and disruption. If someone had told you in 2000 that within 17 years the world's largest music service owned no music, the world's largest transportation service owned no taxis and one of the world's largest lodging companies owned no hotels, you would have thought they were crazy. But digitization and disruption are paving the way for serious gains for companies that form a strong strategy. Where does your company stand? Digitization is the process in which a company's assets are brought to a level of technology that makes it more agile and flexible in a changing world. Disruption

Why is accounting outsourcing becoming more popular for SMBs?

Once upon a time, a company would hire an in-house bookkeeper or accountant to take care of the books. But today's world has seen a strong shift towards new business models and alternative ways of getting work done. Outsourcing work to companies that provide specific services has become more common, including accounting services. Here's a look at why. The internet has brought our world closer together. Companies are now specializing in areas that did not even exist a decade ago. With the ability to specialize, many companies have decided to focus directly on their company while outsourcing back-office departments to other companies that specialize in that particular area. Accounting is one o

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