Financial transaction processing is an arduous but important activity for a company. From the outside, people may perceive it to be just undertaking accounting transactions or maintaining and updating financial data. This may make the task seem simplistic. However, financial transaction processing is a key and necessary activity. The below is just an indicative list of activities which form part of financial transaction processing;
- General ledger accounting
- Accounts Payables / Receivables
- Inventory Management
- Expense Processing
- Direct & Indirect Tax Compliance
- Other Regulatory Compliances
Anyone with experience in these activities would know the difficulty that comes with them. Even a small enterprise would be swamped by several multiples of these and other such activities on a daily basis. As easier they might seem, these activities if done efficiently and accurately, provide a strong foundation to the company and can aid in its growth.
In the advanced world of today, just collecting this information is not enough. In order to become efficient, information needs to be analyzed and meaningful insights drawn from it. As far as drawing insights is concerned, even large companies struggle to do that as it is harder and costlier. A company may choose to skip this but then it cannot become efficient, more profitable, cannot grow.
This is where outsourcing partners come in. They specialize in the aforementioned activities as they do this for various clients and jurisdictions, making it a core function for them. They can help align and consolidate data across company divisions and get rid of its manual processing.
Given that such outsourcing firms undertake this operation on an everyday basis, they have a good understanding of regulatory compliance which needs to be adhered to, many SME segment companies may not have the required expertise. This might lead to increased fines and penalties. Outsourced Accounting partner, brings in better regulatory compliance.
They have advanced technology at their disposal which companies, especially small and medium enterprises, may find it costly to buy/hire.
In short, Outsourcing your Financial transaction processing would optimize the entire accounting operations as the Outsourced partner will;
Have subject matter experts,
Bring in New Technologies,
Set-up standard Operating Processes with built in controls,
Ensure Adherence to Service Levels.
Boston Financial Advisory Group (BFAG) offers financial transaction processing services which can immensely help the growing needs of your company. BFAG has a proprietory application called COMPLIANCE iNBOX (CiB) which is a tool that helps in Compliance management, Resource and Activity Management, E-Audits and much more.
BFAG also uses various analytical tools to provide real time financial information by the way of a smart dashboard which can be accessed from anywhere anytime. Their real-time information makes it easy for management to take important decisions quickly.
These benefits make exploring Boston Financial Group’s financial transaction processing services a must. BFAG (Boston Financial Advisory Group) has a team of experienced professionals to provide the best accounting and financial services.
So, get in touch to know how we can add value.
USA: +1 6099377291
Bangalore: +91 80 2572 4800
Pune: +91 7420061235
Visit our website: https://www.complianceinbox.com/