Healthcare practices invest a large amount of their revenue in managing their revenue cycle internally. Still, they are also squeezing out profits due to a lack of automation, incompatible software, or manual procedures.
5 strategies to expand your financial business
The growth of a finance company in the midst of the outbreak of a disease is a major challenge. Yet, despite these difficulties, the financial services industry is predicted to expand to the U.S. $22.5 billion by 2021. This is an annual compound growth rate (CAGR) of 9.9a>. 9.9 %.
It’s now more essential than ever for businesses in finance to take every step they can to keep their competitive edge. Here are five strategies that can be used to grow your business’s finance operations:
1. You should think about self-service when you have the opportunity.
The epidemic changed not only consumer habits of buying or the way they interact with other people however, but they also changed the way they managed their finances. Social distancing and branch closures regulations led people to switch to self-service options for banking for convenience. Today, banking with smartphones is a common routine, and it’s self-service opportunities such as those that financial institutions should consider to satisfy the demands of today’s customers. In fact, almost two-thirds (65%) of financial institutions believe that ATM use to grow over the next few years as well as nearly 50% considering enhancing ATM functions because of the increased demand.
Self-service is advancing at the ATM level and which is why the possibility of up to 95 per cent of bank routine transactions completed through the ATM using instead of having an internal branch manager or teller who can assist. With the majority of customers preferring self-service to speak to representatives from companies, financial institutions need to be able to adapt to the rapid digitization of banking transactions to meet the needs of consumers and requirements. There are numerous alternatives to self-service for financial institutions to cut costs associated with overhead, shorten waiting times and boost customer satisfaction and loyalty. This includes:
- Cardless transactions
- Video tellers
- Tablet integration
- Online application for loans.
2. Check the online reputation of your brand
Social media use is growing all over the globe. With it comes new ways of attracting potential customers, retaining current customers and putting your name known. Analyzing how your financial business is performing against competitors on platforms like Facebook, LinkedIn, Twitter and Instagram are vital in today’s “connected” world.
Lead generation is a crucial factor when it comes to potential growth opportunities for your business online. Enhancing your company’s social selling is a great method to create leads from a selling perspective. Social media platforms can assist you to establish your brand’s name, logo and mission, values, products and services in your audience’s minds, so you are the leader when they think about which company can meet their financial requirements.
It’s not as easy as simply placing an advertisement that is paid for on Facebook. It is also important to be accessible to customers on the internet in answering questions, and also showcasing your financial expertise online – either in one-on-one chats or general posts or blogs.
3. Put your money into artificial intelligence and automation
In just four years businesses that have adopted AI (AI) have seen their revenues increase by 270 per cent. Customers are increasingly demanding faster bank response times as well as the growth of digital banking as a result of the pandemic, banks must find solutions to meet the needs of their customers. Chatbots powered by AI are an excellent solution to this issue.
Chatbots can collect and process data from various sources, and then respond to customer service queries swiftly and effectively. They can now detect when a customer’s needs may surpass their own AI capabilities and forward the issue to live customer service reps. As for cost savings for businesses, chatbots have been expected to save businesses U.S.$8 billion annually in 2022. In actuality, the financial sector is taking on this technology so so that 70 per cent of all customer interactions are expected to include some form of involvement from machine learning apps, chatbots, or mobile messaging in 2022.
Automated and artificial intelligence systems are “super data” processing machines. They can extrapolate huge amounts of data, create crucial information needed for business decisions and can even handle jobs that free up the time and resources of organizations to concentrate on other areas.
4. Prioritize an omnichannel experience for customers or CX strategy
A seamless customer experience is essential. Customers today want to be able to move from one thing to another without a hitch – begin an experience in one channel, pausing and switching to another to complete the journey in the future; an Omnichannel customer experience. Banks that use multichannel strategies that offer personalized, interactive experiences across different channels will be better positioned to not just keep customers, but also access the information necessary to better comprehend and predict their behaviour. If they don’t, they could face the consequences with 51 percent of customers saying that they would not ever do business with a firm ever again after having just one bad experience.
In order to implement an omnichannel user experience for your business of finance Consider the following suggestions:
- Learn about your customer’s preferred methods of communication
- Increase the speed at which you respond to inquiries and questions.
- Gather data from multiple sources to provide insights into the buying habits of customers
- Employ the right employees who can provide omnichannel customer service.
Omnichannel is about going above and beyond to satisfy your customers. They are more aware of digital channels than they have ever been. That means that there are specific requirements regarding communications that you must be able to meet. When you adopt an omnichannel strategy it means that customers are a priority for your company and you are prepared to meet their communication requirements wherever, when and the way they would like.
5. Explore alternative strategies for sourcing
30percent of businesses can fill a job in just 30 days and others take as long as four months. Alternative resourcing methods could actually speed up hiring times, increase the efficiency of businesses and give the time to focus on the growth of your business.
One of the reasons that finance companies are struggling to expand is an insufficient amount of money to invest in additional resources to help achieve the growth goals. When confronted with a sudden rise in demand or an influx of requests from clients across various functional areas, many finance companies don’t have the time to hire an employee who can benefit from the potential growth opportunities. Outsourcing is a different method of sourcing that will handle recruitment so that you can focus on the things that matter. The most efficient outsourcing companies can make your team up in only 6-8 weeks.
If you employ an offshore staff, you’ll be able to generate funds that can be used to invest back into the development of your company. With the help of an offshore team, you can boost the ability of your company to handle more tasks.
What do we do next?
Utilizing the maximum value of your resources and ensuring low costs is an essential objective for many finance companies. Finding ways to optimize business operations for 2021 by learning from the pandemic is crucial. They could be:
- Incorporating new technologies
- Improving remote work practices
- Automating business processes
- Thinking about outsourcing business functions
The top seven things to look out for when choosing the best technology solutions for your company
When technology advances faster than ever before, and there have never been more options available, you could be excused to believe that there has never been an ideal time to be the manager or owner of a company. For everything from CRM tools that help improve relations between businesses and SaaS subscriptions that offer auto-updates for software, there are millions of business analysis tools designed to help make the process as easy as possible for busy entrepreneurs and their staff.
It would be so easy. There are endless possibilities and choices. It’s great to believe that technology can improve the efficiency of business processes. Still, it is only the case only if it’s the right technology that meets your requirements. Many entrepreneurs dive too fast into buying an instrument that claims to transform their processes or processes, only for it to sit on their employees’ desks since it wasn’t the most appropriate choice for their particular needs. In a market in which they need to stay up with technological advances, navigating the minefield of software solutions could create pressure of a different type.
So, how can you be sure that you’re making the right choices when there are many options to consider? We’re glad that you have asked. Here is our list of the top seven items to consider when looking for the best technology solution for your company.
Our first tech-related tip is the most important rule: If a product isn’t stacked in terms of financial performance, then it’s not the product for you. It’s hard enough to run a business without making poor financial decisions, and that’s the same for making investments in technology. It’s not all about the price of the software, but also about the cost. The time spent training employees on the latest technologies and ongoing training is an unintentional expense that can come back to haunt their managers. Also, it would be best if you considered the initial loss in productivity after implementing the software and having staff educated. Making the calculations before purchasing a product is as crucial as conducting the study.
It’s easy to see that the latest business tools can help you perform your job better, faster, or more effectively. Many decision-makers get caught up in the most recent trends or sales tricks. It’s about knowing the problems your employees face. The best method to identify this is by speaking with them. Ask them how long they dedicate to particular activities to discover patterns across the entire company. Do you spend a significant amount of time sifting through emails? Slow Internet speeds create not only frustrations but also cause unnecessary bottlenecks? The technology or communication tool to solve these issues may be in reach. This will help ensure that you have successful new products that your company adopts.
It’s not worth going into the process of implementing the latest technology only to find that it’s obsolete in the space of a few months. It is essential to find solutions that adapt to your needs, and that’s why cloud-based platforms excel. Built to be scalable to accommodate the increasing demands of customers with new features and capabilities that can be easily integrated and without disrupting your company is essential. As a leader in business, you’ll want your team’s attention to be focused on the company’s goals, not on system updates. Cloud-based systems allow you to accomplish this because it is the vendor’s responsibility to ensure that the system is running smoothly. Companies grow and evolve, and it is essential to make sure you have the appropriate tools to take the journey along with you.
Value in money
One of the primary reasons for implementing technology solutions in companies is the cost savings they provide. According to experts in the field, the price of SaaS products is considerably lower than traditional ones. Still, it is crucial to keep in mind that price-for-value should be the main reason. When selecting a platform, most companies don’t have proper cost-control measures right before launching and discover themselves in the ocean of regret when hidden costs lead to the company having to pay for the chance. The ability to accurately predict the business value you will realize from your investment is crucial when adopting new technology, be it faster-than-anticipated adoption or a product that delivers a positive experience for staff and/or customers.
The cheapest technology solution is likely to be a source of trouble when the solution you choose could compromise your company’s security. The consequences of security breaches will surpass any savings made through the sourcing process by exposing financial information such as the personal information of staff members or any other confidential data. That’s why every effort should be made to locate SaaS firms committed to the highest standards of privacy and security of the user’s data. As a critical service provider, SaaS companies access, modify and analyze customer data daily. It would help if you were sure that the provider you choose to work with is taking every step to ensure that your data is secure and communicate its security measures to you in a manner that you can comprehend easily.
Assistance and assistance
There is no doubt that relationships between a vendor and a client will determine the success or otherwise of a SaaS platform. It is crucial to get support from the vendor when you transition to a new platform and follow its introduction. Beginning with installation and adoption and upgrades to troubleshooting and education, there will inevitably be questions, and that’s why it’s important to study different service models to make sure help is available when you require it. Do your due diligence. Are there other companies that are reputable using similar services? Are they able to provide positive feedback regarding the company? Deciding to switch to a new platform isn’t just about ensuring it is compatible with the needs of the technology and the practical requirements of your company. The provider is also dedicated to helping you at all times.
If there’s one thing that’s certain in business today, there is one thing that’s for sure: one size will not meet all. The ability to tailor technology to meet your requirements is essential to every business, and agile technological innovation is necessary in these ever-changing times. When you sign up to launch new systems for business, inquire with the vendor about their commitment to release regular updates and if they can modify their technology to meet your evolving needs. Mobile solutions can also allow entrepreneurs to manage their business in the field. At the same time, adjustable desktops help to develop customized workflows that boost efficiency.
Be patient, do your homework.
As you can see, there’s plenty to think about when buying IT tools for businesses. Each of the topics mentioned above has a basic premise: conduct your research. Suppose you weigh the advantages of spending less money, researching the security of data, or digging into a vendor’s background. In that case, it is vital to take your time and ensure that the decision you take is the best choice for you and your employees. It’s almost a given that staff members will have some resistance in the face of change. Still, it is possible to reduce this when you demonstrate that you’re willing to solicit their opinion, listen to their views, and then emphasize the need to make optimal changes to increase efficiency for them and the company.
The ultimate reference to outsourcing accounting
The profession of accounting is poised for revolution. The profession was once an obvious choice for those with a knack to numbers, and perhaps a sophisticated calculator, the impact of technological advancements, ever-increasing bureaucracy and an increase in cyber-security threats to data means that the days of being able to quickly recruit accountants in-house and bookkeepers are rapidly ending. Although the demand for experienced accountants is more than ever, the amount of small and medium-sized firms that can pay the high salaries required by skilled professionals is decreasing every day.
Thankfully, accounting outsourcing companies are rising up to fill in the gaps. The practice of enlisting companies from outside to complete the tasks that are traditionally handled internally has grown exponentially in recent times and this is the same in the bookkeeping and accounting sector. With the market for financial services predicted to grow to $28.5 trillion in 2025 research has found that the field of accounting has become among the most outsourced business, with 37 percent of small companies using external service providers to handle their accounting and financial requirements.
The reason that so many businesses are choosing to outsource their accounting services is because it’s effective. One of the greatest advantages is that it lowers expenses without compromising quality. Since the costs of offshore labor are often just a fraction of the costs in the country, outsourcing companies are able to offer services at less expensive prices, and reduce the time and cost of long-winded hiring procedures. Outsourcing allows businesses to quickly scale their accounting requirements to a higher or lower level based on the demand (e.g. taxes season) and can devote more energy, time and resources to advancing their business instead of doing tedious administrative tasks such as bookkeeping and accounting.
Accounting tasks you can outsource
Being one of the most effective methods to increase profit and increase growth, it’s no surprise that companies are turning to outsource service providers to fulfill roles like:
- Processing of payroll : offshore payroll services calculate salaries of employees as well as bonuses, taxes, and deductions as well as ensuring the distribution of their earnings and making sure they are in compliance with current tax laws and rules.
- bookkeeping : A notoriously difficult but crucial job, bookkeeping is about keeping track of a company’s complete financial transactions. If it is done properly it’s the base for tracking the places where money is expended and how it is received.
- Accounts payable/receivable : Outsourced providers have access highly skilled people who are proficient in monitoring and managing the money due to an organization (accounts receivable) and the funds due to vendors and other suppliers (accounts to pay).
- The tax filing : outsourcing tax preparation and filing lets skilled accountants review the details of receipts, financial statements and payroll records to ensure their clients stay conforming to local, state as well as federal regulations. Tax returns are also filed in a timely and accurate manner.
Trends in outsourcing of accounting
As a profession that is known for its growth, the accounting profession constantly adapts to the ever-changing world and is constantly adjusting to the latest trends to keep an eye on for example:
- cloud-based financial accounting : Bookkeepers as well as accountants are not the only ones to have been embracing cloud-based solutions over the last few years, but their excitement for this technology is not limited. The move to cloud-based accounting allows users the ability to share and access financial information anytime and anywhere they’d like as well as new technology and software that can provide other benefits like cost savings as well as a better user experience.
- Skills updated: with executives under constant pressure to convert their ideas into profit, there is an increasing expectation of their accountants to do more than do the math, instead, but to act as financial advisers. That means they must have an understanding of the financial and accounting laws and the capacity to convey authority and confidence in person and on the internet. With their investments in this sector outsourcing companies are leading the way with hiring professionals with the most recent skills and qualifications to accomplish this.
- Automatization: The rise in artificial intelligence and machine learning will lead to increased automation in the accounting industry and, consequently accounting and bookkeepers are able to concentrate their time on tasks that are more valuable. Since manual tasks like recording invoices, reconciliation and data entry increasingly becoming automated, outsourcing firms are able to provide better speed and accuracy, and have more time to advise their clients on all aspects of financial.
The best accounting outsourcing destinations
From humble beginnings in the outsourcing industry, the market for global outsourcing has grown at an exponential pace as governments recognize the benefits of offering services to other countries. This is particularly true for the accounting and bookkeeping industry which has seen several countries investing in fostering the development of such talents.
- India: a world-class outsourcing industry. India is top of the list of countries that companies will be considering when it comes to outsourcing specific tasks. As the world’s second-highest populous country, second only to China there’s plenty of talent available and the infrastructure in India is constantly improving. Although English is popular, problems caused by the language barrier could be a deterrent for certain Western companies and the rising costs are beginning to put pressure on the cost advantage.
- Brazil: the South American nation is a rising international player in the outsourcing market and is especially appealing to U.S. businesses since it’s located within that same timezone. Brazilians provide a wealth of expertise in business mechanics and accounting, and the country itself has made huge strides in terms of communication and infrastructure on the heels of having hosted Brazil for the 2016 Olympic Games. Many business owners continue to be worried about administrative issues, and the difficulty in communicating with Brazilians.
- Ireland: well-established within The European Union, Ireland offers the best education system and technological culture that’s among the top around the globe. Another benefit is that they have English as their primary language. Additionally, their reputation for being friendly, hardworking employees can be appealing to businesses who are looking to outsource accounting. There’s a reason that only a handful of developed nations make it onto this list and that’s because their services are more expensive. cost. The smaller number of people living there implies that Ireland produces fewer accountants as compared to India or the Philippines.
- The Philippines: A government that is dedicated to supporting its outsourcing sector, The Philippines has emerged as one of the top offshore destinations in the world. This is even more relevant to the accounting industry that is with more than 175 000 Certified Public Accountants (CPA) in addition to nearly an additional 8,000 new employees joining the workforce each year after passing their boards. Take into account the fact that The Philippines is home to at least as many accountants who are not CPAs and you can see why so many local businesses are benefitting from the services of Microsourcing.
These benefits include cost reductions of up to 70 percent and an improvement in quality and efficiency, and the opportunity for teams in-house to swap the tedious and repetitive accounting work to more lucrative advisory tasks that improve their business their bottom line. As one of the more active countries within the East Asia region, The Philippines is also a part of an economic and fiscal system similar to the one in Western countries.
If you are a business owner who has not yet considered outsourcing accounting now it’s not an issue of arguing whether this concept is viable, however, they must consider why they aren’t not yet able to benefit from the benefits. Access to professional accountants and bookkeepers to take on the complicated and time-consuming tasks at less than the costs of onshore is a single opportunity to expand your business in a period when it has never been more vital.