Accounting and Finance Industry Case Study: Major Challenges and How Remote Working Can Help Them

Cash flow is the lifeblood of all businesses. You need to have a healthy accounting and financing strategy to continuously sustain and grow your business. That’s why accounting and financing companies are still sustainable, regardless of the economic climate.

In fact, the Australian accounting industry is one of the most resilient industries. The industry comprises firms providing taxation, financial reporting, and auditing. And even with the global pandemic, the onset of government tax and cash stimuli increased demand for their services.

It is important to note though, that auditing and taxation services are on the rise. But the management advisory services might take a considerable hit.

Also, the presence of the Accounting Big 4 doesn’t stop the growth of Accounting SMEs. They only embody 30% of the market share. It’s because the smaller accounting firms cater to SMEs across Australia.

Alongside the accounting industry is the finance sector. According to the Treasury of the Australian government, the finance industry is the largest contributor to the GDP, with over $140 Billion in 2016 alone. 

Australia’s big four financial institutions are part of the top banks in terms of market capitalization and the top 25 safest banks in the world. 

And in these trying times, the collective power of the finance sector plays a pivotal role in the survival of the Australia industries from the pandemic. It makes it a sector that’s steadfast in a downward economy.

Challenges Faced by Accounting and Finance Companies

Although the demand for accounting and financing services is on the rise, there are still multiple problems faced by these institutions. Some of which are:

 

Changing Accounting Standards, Finance Regulation, and Tax Laws

What you might practice now might not be the standard for the coming months. Accounting standards, financing regulations, and tax laws change every so often. These institutions need to be updated with their practices.

 

Organizing Data

Accounting and financial institutions process loads of data every day. They need to have a solid foundation in data gathering and organization. It is not only to comply with regulations but also to have reliable data for financial decision making.

 

Forecasting and Analysis

And speaking of financial decision making, one of the primary purposes of these financial records is for future decisions to be made. Accounting and financing firms need to be adept in forecasting and analysis to give more value to their clients. 

A next step should be made to capitalize on the current strengths or mitigate the weaknesses.

 

Artificial Intelligence and Accounting Software

Modern technology can help accounting and financing institutions to streamline other tasks for faster and more efficient output. But not all companies can adopt that quickly. It’s a challenge to incorporate these new technologies into their businesses.

 

Cybersecurity

Alongside modern innovations, there are new threats in place, especially for those in the financial sector. Cybersecurity is a top priority for these institutions. You need to have protection against malicious online attacks to secure your data.

 

Shortage of Talents

The accounting and financing industry might have a high turnover rate because of its fast-paced nature. But you need to acquire consistent talent to continue operating at your peak. Another industry problem is the shortage of talents available.

 

Remote Working as a Solution

Coupled with the pandemic, accounting and financing institutions are more open to operate remotely. To survive, companies need to adapt to the new normal. And it can be done.

Big companies like Ernst & Young, one of the top 4 auditing firms in the world, have announced a work-from-home setup for most of its employees. And financial institutions like Westpac and the Commonwealth Bank are following suit.

The new normal forced people to adapt because the battle is far from over. Most institutions will need a skeletal workforce on-site and a thriving remote working team to drive the business daily. And those that will embrace this new setup will do well in the years to come.

Working with Remote Staff

Fortunately, this is not a new concept. Many companies are hiring remote workers. You can enjoy the same benefits big companies get while maintaining a healthy financial bottom line. You just need to partner with someone who is an expert with providing Remote Staff.

Remote Staff has over a decade of experience in helping accounting and financial institutions thrive remotely. Here are some of the job roles companies contract with us that can help you as well:

Virtual Assistants Roles

Admin tasks can take up your precious time without you even knowing it. Focus on the things that only you can do by hiring Virtual Assistants. Virtual Assistant Roles that are frequently hired by accounting and financing institutions are: 

 

Executive Assistant

• Can help with taking calls and answering emails.
• Can provide administrative and clerical support.
• Can do scheduling and arranging travel itineraries.
• Can prepare corporate documents.

 

Data Entry Specialist

• Can input data accurately.
• Can input orders in the system for tracking.
• Can provide data analysis for certain reports.

Take note; as long as these are administrative tasks, you can delegate them to your own virtual assistants.

Accounting and Bookkeeping

Business transactions can range from a handful to hundreds every day. For the financing and accounting businesses, you might need a helping hand in accounting and bookkeeping tasks. It’s no surprise that these businesses hire:

 

Bookkeepers

• Help your clients manage their books for day-to-day transactions.
• Can input data in accounting software.
• Help generate reports.

 

Accountants

• Can prepare financial statements for your clients.
• Can analyze financial statements for business solutions.
• Can prepare reports to be compliant with Australian taxation laws.

IT Professionals

The world today is driven by data. And financial records need to be reliable in order to produce reports that are valuable. So, with cybersecurity and protecting data integrity in mind, IT professionals are hired by those in the accounting and financing industries. 

 

Implementation Analyst

• Set up computer systems and software for the implementation of accounting needs.
• Create software for data recording and analysis.
• Design Workflow and integrate data for websites or applications.

You can also hire IT Tech Support to maintain your data, prevent database crashes, and protect you from cyber-attacks.

Remote Staff Testimonials

Looking for your Remote Staff? Hire Remote Staff to focus on the things that only you can do. Feel free to view our candidates for possible talents today.