Finance and Accounting
The role of specialised accounting solutions in business growth
Today’s fast-paced and highly competitive market offers businesses many exciting opportunities to explore new markets, reach a wider audience, and grow their business. As exciting as these opportunities are, they also bring with them a unique set of challenges, particularly when it comes to accounting and financial management. Juggling bookkeeping, strategic analysis, tax compliance, and more is a complex challenge that requires custom accounting services tailored to the specific needs of the business.
But what role does accounting play in business growth, and how can businesses benefit from specialised accounting solutions?
Financial management challenges for a growing business
As businesses continue to grow, whether in the domestic or international markets, they encounter several financial management challenges. Whether it is accessing capital, managing cash flow, ensuring tax compliance, or optimising resources, without the right expertise, businesses can crumble under the pressure of growth.
Some of the major financial hurdles growing businesses must overcome include:
- Maintaining a healthy cash flow to support the ongoing operations, including inventory and payroll.
- Navigating the dynamic and complex landscape of tax regulations and financial reporting.
- Managing payroll and benefits for the growing team.
- Accessing specialised financial expertise to identify market opportunities, identify and assess risks, and facilitate strategic decision-making.
Failing to address these challenges can have devastating consequences for the business, from business disruptions and employee turnover to missed opportunities and vulnerabilities to economic downturns.
Role of specialised accounting solutions in business growth
Accounting is one of the core building blocks of any successful business, big or small, and focuses on recording, analysing, and interpreting financial information. Building on these three focus areas, accounting plays a pivotal role in accurately portraying the company’s financial health, managing risks, ensuring regulatory compliance, and meeting stakeholder expectations while supporting business growth.
Here are some essential facets of the role custom accounting services in supporting business growth:
Gaining insights into the company’s financial health
Accounting plays a key role in facilitating financial transparency and outlining the financial health of a company through accurate bookkeeping and timely reporting. As a result, stakeholders have a comprehensive understanding of the company’s financial position and support informed strategic decisions.
Supporting strategic decision-making
Specialised accounting solutions go beyond simple reporting and descriptive analytics to leverage advanced analytics capabilities and uncover previously unattainable insights. This, coupled with real-time analytics capabilities, allows companies to understand and respond to the dynamic financial landscape and be agile as they grow.
Compliance
Businesses today must abide by a plethora of financial regulations and reporting guidelines in domestic and international markets to ensure compliance. This involves understanding the nuances of regulations in different markets as the company continues to grow. Accounting is critically responsible for ensuring such compliance, mitigating the risk of repercussions, and giving the company opportunities to grow.
Risk management
Accounting services give businesses a systematic framework to identify, assess, manage, and mitigate potential risks. This helps them navigate potential challenges and uncertainties and build the resilience to bounce back from setbacks. This is crucial for supporting long-term sustainability and growth for businesses today.
Resource optimisation
Accounting plays a crucial role in helping businesses scrutinise their financial position and identify potential inefficiencies. As a result, the company can eliminate unnecessary expenses, optimise budget allocation, and achieve resource optimisation, opening up the opportunity to invest in business growth.
Access to capital
Building confidence among investors and lenders is critical when trying to access capital for business growth. Accurate accounting and financial reporting are the cornerstones of such confidence, opening the doors to attracting capital investments in initiatives that drive growth.
Benefits of specialised accounting solutions
Specialised accounting solutions give you the opportunity to transform your accounting operations. Some of the significant benefits these solutions offer include:
- Streamlined accounting workflows
- Enhanced end-to-end financial visibility
- Efficient tax planning and compliance
- Strategic financial guidance
Through services like bookkeeping and data entry, tax preparation and planning, financial analysis and reporting, audit, payroll services, cost accounting, forensic accounting, and many more, custom accounting services offer scalable solutions that foster growth.
How can Infosys BPM help with specialized accounting solutions?
As businesses explore growth opportunities in new markets, specialised accounting solutions have become a staple in their repository of tools when navigating the complex financial management landscape. Infosys BPM's industry specialised financial services help you leverage advanced technology and analytics to optimise performance. With solutions ranging from accounting basics and financial reporting and analysis to liquidity reporting and F&A systems recon, Infosys BPM can help you leverage custom accounting services to achieve sustainable long-term business growth.
