Financial Services

Outsourced accountants can provide effective accounts payable management and ensure that suppliers a company works with are paid properly and on time. Outsourced accountants review outstanding or pending payables to ensure proper processing, documentation and timely payment.

Outsourcing Accounting functions can extend to offloading bookkeeping and data entry services such as efficient recording of financial transactions, payroll management, invoice and billing management, processing of incoming payments along with the issuing of necessary paperwork, payment posting, and managing and reconciling balance sheets and financial statements.

Manage payroll transactions and establish an effective payroll procedure and transactions for a company. Outsourced Accountants who handle payroll management must have excellent attention to detail and ensure all employees are properly compensated in a fair, accurate and timely manner.

The functions of an outsourced Payroll Specialist include auditing payroll process, staying up-to-date on exemptions and salary changes, tax deduction, bonuses, expense reimbursements, and following guidelines for all procedures around employee compensation. Outsourced Accounting personnel can prepare reporting on compensation activities and forecasts, set up and maintain functional payroll systems, collaborate with Finance and HR to create payroll reports and forecasts, and ensure compliance with all payroll and tax laws.

Upon receipt of invoice from suppliers you already have a delegated team to provide the corresponding invoice data capture.

An outsourced accounting personnel or team can collate, identify invoice eligible for payment, categorize invoice for you for proper records keeping for documentation and audit purposes.

Accounting Outsourcing lets you work with outsourced accountants who will do a systematic review of all current accounts.

Accounts Payable outsourcing lets you delegate the Accounting Reconciliation Tasks such as reconcile all Accounts Payable & Retainage Payable, Reconciling Credit Card Payable, and preparing and executing other related tasks.

Accounting is a repetitive, technical and time-consuming process. There are functions that can be automated with the help of Artificial Intelligence and Robotic Process Automation (RPA).

Businesses can use Robotic Process Automation for fast generation of invoice, data syncing and management, and data extraction.

Accountants also need to generate an accurate financial report. This is a time-consuming process involving hardware, several cloud-based applications and software tools in order to generate the most updated financial reports.

At Connext, we have a dedicated team of experts in FinTech and Insurtech to automate key finance and accouting outsourcing related processes to improve the productivity, cycle time, accuracy, and scalability and user experience.

Accounting Outsourcing providers can ensure compliance with all federal and state tax laws. These providers make sure that businesses comply with standard operating controls, financial policies and regulations. They are required to stay up-to-date with labor legislation and any changes in employee insurance and tax regulations.

Compliance covers implementing and reinforcing financial data confidentiality, conducting database backups when necessary and ensuring timely bank and tax payments.