Outsourcing accounting staff can save a lot of running costs but when you have a distributed team you need to pay extra special attention to the way accounting and bookkeeping processes are organised. Read here how ApprovalMax can help you safeguard your workflows and run a distributed practice smoothly.
Spend control and shared responsibility
Spend control in general, and approval automation as one of its key elements, is crucial for any practice providing outsourced bookkeeping and accounting services. For many clients it’s a game changer because they must have tight control over spending and, therefore, authorise every single bill. Such approval processes become even more challenging when a practice has outsourced staff. If you want shared responsibility with your client regarding payments, you need automated processes that will help you gain the client’s trust.
Review and coding
For instance, when the entire team is located in the Philippines but managed by someone in Australia, you can’t just quickly discuss things in the office. So, there’s a much higher risk of coding errors. To reduce the number of mistakes made it’s vital to review and properly code everything before it gets to the client. At this point, ApprovalMax can be a gateway where documents get checked before they’re routed to the client for approval.
This approach ensures that reporting is correct because any coding errors identified can get fixed well before reports are being prepared.
The timely notifications ApprovalMax sends to reviewers make sure that they are always aware of bills pending their review and approval. ApprovalMax also automatically routes bills to the relevant people strictly in line with the review and approval authorisation level. Review and approval rules can be configured based on criteria such as account types or tracking categories, which facilitates the necessary diversity of review and approval roles.
Watch our webinar with TOA Global to learn more
TOA Global is a professional accounting outsourcing partner to help accounting and CPA firms to build and grow offshore teams. They recently held a webinar where you can find out more about the ApprovalMax capabilities for firms with outsourced staff.