KriyaGo - Blog #outsourcing services

7 Reasons Why Your Business Needs Accounts Payable Automation

Wed, 14 Sep 2022 09:00:00 -0400

There are multiple layers of work in an Accounts system. Accounts Payable is probably one of the most crucial parts of it. It is what runs the cash flow of the company and determines your expenditure. From invoice tracking, recording keeping, processing and clearing payments, it has many different aspects.

When the bookkeeping season starts the process becomes even more hectic because of a lot of extra work to close books. It can become extremely hard to keep track of all accounts if your business is set out for growth. But you also can not afford to miss out on payments to avoid conflict. An automated Accounts Payable system is the best answer to this.

7 Reasons why an automated Accounts Payable system will work for your business

Are you overwhelmed by the increasing and complicated accounts payable lists of your company? Then outsourced accounting services might be the best solution for your business. KriyaGo’s back office accounting services can help you automate your system. We will guide you every step of the way and make the transition smooth and hassle-free. Pick up a call with us today and discuss your business needs with us. This will ease the life of your back office employees and you can reassign them to better front office work.

Here are a few of the reasons why you should start automating the accounts payable system immediately.

1. Save overhead cost

When you automate and outsource your Accounts Payables you get expert help when needed. Highly skilled professionals will work on your account and there will be no chance of discrepancies. Why is this important? Not only do you not have to pay for these experts throughout the year, but these people will also give you valuable insights. Your in-house semi-skilled team might not be well equipped with the minute industry knowledge and will reflect in your bookkeeping if you don’t take charge. These insights will also save you from further penalties.

More than 60% of companies feel that they have very little knowledge of accounting and that is the crux of the matter. You need to identify your weakness and get back office outsourcing services to address the matter.

2. No chance of losing manual invoices

If you have an automated system then both your invoices and payments will be electronic. This leaves no chance for disparities and loss of documents or money. As many as 64% of businesses across the world insist that they want to shift to e-payments to avoid the hassle.

The automated system will not need you to process each payment individually and there will be no delay. You shed the load off your back and reassign your staff to other work. Get the heavy lifting accounting work done by the outsourcing partner.

3. Complete track of all transactions

When you do things online or in the cloud all transactions have history and evidence. There is hardly any chance for fraud or missing cash in such systems. There can be no financial fraud because all payments in an automated system are approval based. No transactions can work without the authorities giving a go-ahead, saving you the headache of money loss.

When the system is automated you also have evidence of who authorised which payment making the process hard to breach.

4. Get easy and quicker approvals

When vendors are breathing down your neck, getting manual approval on each invoice can become a hectic task. When all the invoices are uploaded in the automated system you can get approvals on the go and process transactions in a few clicks. You can also process approvals and payments remotely without physically being at your office desk.

5. No chance for human errors

Human errors in the Accounts Payable process can lead to a lot of double payments or non-payments due to gross overlook. Any vendor or supplier is bound to lose trust if they do not receive payments on time due to minor errors by your accounting team. To avoid such bad business you need an Accounts Payable automation system in place.

The data tells you why. Market statistics say that a business that depends on automated system accounting is 33% more likely to pay their Accounts Payable on time than manual ones.

6. Benefit from early payment discounts

There are many vendors out there who give early-bird discounts to loyal customers. You can reap the benefits of this with an automated Accounts Payable system. Re-evaluate your strategy and leadership well and understand how this can save money for you. Vendors provide as much as 1.5-2% of average discounts on early payments which means you can add them up and save thousands of dollars at the end of the year. The same survey also reveals that more than 62% of vendors want to be paid early. You can leverage this data with an automated Accounts Payable system to spend less money.

7. No legal or audit issues

As an automated Accounts Payable system works in a systematic manner there can be no delay in payments. All transactions work on their own based on set dates and other criteria. You can land into legal or audit issues due to non-compliance with regulations. The analysed data will be quickly ready on the automated system and can be readily produced in front of audit enquiries.

KPMG findings also say that audit and tax are making a digital shift all across the world, post-pandemic. This means if you automate your accounts system then the whole system will be easier for you as well. Audits will no longer mean sweating over discrepancies in Account Payables and Receivables and an easy end to the tax season.

Final Thoughts

Research data says that when a company automates their Accounts Payable process it cuts down paperwork significantly. It also increases the work efficiency of employees when the tedious data entry is lifted off their shoulders.

Handling this humongous and complicated process on your own is troublesome. You must get outsourced accounting services to simplify it. We at KriyaGo are waiting to help you get your Accounts Payable system automated and error-free. Want to know the minute details about how it works? Book a free consultation with and talk soon.

The Surprising Truth about Outsourcing Property Management Accounting

Wed, 23 Feb 2022 09:00:01 -0500

Managing a property is no easy task. You have to take care of endless responsibilities that include maintenance, coordinating with vendors, paying staff on time, and more.

Each property you manage brings more tasks to the table and can soon overwhelm your time. The situation is more common than you think and haunts countless businesses in real estate.

On top of that, agencies have to attend to back office duties and accounting.

As a result, things can go out of control and leave you in the lurch!

Outsourcing your property management accounting

Outsourcing has remained a top solution to achieve business growth. Over 1/3rd of small US businesses outsource a range of functions to chosen partners in different countries.

Real estate agencies can also outsource their back office tasks like property management accounting. It can free up your staff and help you deal with your priorities.

Best of all, accounting is one of the top functions to be outsourced. According to the US Small Business Administration (SBA), it is a perfect option for bridging a talent gap.

That means you don’t have to be a financial expert or even handle your books. In addition, you don’t need to invest time to learn accounting standards or tax rules.

Instead, you can outsource your accounting process and enjoy more efficiency. Moreover, you can take advantage of several perks that are mentioned below.

Ensure business continuity without exception

Businesses can experience a range of disruptions. We don’t have to look far to find an example for what we are saying.

All of us have gone through the pandemic that strained supply chains around the world. As a result, several businesses downed their shutters and stopped operating.

Those who survived were still dealing with inconsistent orders and increasing costs. The matter became so worse that many companies feared their existence.

Outsourcing can be a great option to sail the troubled waters during difficult times. It can take the load off your shoulders and give you space to focus on what’s important.

Therefore, you can delegate your property management accounting and free up your resources. Maybe it’s the reason business continuity was central to outsourcing in 2021.

Lower costs and operating expenses

Cost has always been a top priority for outsourcing back office accounting. Real estate agencies can save a whole range of expenses just by working with an adept outsourcing partner.

What type of costs can you curtail by delegating your accounting?

The first major expense you can save is on recruiting new employees. You don’t have to spend any resources to hire, screen, or interview accountants or bookkeepers.

In addition, you don’t need to pay any regular wages, bonuses, or incentives. There is also no need to offer retirement plans or any type of benefits.

Moreover, you don’t have to rent or lease office space or provide supplies. You can also save on overheads and paying utility bills.

As a result, a business can save 60% of overall costs by choosing to outsource.

Scale your business without restrictions

The demand for real estate is expected to surge in 2022 as we get back to normal. As per Deloitte, 80% of real estate agencies expect to earn more revenues next year than in 2021.

As a result, experts are predicting more demand for commercial spaces in the coming days. Firms can add more offerings to their portfolio to grow their business.

However, many firms are afraid to take advantage of the situation due to a lack of manpower. They don’t have the additional staff to take care of the accounting that comes with each new building.

Yet, there is a simple way to address the whole scenario, i.e., outsourcing. It can eliminate the need to hire additional staff by delegating any extra workload.

In addition, you also don’t have to spend time training your staff.

Instead, you can work with a reliable partner like KriyaGo to access expert accountants. We can provide you additional workforce as you grow your portfolio.

There is no need to wait as you can scale instantly to meet increased demand.

Boost productivity of existing employees

Your back office handles a wide range of tasks every day. The list includes coordinating with third-party service providers, maintaining records, assessing customer feedback, and more.

Along with that, they have to work on administrative tasks and property management accounting. Back in 2017, businesses spent 120 days per year on average working on such tasks.

Now, we have automation to save time, but many firms still rely on paper processes. As a result, they lose out on productivity by wasting countless hours every week.

Outsourcing can be an excellent technique to reduce workload for your existing employees. You can free up essential hours for each employee to be spent more productively.

For example, your back office can coordinate between your sales and marketing departments to convert more leads.

In addition, you will be able to streamline your processes and save more effort.

Choose your property management accounting outsourcing partner wisely

Outsourcing your accounting process is a proven way to boost productivity and efficiency. However, you need to join hands with a proficient partner for the best outcome.

KriyaGo is a leading choice of real estate agencies worldwide to outsource property management accounting. We have a team of adept accountants who have years of experience in working in residential and commercial real estate.

Therefore, you can access top expertise and take advantage of our proven processes. We can help you improve the accuracy of your books, lower costs, and gain more control over your expenses.

Final thoughts

Outsourcing is a proven method to reduce your workload and focus on your core activities. Real estate agencies can outsource their project management accounting to free up time and resources. It can also boost productivity and help you achieve efficiency in your processes. Best of all, you can stay free to scale your business up or down based on market demand.

Signs That You Need to Outsource Your IT Requirements

Mon, 08 Nov 2021 13:30:19 -0500

Running a business is not a simple task. Entrepreneurs have to handle countless workflows and processes every single day. On top of that, they also have to manage the company's IT operations and digital needs.

At times, things go beyond the capability of entrepreneurs to manage IT requirements efficiently. As a result, the growth of the company is hampered, and your bottom line suffers too.

Therefore, it is necessary to spot the signs that tell your business needs professional assistance. Here are the top ones that indicate it's time to outsource your IT requirements.

Your costs are overwhelming

IT can incur huge costs, especially if you handle everything yourself. You will have to buy hardware, set up your servers, maintain an IT team, pay for maintenance, and more.

Therefore, your IT costs can add up to a staggering figure at the end of the month.

Entrepreneurs who find themselves in such a situation should consider outsourcing IT requirements. A survey by Deloitte also shows cost reduction is the top reason for 70% of businesses to outsource.

As a result, businesses can save considerably by eliminating the need to invest in hardware. They also don't need to pay salaries to an IT team or invest in maintenance.

Instead, they can enjoy world-class IT services for affordable monthly payments.

You experience too many bottlenecks

Businesses need a range of resources to manage IT requirements in-house. For example, you need qualified experts to manage your IT infrastructure and run maintenance.

Additionally, you need the right hardware to manage your IT services yourself.

However, not every organization has in-house expertise. Small businesses may not even have an IT team to manage their architectures.

As a result, you are bound to experience a lot of bottlenecks on a daily basis. No wonder 24% of organizations choose to outsource to improve efficiency.

In addition, 18% of businesses rely on outsourcing to access external expertise. Therefore, you can also outsource your IT requirements and boost your productivity.

Your business lacks automation

Automation is the key to grow your business. It can help eliminate manual processes and streamline workflow, irrespective of the industry. Additionally, automation can also reduce costs and save the effort of your workforce.

However, entrepreneurs need solid technical knowledge to implement automation. They need to be experts in technology to choose the right solution for their needs.

Sadly, that is not always the situation. As a result, businesses have to rely on outsourcing to unleash automation.

In fact, 75% of companies look for technologies like robotic process automation (RPA) while outsourcing. It helps them improve efficiency and even reduce costs by up to 60%, says Deloitte.

You cannot digitally transform

Most businesses have already transformed digitally and experienced massive growth. However, some entrepreneurs are still wondering if they should make a move. As a result, they are stuck in legacy systems and data silos that hamper business performance.

You need to outsource your IT processes if you find it difficult to transform digitally. An external partner with due experience can help you eliminate silos and make data free-flowing. Additionally, technologies like cloud computing can bring several advantages to the table.

69% of businesses had already adopted cloud in 2019 to enable digital transformation. It is now time for you to choose a reliable outsourcing partner and unleash digitization right away.

Your organization is target of cybercriminals

Cybercrime is on the rise, especially after COVID-19. Large-scale data breaches are now more common, with a growth of 273% in the first quarter of 2020. Along with that, other forms of cyber-attacks and hacking are becoming widespread, like:

Ransomware
Malware and viruses
Phishing

A single data breach can put your business and reputation at risk. Additionally, it can lower the value of your company by 7.27%.

You surely need to outsource your IT services if you are a victim of frequent cybercrime. It shows you are not capable of securing your investments. Therefore, you need an expert to guide you and make your business more secure.

Your business isn't agile enough

The success of a business depends on how quickly it can react to market changes. Entrepreneurs should always be ready and keep an eye on circumstances to stay agile.

However, many businesses can't respond to market changes as they can't afford the time. They are too tied up with managing their IT requirements. As a result, the entrepreneurs don't have the time to study the market and make accurate predictions.

Outsourcing is the way ahead if you find yourself in such a position. It will help you hand over your IT responsibilities to a proven partner while you stay free to stay updated on the market.

As a result, 40% of businesses choose outsourcing to stay flexible, as per Deloitte. Around 18% of organizations also outsource to become agile.

Moreover, 20% of businesses work with an outsourcing partner to improve speed to market.

Outsource your IT requirements with KriyaGo

KriyaGo can help businesses take advantage of cutting-edge technology to handle IT requirements. Take advantage of all the ERP systems you like and integrate everything together!

Our team has experienced IT professionals and accountants to manage your daily processes. With MiCasa, you’ve a real estate property management solution that works for you.

Additionally, we provide specialized outsourcing services to save your effort. We can handle crucial processes on your behalf, like back-office accounting or help desk for your system users.

With KriyaGo, it’s easier to make strategic decisions and grow your company. Since we have experience in working with businesses of all sizes, we understand your requirements clearly and provide a tailored service for unleashing innovation. With intelligent automation, we can help you create robots that do all the mundane, repetitive tasks for you.

Final thoughts

Outsourcing your IT requirements is the sure way to growth and transformation. You can cut your costs and boost operational efficiency by choosing to outsource.

Additionally, your business will become agile and stay flexible to react to market changes. You will also be able to boost security and protect your business from cyber-attacks. Moreover, you will be able to enjoy top expertise and guidance at affordable rates.