VACO INSIGHTS AND RESOURCES

6 common tech challenges in accounting and finance—and how to avoid them

Change can be scary or hard. Sometimes it’s a bit of both. But it’s also inevitable.

Today, AI is transforming accounting and finance jobs by taking over repetitive tasks, reducing errors, boosting efficiency, and allowing accountants to focus on higher-value work.

Don’t let these six common challenges stand in the way of your company’s progress

1

Limited adoption of accounting automation

If your company’s still using outdated accounting systems, it’s time to switch things up. Modern, automated systems make things more efficient, reduce errors, and give you real-time data to stay ahead of challenges and opportunities.

2

Hesitance to embrace the cloud

Moving to the cloud is a game-changer for accounting and finance teams. It’s easier to manage, offers flexibility, and cuts down on compliance risks and maintenance costs. Plus, it frees up your team from manual checks, with the system automatically handling everything and providing solid backup.

3

Redundancies in systems and accounting software

Take a step back and reassess your accounting processes to make sure they’re up to speed with today’s fast-paced, data-driven world. If your company is using a patchwork of outdated systems from past mergers or quick fixes, it’s slowing things down, driving up IT costs, and making it harder to get clear data.

4

Lack of real-time accounting and financial data

Monthly reconciliations and yearly audits aren’t going anywhere, but more companies are moving to real-time data for accounting. With real-time data, you can dig into performance by location, department, project, or customer, helping you track cash flow, revenue, and expenses. Plus, it makes fraud detection and business forecasting easier.

5

Inadequate internal accounting controls

Internal accounting controls protect assets and reduce risk by ensuring accurate financial statements and minimizing fraud or errors. A simple way to strengthen these controls? Switch from a legacy accounting system to an automated solution.

6

Resistance to change

Your accounting team might be stuck in the past, but automation is the way forward. It takes care of repetitive tasks, letting your people focus on making connections, spotting opportunities, and driving smarter financial decisions. It’s important to show the team that change can be good, and the investment is worth it.

Source: Vaco

VACO INSIGHTS AND RESOURCES

The rise of super commuting: how to make it work for you

Super commuting—or traveling long distances for work on a regular basis—is a growing trend. Since the pandemic, the number of super commuters has risen 32%. While it’s not for everyone, professionals who embrace this lifestyle can make it work with the right approach. Here are a few key strategies to make super commuting work:

Establish a routine

Successful super commuters rely on predictability to get things done. This means establishing consistent travel patterns like choosing the same airline, hotel chain, and rental car company. A structured routine helps to minimize stress and creates a smoother transition into work each week.

Stay adaptable

Whether dealing with flight diversions or unexpected delays, being able to deal with uncertainty helps prevent frustration from affecting your workday. Embracing flexibility and problem-solving on the go will ensure your productivity stays intact, even when things don’t go as planned.

Take advantage of in-person collaboration

One of the key benefits of super commuting is the ability to establish deeper connections through face-to-face interactions. Make the most of your time in the office by prioritizing spontaneous conversations, brainstorming sessions, and team collaboration. These in-person moments can spark creative ideas and strengthen professional relationships, which are often harder to cultivate remotely.

Vaco via Fast Company

VACO BY HIGHSPRING CASE STUDY

A nearshore accounts payable solution for a global media and entertainment company

THE CHALLENGE

A leading media and entertainment company faced challenges with its complex organizational and accounting structure. To improve operations, they decided to consolidate their platforms into a single procure-to-pay system. The company needed additional accounts payable support, requiring Vaco to quickly onboard, train, and manage new workers so the in-house team could focus on implementing its new enterprise resource planning (ERP) software.

THE SOLUTION

Vaco provided a skilled, university-educated accounts payable team of 17 professionals with strong Excel and ERP experience. After a smooth 6-week training period, the team immediately provided support for invoice discrepancy review and resolution, credit note matching, vendor setup, and more—then measuring its performance against the company’s in-house team.

THE IMPACT

Vaco’s accounts payable team cleared the queues for unmatched invoices and a backlog of exceptions, achieving a 36% increase in efficiency and productivity compared to the company’s in-house team. Additional results included:

Providing full operational support within 6 weeks and exceeding key performance metrics within 8 weeks of training.
Expanding Vaco’s team by four people and training them to support new processes.
Prompting the company to review its standard operating procedures and creating new ones as necessary.
Enabling regular involvement of Vaco’s project manager in the company’s weekly director meetings for strategic input.
Documenting key responsibilities for each role Vaco held.

Source: H ighspring