202224 Nov

The Hidden Cost of Chasing Clients

Summary

This aspect of the job is routinely listed as the most torturous for accountants, stuck in seemingly endless loops of requesting documents multiple times for tax, compliance, invoice, report filing. So draining are the awkward conversations over payments or repeated requests for receipts and accurate invoices, that expending all this energy on sunken hours also takes a significant toll on the mental health of finance professionals, according to research. Finance departments and individuals responsible for accounts payable, tax compliance, payroll and other cash-in, cash-out tasks play a crucial role in business continuity, as they often have a direct relationship with clients and customers. Multiple high-profile corporate failures in recent years, including Carillion, BHS, Thomas Cook, Patisseries Valerie and others, have drawn headlines over their poor auditing, but the regulators believe the problem is endemic. Powerful automated processes eliminate the need for manual input, reducing the chances of errors creeping in, and can be programmed to ensure similar requests are sent to multiple customers until all the relevant information is obtained.

Source: Glasscubes

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