General • Published 7/07/2021 Addressing Today’s Business Challenges with New Strategies

Your customer expectations and demands have shifted dramatically. A tight labor market means certain teams are understaffed. The business landscape is still leveling off, but countless rapid changes have reset the perspective for companies, employees, and consumers.

Even with a much-awaited resurgence, many business leaders are struggling to split attention between managing the ever-changing present and planning strategic initiatives for the future. The “old-fashioned” methods of addressing business challenges are no longer enough. There is a huge demand for scalable support, accessible information, and clear options.

Emerging with clarity

While it’s impossible to return to the world as it was in February 2020, organizations can be realistic about the challenges that they face today. These gaps can be addressed with thoughtful strategy and investment in effective resources, allowing your organization to seize its potential for growth.

Outsourcing can help you adapt to staffing challenges in a fluctuating job market.

Challenge: A tight labor market

Whether your organization is developing a new role or reviving positions that were cut due to the impacts of the pandemic, the current labor market is highly competitive, and bringing in strategic talent is no easy task.

Outsourcing can help you adapt to staffing challenges in a fluctuating job market by providing access to experienced professionals, from staff-level positions to a temporary CFO. This support system can cover critical functions as well as bring in multifaceted experience and new strategies to help your company gain a competitive edge.

Challenge: Navigating tax and regulatory changes

Legislation has been proposed, passed, and implemented at a faster rate than at any time in recent history. Staying abreast of new developments and guidance at both the federal and state levels is critical to leveraging opportunities and maintaining compliance, but it’s also a time-consuming and ongoing responsibility. Meanwhile, accounting regulations that were put on hold for more than a year need immediate attention, and effective implementation requires a deep understanding of how these regulations apply to your business.

An experienced accounting advisor will be well-versed in tax considerations, compliance with economic assistance program guidelines, and regulatory changes. With technical knowledge and a proactive approach, they can help translate that information into actionable steps for your organization.

Challenge: Maintaining critical functions while adapting

The timely completion and accuracy of your financials help drive critical, strategic decisions. The same high-priority tasks need to be completed, regardless of how much your organization is looking to the future or adapting for new opportunities. Your accounting team will still feel strain during reporting deadlines. There will still be unforeseen disruptions to the normal daily function of accounts payable and receivable.

Look for scalable support for these key tasks, even if your team is managing well at the moment. Put safeguards into place by engaging an outsourced partner who can get to know your organization’s needs and ready their staff to step in whenever your critical teams need extra support.

Challenge: Accessing and analyzing current data

COVID-19 underscored how important it is to have tools that support accurate and timely decision-making in a crisis. Accounting supports operational, tactical, and strategic decision-making, so robust analysis is crucial. Organizations that lack always-current cash flow information and accessible, automated reporting should consider revamping data capture and aggregation processes.

A cloud accounting system that streamlines manual processes and provides an always-current dashboard of KPIs can help finance leaders understand the state of the business quickly and develop a forward-looking strategy.

Even modest investments in cloud computing can have a significant impact.

Challenge: Technology evolution and adoption

Office closures and a year of remote work accelerated the shift to cloud-based business activities. Many organizations are now able to implement tools that were not previously considered high-priority, and technology has evolved at a breakneck pace to keep up with these new demands. There are more options than ever before, but it can be a huge undertaking to evaluate and then roll out a new system. You may need help to assess how your organization can best utilize a software investment, and implementation of new software offers its own set of challenges.

Working with a software selection partner can take some of the burden off your own team. Cloud software isn’t just about the technology—it can provide adaptability, accessibility, and efficiency that can sharpen your organization’s competitive edge. Even modest investments in cloud computing can have a significant impact.

Challenge: Modified controls and processes

As the world experienced rapid change, organizations adapted processes, technology, and resources to address needs as they arose. Unfortunately, the pandemic also triggered an alarming growth of fraud, which has considerably stressed the finances of organizations across all industries.

It’s time to take a full inventory of modified processes, new technology and vendors, and any changes to your normal internal controls due to physical office closures. When you gather this information, you will likely find additions that must now be vetted for suitability and security for the long term.

Addressing business challenges with a holistic approach

As novel situations arise, P&N professionals proactively consider every angle of a challenge. Experienced, multi-disciplined teams research new developments, anticipate business-related challenges, and assist clients in developing a customized strategy to navigate changing circumstances. P&N’s diverse team of assurance, tax, consulting, and technology professionals can analyze your company’s current position, assess the strategic gaps, and help you develop a strategic path toward organizational goals. Contact us to start a discussion.