Corient Business Solution is a leading outsourcing accounting and bookkeeping company based in Coventry, UK, and has an office in Mumbai, Maharashtra. The company offers a perfect combination of excellent service for accountants, individuals, and small businesses with complete transparency and helps them achieve their financial goals.
The startup blends its services with state-of-the-art processes with different cultures to provide tailor-made services that meet customer requirements and help them focus on their core business.
Corient business supports Accountants and Companies, including SMEs, by providing Accounting, Payroll, Consulting, Back Office, Analytics, Management Information services by combining the best of both- People and Technology.
With accuracy, promptness and personability, the company ensures that all financial records and accounting stay in order so their client can get back to running their business and make more effective decisions to help the company grow.
In an exclusive chat with IndiaTech Desk Punit Jain- Director- New Business and Client Relationship, Corient Business Solution deliberated on the services offered by their company. He explained the direction of growth in the accounting sector for the future intricately.
Would you please briefly inform us of the specifics of the client base?
Corient Business Solution boats of leading Manufacturing, Telecom and Banking Companies to its profile and is in partnership with Top 10 BPOs in India. Besides, it has India’s largest Housing Finance Company, Leading Financial Services Company in India, Logistics Service Provider in Central India, BPO based out of the USA and Other Companies in Manufacturing, E-Commerce, Retail, Hospitality and Healthcare Space, its clients.
How are your clients benefiting from your services? Would you please explain with an example?
At Corient Business, we support Accountants and Businesses by providing Accounting, Payroll, Consulting, Back Office, Analytics, Management Information Services. All the things we do are undertaken with our clients at the center of it, and we work seamlessly behind the scenes while becoming part of your extended team. The premium customer service standards and exceptional communication are part of the package.
Whether the client needs help with individual accounts services, an Outsourced Finance Director or a complete outsourced accounts department, Corient Business has a team of specialists ready to deliver a cost-effective solution. We tailor our solutions according to the needs of the business that work best for them. With the incorporation of XINOWA and BillMyTask, we offer convenience to the clients and the gift of saving time.
We have built a team of experienced, qualified specialists who help in increasing efficiency and raising standards. We offer to manage the day-to-day accounts services so that our clients can spend more time building their business.
The nature of every business is different, so we offer fully bespoke accounting services to address their unique challenges. We aim to invest in helping companies meet their financial obligations while also presenting accurate reports that will help with planning and critical decisions. And with time, we got to work with a range of clients across many sectors who managed to grow twice by using our services.
What are the emerging trends in accounting software to look out for in 2022?
In much of today’s business landscape, technology continues to reshape industries and businesses. Even in the trying times brought about by the COVID-19 health crisis, the word itself is synonymous with development. With the help of technology, companies operate more efficiently and effectively.
Today the accounting business is more open to introducing tools like cloud-based accounting tools, along with on-premise solutions. But as advancements never stop, there are still more technological disruptions that are on their way for the accounting industry. Following are the few accounting trends that you need to know about the following:
Automated Accounting Processes is a crucial trend in the industry; it eliminates confusion and errors, so companies are more inclined to invest in automated solutions. In 2022 and coming years, it will have the highest impact across accounting and several industries, allowing accountants to utilize data and optimize processes for the best accounting software for small businesses and large enterprises.
Rise of Accounting Software Solutions – The use of technologically-driven solutions in the accounting industry will surely intensify in the coming years. These software platforms include various software features that accountants appreciate the most, such as process optimization and manual task reduction.
Outsourcing Accounting Functions – It is becoming one of the fastest-growing areas in the accounting industry. Businesses from varied sectors are now outsourcing accounting functions and reaping its many benefits as it lets companies focus more on their limited resources, resulting in increased profitability. It is also cost-efficient for businesses as it saves them employment costs like payroll, taxation, salaries, benefits, and training expenses. Hence, outsourcing accounting functions is becoming a popular strategy currently.
What are your expansion plans for 2022?
We have started exporting service to the USA and looking to double our revenue in FY 2022-23. We have begun our new delivery center in Jaipur. We are also launching sector-specific Finance and Accounting services through Temp Staffing Agency Small and Medium Enterprises platforms.
What are the best practices in management reporting to increase efficiency?
To increase efficiency in management reporting following are some best practices:
Making Strategic Goals and Objectives Clear – Before embarking on the journey, you also need to visualize the result. Thinking prior about the outcome helps create a path that will ensure that all of the requirements of the report are met.
Giving Data A Storytelling Proficiency – Numbers and data can sometimes get rough, so the future of management reporting relies on the accurate synthesis and attractive presentation of data and figures.
Save Relevant Real-time Data – Creating real-time data that is the most outstanding on the dashboard is essential in evoking insights, which can be used in decision-making processes in the business. The management reports need to present the current, past, and future business scenarios.
Would you please talk with data about the demand for accounting services?
The accounting services market is going uphill. The growth is mainly due to the companies recovering from the Covid-19 impact. The market is further expected to grow at a CAGR of 11.4 percent. Due to the ongoing Talent deficit, we are uniquely positioned to fill the talent gap.
What are some of your current focus areas?
We focus on automating the accounting process for sole traders, partnership firms, and organizations to get the reports and tax returns filled ontime quickly and concentrate on their business rather than on accounts.
For example, we have developed Xinowa (Xinowa | Connecting Whatsapp & Xero | Accounting Chatbot ), Bill My Task ( Home – BillMyTask ) and End to End Accounting ( E2E Accounting )