Through many years of working with midsize businesses, the PwC US team behind InsightsOfficer knows their clients’ recurrent problems. Among the biggest: timely, accurate financial statements and reports. data owners need to make key decisions. The team delivered a solution owners needed: an outsourced cloud-based back office that provides actionable insights from financial data. That’s why the PwC US team behind InsightsOfficer are a Global Innovation Challenge finalist.
Small and medium-sized businesses are the backbone of economies worldwide: in the US they account for nearly half of all economic activity. Today more than ever, as society and businesses strive to bounce back from the COVID-19 pandemic, business owners understand they need to stay resilient. One of their most complex challenges is getting bookkeeping and accounting right, while having up-to-date, accurate financial data for decision-making. We applied innovation to solve this problem. Delivered as a software-as-a-service, fixed-fee subscription, InsightsOfficer is now enabling midsize businesses across the United States to turn basic accounting from a burden into a business accelerant.
Most owners of midsize businesses focus their time, effort and passion on serving their customers. All too many owners struggle with these strategic questions because the figures generated by their bookkeeping and accounting processes arrive too late, or aren’t accurate the first time around. The result? They’re left making decisions with sub-optimal information.
We knew that many midsize owners were frustrated by these issues. So a dedicated PwC US team of technologists, certified public accountants and small business specialists began by ideating a solution with two different client sets – law firms and trucking companies. What both wanted was a powerful yet easy-to-use offering that would handle all their bookkeeping with little lag time, for a fixed annual fee. InsightsOfficer delivers this: an efficient, cloud-based, back office using artificial intelligence (AI) and robotic process automation (RPA) to generate actionable insights from accurate financial data, delivered via subscription with support from our CPA-led customer success teams.
What do midsize businesses using InsightsOfficer get? A bookkeeping and back office solution, built for them, supported by an experienced team. They also get instant access to their most important financial data without having to dig through old reports, including monthly financial statements and key performance indicator reporting. All delivered on the fifth working day of every month – giving them the time and insight needed to sustain and grow their businesses in these tough times.
Today, InsightsOfficer is being used by more than 60 small and medium-sized businesses across law, education and family offices and more. Clients signing up have benefited from a return on investment due to process efficiencies and reduced accounting workload – while also benefiting from KPIs, reports and insights that are key to achieving their business goals. As a result, some clients have overhauled their business model and strategy, even embarking on acquisitions.
The managing partner of a California law firm describes how InsightsOfficer has revolutionised his business. ‘Our accounts are now up to date, books are closed on time every month, and the data is accurate,’ he explains. ‘And from a business perspective, InsightsOfficer has enabled us to rework case assignments to improve incentive-based compensation and allocate staff even better based on client value. Our new business model and way of working are so successful that we’re now acquiring competitors.’
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‘When we started working with midsize businesses, we realised they needed better information about their finances – so we created some great KPIs for them. Then we discovered a much deeper problem: that their data underlying these KPIs was often flawed. So we designed InsightsOfficer to get the basics of accounting handled efficiently, and provide the insights they so badly needed. We’re now delighted and energized that more and more businesses are reaping the benefits.’
Vicki Huff Eckert
Global New Ventures & Innovation,
TMT Vice Chair, PwC United States
Tel: +1 408 817 4136
InsightsOfficer Lead, Director, PwC US