But within every finance team, there are unsung heroes working hard to keep the cogs of a business turning - and these are transactional finance specialists.

While transactional finance professionals are often overlooked, their contribution to a business is incredibly important. These experts ensure accuracy and rigour in the day-to-day running of finance functions, handling everything from tracking payments to processing invoices and reconciling accounts.

(They also play a critical role in high-stakes audits and compliance processes, which is key for helping businesses avoid complicated legal issues and regulatory headaches.)

Transactional finance includes experts in accounts payable/receivable, cash collection, payroll, P2P, and more. However, all of these specialists work towards the same goal - maintaining solid financial foundations that allow businesses to grow.

In this post, we’ll be exploring:

• Why transactional finance specialists are so essential for audits
• The value of hiring transactional finance contractors
• And the impact of transactional finance experts on different business sizes

How can AP/AR specialists help businesses during audits?

Unsurprisingly, audits can be extremely stressful for businesses.

The audit process generally requires extensive data collection and meticulous cross-checks, and if a company hasn’t been keeping detailed records, this can lead to serious issues. There can be legal ramifications, a breakdown in trust with stakeholders, and lasting damage to a business’s reputation.

Fortunately, transactional finance experts can help.

These specialists often have vast experience with auditing, meaning they can streamline processes to speed up data collection while still ensuring accuracy. They’ll quickly identify (and resolve) any discrepancies, work closely alongside auditors to maintain transparency, and collaborate with internal teams to reconcile accounts.

In other words, they’ll take the lead on critical audit tasks and keep senior leaders up-to-speed on next steps.

AP/AR experts can also help to implement new processes and systems for future audits, meaning businesses will save time (and reduce stress) when the next audit occurs.

This level of auditing knowledge and financial competency can be a game-changer for businesses. With the right transactional finance talent in place, companies can ensure strict compliance, improve internal controls, and build trust with stakeholders - all of which are vital for sustained success.

Why are AP/AR contractors particularly valuable for businesses?

Transactional finance professionals can be hugely valuable to growing businesses - but companies don’t necessarily need to commit to full-time hires to enjoy the benefits.

Transactional finance contractors are self-employed experts who can offer short-term (or project-based) support.

These hires are often highly experienced, and can bring in a wealth of knowledge from different clients, industries, and business types. As a result, they’ll be able to identify common problems and introduce proven solutions, plugging specific skill gaps that companies may have in their finance teams.

Plus, since transactional finance contractors are self-employed, they offer flexible working arrangements that can be hugely practical - particularly for smaller businesses.

Below are just a few areas where AP/AR contractors can deliver significant value:

• Adapting to workload fluctuations. If a business finds itself needing urgent support during a critical period (e.g. audit season) then contractors can be onboarded quickly to assist. Since contractors are experienced professionals, they’ll usually be able to hit the ground running and immediately tackle specific projects or challenges.
• Reducing business overheads. Transactional finance contractors are often hired on a project-by-project basis, meaning companies can enjoy more flexible, cost-effective working arrangements.
• Supporting team resources. If a contractor is brought in to deal with a specialist project (i.e. an audit) then permanent staff can focus on core responsibilities and day-to-day tasks. Not only will contractors bring valuable expertise, but they’ll also free up time for others, improving overall efficiency and balancing workloads.

The impact of AP/AR contractors on different business sizes

SMEs and larger businesses are often grappling with very different financial challenges.

While smaller businesses need to focus on flexibility and scalability to achieve growth, established companies need to maintain efficiency and compliance to drive profitability across their operations.

Luckily, transactional finance contractors can offer tailored services and specialist expertise to meet the demands of different business sizes.

How can AP/AR contractors support SMEs?

SMEs are often walking a tightrope between driving business growth and maintaining financial stability - and AP/AR contractors can help them stay balanced.

For example, transactional finance experts will cover key tasks like cash flow management. They’ll ensure timely payments and pull together accurate reports - allowing SMEs to avoid cash shortages, cover operating costs, and remain financially healthy.

Hiring finance experts on a contract basis also enables SMEs to stay flexible. They can scale financial support based on their business needs, avoid stretching their budgets with full-time staff, and bring in the right expertise when it’s needed most.

How can AP/AR contractors support larger businesses?

Larger businesses will need to deal with more complex financial challenges - for example, in-depth compliance regulations, advanced risk management, and large-scale operations.

Maximising efficiency is incredibly important for bigger companies looking to drive profitability, and AP/AR contractors can offer significant value here.

Experienced contractors will analyse high-volume transactions and identify opportunities to streamline processes and speed up payments. They can also negotiate better terms with suppliers, recommend cost-saving tactics, and optimise internal resources to improve cost-efficiency across the board.

Larger businesses also face more regulatory scrutiny, so transactional finance contractors will ensure consistent compliance with laws/regulations - helping companies avoid hefty penalties and legal issues!

Finally, contractors will deliver the data-driven reports and in-depth analytics businesses need to make the right decisions. Accurate data can be difficult to collate across a bigger organisation, but qualified contractors will pull together the numbers required for audits, mergers, acquisitions, and long-term strategic planning.

Transactional finance specialists are invaluable for businesses of all sizes - and contract hires are particularly useful for their flexibility, cost-effectiveness, and experience.

These finance experts, equipped with specialist skills, can help companies improve their financial management, regulatory compliance, operational efficiency, and long-term profitability. Although transactional finance professionals are often overlooked, they’re absolutely essential for any business looking to succeed.

If you'd like to get in touch to discuss recruitment for your business, please contact Charlotte at [email protected].