Business Fortune
By enhancing and automating financial services and procedures, financial technology, or fintech, has completely changed how people and companies handle their finances. For instance, using simply a smartphone to invest and transfer money has never been simpler thanks to mobile apps like Robinhood and Venmo. The worldwide fintech industry is anticipated to expand at a compound annual growth rate (CAGR) of 25.18% from $167.55 billion in 2023 to $1264.6 billion by 2032.
Fintech's capacity to reduce financial services expenses is yet another important benefit. Fintech businesses may pass on cost savings to customers in the shape of reduced fees and attractive interest rates by doing away with the requirement for physical branches and cutting down on manual operations. Here's when Risclarity comes into play.
Risclarity is a Financial Technology Company
Utilizing their decades of combined expertise in consolidated performance reporting and family wealth accounting, they collaborate with their customers to create customized solutions that fill in any gaps or restrictions in current reporting systems.
In order to address the intricate reporting problems that family wealth businesses have, Rick Higgins established Risclarity. After contacting former company colleagues Carl Knecht and Steve Robbins, Rick started working on resolving the issues family wealth firms had with integrating their disparate systems and delivering unified client data.
After over 15 years, Risclarity safely manages tens of thousands of accounts for both small and large clients. They not only offer reporting solutions, but they also integrate general ledger, alternative investment, and portfolio accounting systems to enable scalable reporting.
Risclarity Understands the Art and Science of Running a Back Office
As your company grows, the Risclarity Client Service team can act as an extension of your back office, allowing your staff to focus on more crucial client-facing tasks.
Back-Office Services
Risclarity's Back-Office Services are tailored to simplify financial operations and empower businesses to focus on growth. Their comprehensive offerings ensure efficiency, accuracy, and compliance across various financial processes, enhancing overall productivity.
Accounting and bookkeeping
Accounting and bookkeeping are at the heart of Risclarity’s services, ensuring accurate tracking of financial transactions and maintaining detailed records. From managing general ledgers to reconciling accounts and preparing financial statements, they provide consistent support to meet compliance requirements and aid informed decision-making.
Payroll management
Their payroll management services streamline the entire process, ensuring timely and accurate payment to employees. They handle tax withholdings, labor law compliance, and employee benefits management while delivering insightful reports to help businesses monitor payroll expenses effectively.
Accounts Payable (AP) or Receivable (AR)
When it comes to accounts payable (AP), Risclarity ensures timely vendor payments, simplifies invoice processing, and provides expense tracking to avoid late fees and maintain strong vendor relationships. Similarly, their accounts receivable (AR) services focus on monitoring outstanding payments, generating accurate invoices, and reducing receivable cycles to improve cash flow management.
Financial reporting and analysis
With a strong emphasis on financial reporting and analysis, Risclarity offers detailed insights into business performance through profit & loss statements, balance sheets, and cash flow analyses. They track key performance indicators (KPIs) and provide actionable insights for strategic decision-making.
Tax compliance and reporting
Tax compliance and reporting are also critical aspects of their services. Risclarity ensures businesses remain aligned with tax regulations, optimizes tax savings through deductions and credits, and stays updated with changing tax policies for accurate and timely filings.
Audit support
For businesses facing audits, Risclarity provides extensive audit support, including preparing documentation and ensuring compliance with regulatory requirements. Their services help maintain a clean audit trail, resolve discrepancies, and ease the auditing process.
Technology solutions
Risclarity also integrates advanced technology solutions to automate back-office operations, ensuring real-time data access and analytics for better decision-making. Their secure, seamless digital transformation solutions enhance financial management capabilities.
Customized solutions
To meet the diverse needs of businesses, Risclarity offers customized solutions tailored to specific requirements. They provide scalable services that evolve with the business and offer dedicated support teams for personalized assistance.
By handling these essential back-office tasks, Risclarity helps businesses save time, reduce costs, and improve operational efficiency, allowing them to focus on their core activities and achieve sustained growth.
Meet the Founder and CEO
Rick Higgins, the Founder & CEO of Risclarity
Rick Higgins brings decades of experience to provide leadership and innovation in financial reporting for wealth managers and family offices. Having dedicated his career to innovation in family wealth technology, Rick is widely known for his ability to connect with people, overcome challenges, and offer reporting expertise.
