Balanco challenges traditional accounting industry practices with a new launch

As financial management becomes increasingly automated, traditional bookkeeping is being complemented by a growing need to use financial information to manage business operations. In the accounting industry, service pricing has traditionally been based on hours worked, vouchers and transaction volumes. Balanco wants to change this approach and shift the focus from the amount of work to what customers receive from their financial management services.

Launching in November, the Value, Insight and Pulse service packages combine financial management, data and expert services into fixed-price solutions. Customers choose how comprehensive a view of their company’s finances and business they need. Balanco takes care of bookkeeping and provides the ready-made reports, forecasts and analyses included in the selected service package to support financial monitoring and business decision-making.

“For a long time, the accounting industry has primarily sold the work itself. Customers pay for hours, vouchers and transactions, even though the real benefit comes from how financial information can be used to manage a business. We want to change this. Thanks to extensive information and growing volumes of data, we can deliver value in an entirely new and scalable way. In our new model, customers purchase a clear, fixed-price service package whose value is not based on the number of hours worked,” says Matti Markkanen, Commercial Director at Balanco.

In addition to bookkeeping and key financial reports, Value provides an up-to-date view of the company’s financial position and net asset value. Insight expands the solution to include an assessment of future earnings value, scenarios and personnel data. The most comprehensive package, Pulse, also combines financial management information with business data from the company’s own systems.

All service packages include personal expert support, which is expanded according to the solution chosen by the customer.