Finance and accounting (F&A) was one of the first processes that companies outsourced, and the practice continues to boom. As the market matures, companies contracting for outcomes are exploring fresh ideas and seeking new answers to streamline F&A processes. They are expanding outsourcing to new areas of finance and accounting, new industries, and new sizes of companies than in the past. Driving efficiency is a high priority for CFOs who want to outsource F&A processes.
The most commonly outsourced services within accounting are payroll accounting, accounts payable, and accounts receivable.
Business firms are looking to move from relatively basic transactional processes, such as accounts payable to more strategic functions, like budgets, forecasts.
Simplifying and standardizing F&A processes is a key characteristic of well-run companies, and by instilling good F&A processes these companies can achieve a variety of good outcomes—such as more information, more service and more cash. By simplifying their F&A processes, companies have found they can reduce the cycle it takes to close books, and they can develop better benchmark and baseline financial processes to help them meet regulatory requirements.
- Full fledge accounting and book-keeping
- Accounts receivable management
- Accounts payable management
- Inventory accounting and management