Benefits of Accounting Outsourcing
Finance and Accounting (F&A) were one of the first business processes that were outsourced and this practice continues to grow. Recent research from Ovum has found that accounting outsourcing has grown in 2012 to the previous year.
The market for Business process outsourcing has expanded to new areas and business in Thailand like any major business centre seek to streamline staff and create more profitable bottom line projections.
Businesses are looking to outsource companies for more solutions to more processes due to the success from Finance and Accounting.
According to the study; Payroll was the most outsourced service, followed by Accounts payable and now more services are required due to the success of existing outsourced services, like budgets, forecasts and internal audits.
The main benefits of accounting outsourcing were better cash flow from reducing the cycle to close books, better benchmarks and to meet financial regulations quicker. Tax planning was also a main benefit as when the accounts become clearer and cash flow can be projected so can tax planning.
Having clear dashboards of how and where your main cash flows ebbs and flows, makes it easier for managers to see the business from the top down and find easier ways to be more creative and reduce shortfalls and devise new ideas, optimising business. Leaving managers to concentrate on better uses of their time is a great sell because people will always enjoy doing what they like and do it well.
Outsource companies have spent the bulk of their budgets on state of the art technology and experts to use every day, this will give you access to the latest technology for the very best use of your data. Powerful analytics that outsource companies supply, help business owners better understand their spending through the entire supply chain in order to control budgets and standardize procedures company-wide, identifying cost savings through supplier consolidation and duplicate payroll process.
Business process outsourcing also helps business with a lot of internal spend reduce costs through petty cash enforcements and internal buying by setting rules for the entire organisation. Small businesses are also seeing many benefits from the vertical sales the outsourcing can reveal.
Most smaller companies found that they could be more stringent with an outsource company than they could with in-house staff as sick days and employment holidays are not an issue with an outsourced company, only KPI’s and deadlines matter. This all helps business have continuous improvement in their accounting and finance operation, while the company itself can focus on its core competencies.”
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