Why do businesses in the UK and EU outsource finance & accounting functions? Is it just for the cost savings, or do they look for something more than that? This infographic takes a closer look at benefits that organisations expect from F&A services outsourcing.
1. Escaping resource crunch: It is difficult to recruit and retain F&A talent on-shore. Outsourcing gives businesses guaranteed access to a large talent pool.
2. Happier on-shore resources: On-shore resources not satisfied doing respective, low-value tasks. Outsourcing back-office tasks allows business to redeploy them into better positions.
3. Focus on business growth: With reliable back-office support, the on-shore talent can focus on business partnering and delivering advice and insights for strategic business decisions.
4. Boosting the bottom line: Wage-arbitrage, lower infrastructure cost, knowledge-arbitrage and improved accounting processes deliver significant savings.
5. Access to better technology: Specialist F&A service providers use and often develop cutting-edge technology to automate and streamline accounting functions.
6. People-based to process-based ops: Outsourcing providers document processes thoroughly and adhere to set guidelines. This helps growing business move from people-based to process-based operations.
7. Centralised F&A departments: Siloed accounting departments across locations are difficult to manage and scale. With F&A outsourcing, businesses have the option to build a finance Centre of Excellence.
8. Step towards globalisation: Some organisations that want to expand and access new markets benefit by using offshore F&A services, as it allows them to take service delivery closer to end users.
9. Improved services quality and certainty: Bound by SLAs, the F&A outsourcing company deliver accurate services on specific time. This level of certainty in the back-office helps expand the CFO’s bandwidth.
10. Partnering for finance transformation: CEOs and CFOs seeking finance transformation do not have the resources or bandwidth for a major F&A transformation initiative. Partnering with an offshore partner solves this problem.