More and more businesses are discovering the benefits of outsourcing their back-office finance and accounting functions to specialist BPOs and outsourcers to save them time and money.
Whether it's a small business or you are large multi-national, there are suppliers ready to handle all elements from basic accounts management through to full accounting solutions.
With offshore providers, you can also save considerable costs as compared to an onshore solution. For example, you can engage a fully qualified CPA accountant for approx 20% of the costs in Australia.
Key Finance & Accounting Functions to Outsource
You can essentially outsource all of your finance and accounting requirements with below some of the more common ones:
- Accounts Payable
- Accounts Receivable
- Payroll management and processing
How to select the right Finance and Accounting outsourcing supplier
Like engaging any partner for your business, it's important to find a supplier that has the experience to meet your requirements. Considerations can include:
- Location - Significant cost savings are available overseas however offshore can present different challenges.
- Local Experience (Understanding GST, Superannuation etc).
- Scalability - some providers can only handle a few people and some can handle thousands - it's important to get the right fit.
- Reputation - Do you select someone with an established reputation or a new starter hungry for your business.
- Qualifications - Does the provider have the appropriate licencing and are they using the appropriately skilled labour.
- Operations - How is their centre being run, what is turnover like, do they have the appropriate technology.
- Reporting - What type of reporting can you expect? How often?
- Commercials - What type of model do they use - per hour, per outcome etc.
Search specialist finance and accounting outsourcers below: