Forbes Lists The Benefits Of Outsourcing Finance and Accounting: A Case Study
In a recent article published by Forbes.com, there were a lot of facts that were presented by various esteemed editors listing the various benefits of outsourcing Finance and Accounting. Since, F&A was one of the first processes to be outsourced by companies, its share in the outsourcing industry has since grown from $1 Million annually to $30 Million in a span of 4 years, which is an astonishing figure. Written below is an extract from the study. You need to read it carefully to get the abstract idea of how outsourcing Finance and Accounting services can help your business as a whole
"More and more, companies are looking for end-to-end F&A capabilities from outsources. Consider how outsourcing can help a company get a better handle on its pay-to-procure process. Powerful analytics can help a company better understand its spending through the entire supply chain in order to control budgets and standardize procedures company-wide.
This approach allows companies to identify cost savings through supplier consolidation and duplicate payment analysis. Automating the process can improve policy compliance and reduce order errors by ensuring employees around the world can order what they need when they need it, while enforcing business rules and limits that prevent employees from making costly mistakes.
While CFO's of large companies are focused on outsourcing to improve far-flung global operations, smaller companies, who have typically eschewed outsourcing of F&A, are beginning to embrace it as well. Outsourcers have expanded their offerings to the small- and mid-size company segments and developed solutions targeted toward specific vertical industries."
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