Transforming your Finance and Accounting with Outsourcing

What is Finance and Accounting Outsourcing?

Outsourcing finance and accounting refers to the practice of hiring a third-party organization to perform certain accounting or finance tasks that would otherwise be done locally. These tasks include data analysis, bookkeeping, accountancy, accounts receivable or payable, payroll processing, debt collection, and insurance claims processing. To take advantage of outsourcing, you must first understand the finance and accounting market and invest in the right services.

Why is the Finance and Accounting Industry Suited to Outsourcing?

The finance and accounting industry relies heavily on technology to provide accurate financial data, which is essential for effective business strategies. Recent advancements in technology have seen a shift to cloud-based platforms, increasing the demand for qualified finance and accounting professionals with specialized IT, business, and analytical skills. However, the industry is experiencing a shortage of suitable candidates, making it more expensive and difficult to recruit locally, especially at mid-management level. Outsourcing accounting and finance roles to a third-party organization in a different location can help your business to:

• Save costs: You can outsource repetitive and time-consuming accounting and finance tasks for a fraction of the price it would cost to hire specialists locally, saving up to 70% in some cases.
• Increase output efficiency and quality levels: Sending routine finance and accounting tasks to an offshore team means your onshore team will have more time, budget, and project scope to take on higher-value work.
• Create business growth and scaling opportunities: When you send time-consuming tasks to an offshore accounting and finance team, your local team can focus on increasing profits and business growth opportunities. Your onshore team's additional capacity from offshore support can help you grow your business sustainably.

With a qualified finance and accounting team skilled in dynamic financial tracking and reporting tools, you can grow your company quickly and sustainably. The labor pool in the offshore destination is known for its tech competency and attention to detail, operating in a fiscal and financial system almost identical to conditions in the West. The offshore destination is currently one of the most dynamic economies in the East Asia region, with sound economic fundamentals and a globally recognized competitive workforce.

Roles and Tasks Outsourced in Finance and Accounting

Some popular roles outsourced in finance and accounting include:

• Accountants
• Accounts receivable specialists
• Accounts payable specialists
• Administrative assistants
• Bookkeepers
• Broker support officers
• Debt collection specialists
• Financial advisors
• Financial analysts
• Insurance claims processors
• Loan processors
• Payroll processors
• Procurement officers
• Tax advisors