Many small and midsized businesses struggle with developing and maintaining the right organizational structure and skill sets to effectively compete in the marketplace. In addition, the challenges of keeping pace with the right technology infrastructure and business applications to provide a sufficient level of information, as well as a competitive advantage, is a constant challenge.
An increasing number of decision-makers are turning to outsourcing to help them enhance performance, reduce costs and optimize their operations. Most importantly, businesses are seeing the value in adopting an outsourcing model to allow employees and executives to focus on growing the core business and remaining competitive.
Finance and Accounting Outsourcing (FAO) is the practice of outsourcing highly transactional, low value-added processes that fall outside the core competency of the business. This enables the organization to concentrate its focus on the processes and functions that improve performance as well as growing the business.
Typical services include:
- Accounts receivable
- Accounts payable / Bill pay / Employee expenses
- General ledger
- Fixed assets
- Payroll support
- Treasury management
- Financial close / Business advisory / Analysis
- Account reconciliation
- Operational systems integration / Document management
Key Benefits include:
Increased efficiency: By leveraging an FAO provider with industry experience, best practices, and technology solutions, organizations can standardize and streamline processes throughout the company. Information availability is also more efficient and effective.
Flexibility and scalability: Outsourcing allows the organization to grow and change without needing to spend valuable time focusing on noncore processes.
Cost reduction: Reduced resource requirements and standardization of technology allow the organization to achieve greater bottom line performance through reduced operating costs and improved efficiencies.
Improved customer and vendor relationships: Outsourcing often leads to better quality of service and therefore, improves relationships with customers and vendors.