From a company’s main service offered to the market to a company’s human resource duties, there are numerous tasks of a company that are being outsourced. There is one that has been around since the birth of the concept of outsourcing as it is one of the internal corporate tasks that need expert attention and this is non other than finance and accounting outsourcing. It would be permissible for the general public to assume that accounting is one of the major solutions being outsourced today. Many people now would think about the accounts receivable, accounts payable and general accounting upon hearing the words finance and accounting outsourcing but it seems that there is another degree to it that is on the rise, which is financial planning and analysis.
This particular branch has been present for the past few years but it is outsourced less frequently as it has not yet penetrated the market compared to the more popular ones. By the Everest research Institutes, a recent study suggests that financial planning and analysis has a significant movement in terms of finance and accounting outsourcing contracts. Between the year 2005 and 2009, the market research firm reported that between the years 2005 to 2009. The sealed contract renewals included a financial planning and analysis scope. It was also mentioned that the key players in the contract signing are from the manufacturing and retail industries.
In the coming years, the global leaders in outsourcing offering this kind of service such as Genpact Wipro, Infosys and Accenture are now enhancing their Financial Planning and Analysis capabilities since they are seeing that there is still room for improvement and there is a great possibility that this specific degree of outsourcing will see a boom in the coming years. A global service provider for the order to cash process, predicts that finance and accounting outsourcing will gain higher value this 2011. The Accenture which is one of the companies mentioned above has added another set of services to offer the market, to be delivered through their facilities in Cebu, Philippines. These service are focused on non-voice solution which consists of finance and accounting solutions among others.
As a great as the idea of outsourcing financial planning and analysis may sound, it seems that not all countries are capable of extending their service yet, since there is a certain level of expertise needed to perform such tasks. This particular branch of finance and accounting outsourcing requires a higher level of expertise and training, compared to that of the other offerings under the same category. Taking into an account the Philippines, the country may be regarded as one of the top destinations for outsourcing, especially for contact center solutions, but still financial planning and analysis outsourcing is still at its infancy in the country.
REFERENCE:
http://www.blog.infinit-o.com/basics-finance-accounting-outsourcing/
