The finance & accounting outsourcing industry is huge and growing bigger every year. This means it is doing something right. If you are facing insurmountable challenges in running your finance and accounting function, it is time to think about an outsourced finance department.
A finance and accounting process includes various resource intensive functions such as accounts payable, accounts receivable, credit control, management accounts, statutory compliance, treasury management and payroll/pay & bill. You can either outsource all these or some of these, depending on your own internal capacities and expertise.
If you decide to take the outsourcing route to optimally manage your finance & accounting, you will need to choose the best out of the options available to you. While making your choice, understand that the best finance & accounting outsourcing companies, have razor focus on three common attributes. These are what makes them special –the 3 Ps of outsourcing companies specializing in finance and accounting services. Let’s take a closer look at what these are:
There is a skills shortage in the accounting industry. 38% of finance and accounting professionals say there is a general shortage of professional skills. This means, as a firm that wants to hire only the best F&A accounting professionals, you will have your work cut out for you.
Enter a reputed finance & accounting BPO.
They have built this reputation on the back of well-trained and highly-qualified professionals who are trained accountants and have comprehensive knowledge of UK accounts and legislation. They often hire staff who have studied, worked and travelled in the UK and who have a thorough knowledge of UK business practices.
The emphasis is on hiring only the crème de la crème amongst F&A professionals. They keep adding the best talent to their workforce and in case they have to scale operations on an immediate basis, their industry network allows them to source new talent quickly and effectively.
Another important ‘talent component’ is regular training and knowledge transfer. The best finance and accounting BPO companies make sure that their experts keep abreast of the latest compliance and regulations. They do not miss a beat.
The focus of leading finance and accounting Business Process Outsourcing companies is on creating and sticking to a well-documented process for any function that they undertake.
Importance is also given to process optimisation through stricter controls, checks and balances and the use of advanced technology. The use of Six Sigma, Kaizen and lean management techniques ensures not only are outsourcing processes continuously improved but also that the benefit is transferred to their clients.
Premier finance and accounting outsourcing services companies also ensure their professionals work have the ability to work with any major software like SAP Business One, Oracle, Sage, Merit, and other software that allows them to deliver exceptional services.
The best of these companies also leverage the infinite potential of digital transformation to help clients improve process efficiency. And their reliance on advanced tech is not just limited to advanced F&A accounting software. It also includes reliable communications wherein they invest in state-of-the-art communications hardware that meets data security norms and also ensure business continuity.
Watch out for companies that have an ISO and GDPR certification; especially, when it comes to data security and quality management systems. You know these are the finance & accounting BPOs that you must do business with.
These are not the only qualities that the top BPO and outsourcing companies with core expertise in F&A services bring to the table. But, paying attention to these three qualities will definitely help you identify the best from the rest.GET IN TOUCH