Which Finance and Accounting services can be outsourced?
Employ an outsource partner for essential financial and accounting functions to ensure more focus on income-generating business activities.
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What are the types of Finance and Accounting services
Bookkeeping
This refers to the entering and maintaining of business financial records reflecting the income and expenses to provide a clear picture of the company’s financial situation.
From a business standpoint
Maintaining accurate and up-to-date financial records is important for the health of the business but requires time that could be used for core business activities. For smaller businesses, the task often becomes part of the owners already long to-do list. Outsourcing bookkeeping will free up time from and lessen worries about tracking income and expenses.
Advantages
Working with a team that has the necessary expertise
Easier to get a report on the financial status of the company
Records are readily available for tax and audit
Management Accounting
This involves the preparation of financial reporting and analysis critical for helping management make informed business and financial decisions, goal setting, and long and short term planning.
From a business standpoint
Business owners and management teams rely on financial data to measure business performance and plan strategies to achieving goals and growth. An experienced service provider can offer a business a perspective of the company’s financial status and business performance and advise on forecasting and projections. This will help company make better decisions.
Advantages
Better decision-making based on financial reports and analysis
Work with a professional team with extensive knowledge and necessary expertise
Have timely and accurate financial reports available
Accounting Audit
This includes the management of business receipts, financial records, and statements. Auditing helps ensure business transparency and compliance, and identify and eliminate malpractice and corruption within the company.
From a business standpoint
Accounting Audit helps a business keep its finances on track, ensure compliance, and spot possible weaknesses or issues that could be harmful to the company. Outsourcing these tasks means getting experienced professionals to perform the audit with objectivity and integrity.
Advantages
Employ unbiased audit experts
Ensure compliance and best practices are in place
Keep company finances on track
Tax Accounting
This refers to the data and information needed for tax returns and payments in accordance with government tax requirements.
From a business standpoint
Businesses must comply with tax requirements or risk significant penalties. Tax compliance is often very technical, complex and best handled by those with specific expertise. It is ideal for businesses to outsource tax functions to a third party with experience and in-depth understanding of the bylaws and requirements. The third party service provider keeps track of tax payments and offers guidance on tax law requirements.
Advantages
Let tax experts handle business tax compliance
Avoid penalties for missed deadlines or dealing with unnecessary tax payments
Save time from the need to study tax processes and laws
Financial Controller Services
This involves ensuring that financial reports are regularly prepared and financial processes are optimized and observed.
From a business standpoint
In running a business, money is continuously moving. This is where the financial controller services come in. The service provider manages the company’s cash with forecast and budgeting; coordinates financial reporting; streamlines and implements financial processes; and provides assessments based on financial data.
Advantages
Access to experienced professionals and industry best practices
Dedicated partner to oversee financial processes
Ensure financial data and reports are coordinated between bookkeepers, accountants, and business stakeholders
Financial Analysis
This covers data relevant to product or services calculations, profitability, credits and rebills, and sales contracts.
From a business standpoint
Expert financial analysis allows a business to measure, forecast and budget by relying on performance based financial metrics such as production costs, pricing, sales, margin, and transactions. Financial analysis is the lifeblood of a company’s financial picture, touching all aspects of business performance. Outsourcing this function to a third party provides the business an objective and experienced team of financial analysts to take on this task. The business will further benefit from the service provider’s experience and industry knowledge.
Advantages
Understand business performance and profitability based on financial data
Get expert analysis and access to best practices from a service provider focused on this type of function
Make and implement decisions based on financial analysis
Where to outsource Finance and Accounting services?
Asia has numerous outsourcing destinations that offer businesses with quality services, highly-skilled talent, and competitive rates.
