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.

Why do companies outsource

Businesses can access mission-critical IT solutions without the additional cost of internally managing infrastructure, systems, and staff.

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

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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

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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

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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

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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

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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

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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.

philippines
Philippines
Thailand
Vietnam
Malaysia
Singapore
Nepal
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