Why 2023 Will See A Rise In worldwide Finance and Accounting BPO Services
According to a recent study conducted by IDC, a statement that has been released stated that:
"IDC realized that all the providers evaluated in this study provided equally competent basic F&A BPO capabilities and therefore success in the F&A BPO services business is determined by the value that goes beyond traditional O2C, P2P, and R2R offerings. A provider's ability to overlay F&A BPO services with 3rd platforms services that include automation, analytics, and mobility is an important aspect. In addition, domain and tools competency, the ability to scale using a global delivery model, and different pricing constructs are all crucial to success," says Mukesh Dialani, research director, of Worldwide BPO and Engineering Services at IDC.
Finance and Accounting services include the following:
Order-to-Cash (O2C)
• Order management & billing
• Dispute and deduction management
• Aging and collections
• Accounts receivable
Procure-to-Pay (P2P)
• Requisition to PO
• Invoice processing
• Accounts payable and T&E
Record-to-Report (R2R)
• Regulatory compliance
• Internal audit
• Analysis & reporting
• Fixed asset accounting
• Tax management
Hence, 2023 is a huge year for outsourcing financial and accounting services because CPA firms tend to shift their focus on developing client relationships, rather than focusing on the more tedious tasks of generating back-end reports. And hence, the best way to reduce the extra baggage is to outsource the services to qualified CPAs and CFOs who will charge a lot less than your actual cost and will work to provide results overnight.
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