Benefits of F&A
Focus on the Core Business– If an organization outsources the process that are not related to the core business activities, it gets time to focus on the fundamental activities that define a business. The business management gets relieved from the pressure of complex work that does not directly generate revenue.
Faster work– TAT (turnaround time) is relatively low when the processes are outsourced. The companies that provide the outsourcing services are well equipped with internal resources to streamline the process of finance and accounting. Hence, the clients get the work done in the prescribed time limit with accuracy. Wherein, the accuracy comes with the appropriate skill sets of the professionals employed in the Finance & Accounting Outsourcing firms.
Cost Reduction– It requires a whole team to carry on the Finance & Accounting processes. This involves major costs for the organization. Outsourcing Finance & Accounting is relatively cheaper as it saves the cost of the human resources, cost of operations, software etc. needed to carry on the work and much more.
Regularity– When the process is outsourced to any specialist firm (Accounting or otherwise), along with the quality of work, the consistency also rises. The companies specially designed to carry on such procedures keep the work regular to avoid any ambiguity.
Compliances and business confidence– Keeping up with the regulations related to maintenance of the books of accounts is a must. The companies that carry on the Finance & Accounting services keep a track of the compliances (From region to region) to incorporate them in the F& A process. This ensures you are not starring at a heavy fine because you missed a reporting deadline.
Deployment of staff – The workload shifts to the Finance & Accounting specialist companies’ and that helps the organization in directing their staff to the services that add directly to the bottom line of the company.
Advanced technical know-how– Specialized firms have the best technical resources to carry on the Finance & Accounting management. They have bigger teams and required skill sets to ensure that the client company is always on track. Another positive is that they can offer deep insights due to their domain experience, which would not have been available otherwise.
Takeaway: It is crucial to understand that Finance & Accounting Outsourcing helps in not only cost cutting but also generates value through helping management evaluate operations from a different perspective.
DNA Growth is a global professional service provider and has worked in 35 countries over 50 industries. DNA Growth is staffed with MBAs, Chartered Accountants, Cost accounting experts, ex-bankers, and other professionals.
Services Offered: DNA Growth provides all sort of back office support like Finance & Accounting, payroll processing, Record management, etc. All Inclusive!!!