In the recent years, foreign investors started taking notice of the potential of Filipino professionals in finance and accounting outsourcing in the BPO industry, making the Philippines one of the favored global hubs for corporate and shared service offices that produces higher-end of business essentials ranging from creative concepts, software development, medical transcription, and legal services to financial management.
The Philippines once became a world leader in business support systems according to IBM’s 2010 research of annual global locations trend, foreign investors are seeing competence in its qualified pool of graduates with their set of skills, flexibility to work on different shifts, adaptation to internationally recognized accounting standards and ability to communicate well in English.
As finance and accounting outsourcing accelerates dramatically in the Philippine corporate setting, the services are no longer limited to general processing and auditing that requires manual work alone as technology maintains its distance in providing continuous improvement in processing, device enhancements, and new software developments to ensure clients and corporations a growing insight on innovation and digital transformation of data.
With all these advancements, business leaders are expected to allocate resources responsible to keep track on financial operations such as tax reporting, account maintenance, payroll processing, analysis and auditing, management consultancy and the like. However, to get through the peak of the mountain of work, collaborating with a third party organization specializing finance and accounting outsourcing is a tested and trusted business strategy among foreign corporations and shared services.
Getting an outsourced finance and accounting partner may help you save human resource allocation, but in order to pick the best one for the business, leaders may look on the possible corporate edges and consider the type of organization they may be interested to work with.
There are a few growth indicators that may help leaders create business decisions before tying-the-knot with a particular service provider:
Business Decision making
CEOs are able to make better investment decisions with the help of their finance and accounting partner by giving consultations from results of financial data and lays down all pros and cons for the business and the market. They suggest and re-assess investments and allocation if needed.
Competition starts with technology, the best service is often expected to work with digital convenience for the users and the company as well. A good outsourced partner should help the business thrive with digital developments that may save the company from having excessive allocation of investments without sacrificing state-of-the-art software applications and hardware improvements.
Research and Analytics
A study on your company’s financial performance is a proof of a good finance and accounting partner as gained knowledge from research and observation provides the most intricate parts of a business-decision, the facts and the solutions.
In the report of Everest Research Institute last 2016, the global multi-process of finance and accounting outsourcing market witnessed an increasing number of providers using robotic process automation (RPA), this suggests that top service providers are now starting to invest on developing their capabilities related to technology, delivery presence, and domain and process expertise.
Aside from machine advancements, leaders should put high importance in supporting organizational improvement, cost-reduction, and business-outcome driven insights with the help of their service provider.
Infinit Accounting is a world-class organization that provides expertise in helping companies build business advancement and achieve financial success at a low cost. They also provide finance and accounting outsourcing services with their unique method that helps companies to improve financial processes and cash workflow. Other services include: Transaction processing, Financial Management reports, Expert financial advice, P&L management, Risk Management, and the list goes on.
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