Financial & Accounts Outsourcing

Financial & Accounts Outsourcing has become one of the key elements of outsourcing. Finance & Accounts outsourcing is getting serious as customers move from typical transaction processing activities, towards solutions that help them manage their business process and aid them in decision making. Financial & Accounts outsourcing is maturing rapidly. Whether it’s entering data or running complex financial reports, external service providers can do it. They can either work with the software applications that are currently in use or build interfaces into applications in use so that companies can retain some of the sensitive data.

MARKET SIZE:- Finance and Accounts outsourcing is one of the fastest growing BPO segment after Customer Care and HR outsourcing. According to IDC, the worldwide finance and accounting (FA) outsourcing market will reach $47.6 billion in 2008, growing at a 5-year CAGR of 9.6%. In a recent study done by IDC, the U.S. will remain by far the largest Finance & Accounts Outsourcing business process outsourcing (BPO) market, while EMEA will be the fastest growing region in terms of Finance & Accounting BPO spending in the short to mid-term. Transaction management services are the largest opportunity within the Finance & Accounts BPO space while accounts payable will remain the most widely outsourced Accounting function. Processing services, business advisory services to senior finance executives, and services opportunities around financial compliance are expected to serve as the most effective leads into Finance & Accounting BPO arrangements.