Finance & Accounts Outsourcing Services
Date16 Aug 2016//
5 major pain points of a CFO or a company:
- Huge dependency on the team members for lack of documented and well defined processes
- Subjectivity while processing of payments
- Regular late sittings
- Compliances are filed at the 11th hour with virtually no time left for review
- Delay in getting any customized report because of an unorganized working style of team members
How do we address them?
- System driven approach in whatever we do
- Deep focus on basics of accounting i.e. detailed narration, back up document for any kind of reconciliation, understanding the flow of transactions
- Real time monitoring system of work allocated to our people
Benefits experienced by our clients:
- Increase in CFO’s bandwidth by > 30%
- Implementation of ERP became very smooth
- Removal of subjectivity in payment processing
- 100% Tax compliances
- Monitoring & Measurement of internal SLA’s
- Reduction in L&P expenses by > 20%
- Flow chart based SOP’s
Models of outsourcing:
We have two models for outsourcing of accounting services:
In the offsite model of accounting, the services are provided from our office premise. Majority of our clients avail this model of service. All the physical documents comes to our office through courier or other agreed collection process. We store the documents for another 6 months after close of financial year as majority of the compliances gets completed by that time. Post that period, records/documents are handed over to clients in a highly organized format which makes their retrieval a cake walk.
Under this model of accounting, our team is placed at client’s office itself, however it is supervised by us only. Usually, this model is preferred by client with a small team size requirement.
Coverage under F&A outsourcing services:
Just like two service delivery models, we have two models of service packages:
- Complete F&A outsourcing services
In this model, a company usually opts for outsourcing of complete F&A function except some core processes like Treasury, banking etc. In such a scenario, the bandwidth of CFO gets released to a greater extent and he can focus on the business growth of company. Even the responsibility of getting a satisfactory audit (both Statutory and Internal) done lies with us. At few of our clients, we have been given the additional responsibility of becoming signatory in bank accounts up to a certain limit.
- Specific F&A outsourcing services
There are many companies which just want to outsource a particular part of F&A function i.e. Statutory Compliance, Payroll processing, Accounts payable processing etc. Accordingly, under this model, we take care of that specific part outsourced to us.
- MIS & Reporting
- Accounts Payable (Procure to Pay)
- Employee reimbursement
- Accounts Receivable (Order to Cash)
- Payroll processing (Hire to Retire)
- Other accounting processes (Fixed Assets Accounting, Inventory etc.)
Check out our Corporate Video on F&A Outsourcing Services
To see how Blue Consulting can help you in managing your Accounting Function, get in touch with us at email@example.com or call us at 0120-4113075 or Click here.