Outsourcing, for an optimal scale of operation can be cost efficient than having an in-house team
Rather than trying to acquire & retain certain specialized skills, it is easier in outsourcing contract to get the required skills on-boarded as long as needed
With most transactional & support tasks outsourced, internal finance team & senior management can focus more on core business rather than spending time in resolving queries, training & supervising transactional staff
With proper segregation of duties and technology to support, outsourcing decreases the chances of process lapses & fraud
Leveraging the technology, change management skills and knowledge of best practices of the outsourcing partner, it is much easier to transform the function in line with the evolving business needs
Flexibility to scale the resources up or down is important for early stage & growth stage companies as this helps them manage the costs according to the business needs. Executing this is difficult in case of in-house permanent staff
Outsourcing contracts are driven by appropriate SLAs to ensure that the service meets the turn around times and quality levels desired by the client which is difficult to implement in in-house function
Book-keeping
Payables
Receivables
Fixed Assets
Payroll
Reconciliations
Financial reporting
Planning & Analysis
Compliance reporting
Business reporting
Period end closure & reporting
Translation services
Claim processing
Market research
Financial research
Scanning & Data entry
Data verification
Data validation
Data conversion
Document verification
Tax filing
High level study to determine
Outsourcing scope
Technology support
Demands of the processes in terms of service levels
Impacted Stakeholders
Agree & Document
Outsourcing Scope
Service level agreements
Governance mechanism
Financial terms
Non Disclosure
On board our team
On board Client team that will be involved in knowledge transfer
Detailed planning for Transition & Go Live
Knowledge transfer sessions
Documentation of process knowledge
Sign off by Client
Big bang or Process wise transition to our team
Daily monitoring of issues & resolution
Complete transition of scope to our team
Our team delivers as per SLAs