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F&A Outsourcing

Based on our experience in all industries of different sizes, a typical finance department that has not outsourced its F&A function is spending 70-80% of its time on transactional activities. A recent KPMG report states that organizations outsource more than 40% of their finance function processes. Outsourcing allows the internal finance team to focus on and specialize in forward-looking analysis and providing business decision support to the management and leadership.

Transactional activities are routine, rule-based, repetitive, and process-driven which can be delivered either off-site or on-site when outsourced. These lower value-add activities are easier to transition to a Shared Services or BPO model and provide the foremost immediate return on investment.

Outsourcing the F&A function helps with cost reduction, gives you access to the best talent pool, provides faster turnaround, helps you meet compliance requirements, generates reporting and analytics, and long-term savings. From the several F&A processes which a client can outsource, we typically recommend the following:

[tlg_icon_title_list][tlg_icon_title_list_content icon=”ti-angle-right” title=”Accounts Payable”][tlg_icon_title_list_content icon=”ti-angle-right” title=”Collections”][tlg_icon_title_list_content icon=”ti-angle-right” title=”Customer Invoicing”][tlg_icon_title_list_content icon=”ti-angle-right” title=”Cash Application”][tlg_icon_title_list_content icon=”ti-angle-right” title=”Master Data Administration”][/tlg_icon_title_list]
[tlg_icon_title_list][tlg_icon_title_list_content icon=”ti-angle-right” title=”Account and record Reconciliations”][tlg_icon_title_list_content icon=”ti-angle-right” title=”Journal Entries”][tlg_icon_title_list_content icon=”ti-angle-right” title=”Fixed Assets”][tlg_icon_title_list_content icon=”ti-angle-right” title=”Period Closing”][tlg_icon_title_list_content icon=”ti-angle-right” title=”Intercompany Transactions”][/tlg_icon_title_list]
[tlg_icon_title_list][tlg_icon_title_list_content icon=”ti-angle-right” title=”Variance Analysis Support”][tlg_icon_title_list_content icon=”ti-angle-right” title=”Service level management and monitoring”][tlg_icon_title_list_content icon=”ti-angle-right” title=”Performance benchmarking”][tlg_icon_title_list_content icon=”ti-angle-right” title=”Automation (e.g. RPA) and continuous improvement for the functions in scope”][/tlg_icon_title_list]
[tlg_headings title_tag=”h3″ alignment=”left” spacing=”mb16″ title=”Transforming The Finance Function”]

Once transactional tasks are outsourced, the abilities of your finance department will need to be closely assessed against the higher-value skills that your organization will need in the immediate future. Skills like data analytics, business analysis, and M&A integration are critical for modern finance teams. It’s no more necessary to bring focus to transactional activities as we can choose F&A outsourcing services instead to give higher attention to more managerial tasks and skills that add value to the business.

Outsourcing F&A brings pivotal professional expertise to the enterprise which utilizes modern technology to ensure implementation of best practices, compliance and keep the systems and processes adaptable to the changing business environment.

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[tlg_headings title_tag=”h3″ alignment=”left” spacing=”mb16″ title=”F&A Outsourcing – The Way Ahead”]

Outsourcing the F&A function makes it an investment, not a cost. Using AI or automation assists companies to successfully reduce FTEs and improve productivity and efficiency, which are core KPIs. Outsourcing back-office tasks like F&A operations will lead to a lean, efficient, value-adding, and effective organization.

The finance professionals of tomorrow need to concentrate on driving strategic objectives, going beyond a bottom-line and compliance enforcer to a profitable growth driver.

With RPA replicating human effort and bettering it proactively, the self-correcting, self-adapting automation is driving the change.

Practus combines the right processes and people to deliver results. We have a hands-on approach and implement outcome-based solutions to deliver ROI on our fees.

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