BP Selects Accenture as its Global Outsourcing Provider of Finance and Accounting Services
Connext is a leading provider of finance and accounting (FAO) solutions, dedicated to delivering innovative, scalable, and customer-centric services. With a commitment to excellence and a forward-thinking approach, Connext has a client retention rate of 99% and year over year growth of over 80%. “BP sees this partnership with Accenture as an important milestone in driving standardization in our finance and accounting processes by consolidating our F&A service providers,” said Brian Puffer, Group Controller at BP. High-quality finance and accounting service providerss follow such strict standards and have their own functions to make sure that your data are stored securely.
Transform finance to reduce planning time, improve forecasting accuracy and free up employee time. Armed with this new model, finance leaders can outmaneuver uncertainty, maximize investments and boost growth and shareholder value. Conduct periodic reviews of the outsourcing arrangement to ensure it remains aligned with your business goals.
By extension, outsourced providers can also supply the service of forensic accounting. Forensic accountants will survey any gaps in the company’s financial records that might indicate tax evasion or fraud. Outsourcing finance and accounting services are an increasingly popular way for companies of all sizes to save money. They are looking not only at the cost-saving benefits but also finding new ways their business can benefit from this partnering approach with skilled professionals in these fields who know they don’t always possess themselves.
How to Find the Right FAO Provider
But with outsourcing companies, you get the opportunity to expand departments without physically expanding your office. If you’re still looking for a reason to start outsourcing finance activities, then look no further. Auditing is necessary to uphold transparency within the company, as regards sound business practices and compliance with the law. Outsourcing your statutory reporting and compliance to an expert team will bring peace of mind that the information being presented is up-to-date, accurate, legally compliant, and geographically specific. To provide accurate data regarding how realistic goals can be fulfilled, your provider must have very sharp eyesight – they’re looking out for discrepancies.
- It ensures that all financial transactions are reconciled between a company’s bank records and accounting records.
- The financial analysis looks at a company’s financials to determine whether it’s stable, solvent, or liquid.
- If participation rate fully rebounded, 2.4 million workers would be added to the workforce.
- In our organization with all its history, the ownership group has been loyal to many of the employees.
- “BP sees this partnership with Accenture as an important milestone in driving standardization in our finance and accounting processes by consolidating our F&A service providers,” said Brian Puffer, Group Controller at BP.
- IBM’s consultancy services can help you integrate intrinsically smart processes capable of finding, connecting and analyzing financial data to uncover deep insights that can inform intelligent decisions across your enterprise.
Bookkeeping is a cornerstone process in which a company’s total earnings and expenses are tallied. Bookkeeping reflects a company’s true financial situation in terms of its earnings. As the industry grows at a fast rate, there is also an increasing need to outsource different financial tasks.
Finance & Accounting Procure to Pay Automation or simply P2P Automation is the process of automating all the tasks right from procurement of goods and services to the paying out to the last mile vendor in the supply chain or value chain. Purchase Order and Service Order automation, Invoice Management, Service Received Note integration, 2/3 way matching, Reconciliation, and accounting for research and development integration with core systems are all part of P2P Automation. Most F&A P2P Automations enable evaluating vendors, shortlisting them on the basis of quotations for each and every part required for manufacturing, and generating payment advices for account transfers. Aligning the Procurement division with the Accounts Payables is also a primary ask in P2P Automation projects.
Accenture named a Leader in the Gartner MQ and CC for Finance & Accounting BPO 2023
Sign up to receive our newsletter with insights and thought leadership to achieve peak performance. Our FAO Services presents an opportunity to deal with these market conditions while helping to transform the Finance Organization into a true business enabler. Join our team of dedicated, innovative people who are bringing positive change to work and the world. Receive our newsletters that deliver thoughtful insights on emerging trends. Select from our collection of curated newsletters that deliver thought-provoking insights on emerging trends. We’re looking for forward thinking people to help reinvent finance and transform traditional models at Accenture Operations.
Change how finance works by orchestrating the right combination of human and machine talent and drawing on data and insights. RSM employs a proven phased approach with continual validation checkpoints during the process, a dedicated team, regular meetings, end-user training and ongoing two-way communication. The last thing you want is yesterday’s technology or a hard-to-use platform. RSM’s cloud-based FAO platform is easy, scalable and technologically powerful, providing real-time information in dashboard format for clear decision-making. Our technology can automate and integrate your transaction workflow, giving you real-time visibility into your business and freeing you to concentrate on your core competencies. You can then use the dashboards available on your desktop or mobile device to monitor your financials in real time — 24 hours a day, seven days a week, and 365 days a year.
As a result, Outsourcing Finance and Accounting Services can be a valuable tool for digital business transformation. It is really difficult for small and mid-size business clients to hire full time account staff or CPA firm and get cost effective solution. CapActix’s cost-effective structure made it possible for us to meet all our financial needs at a competitive rate. CapActix use all advanced technology to provide in depth analysis and reports which helped in improving efficiency. We offer top-tier outsourced tax preparation services to CPAs, EAs, Accounting, and Tax Firms across the USA. Our tax preparation outsourcing services can help you deal with compressing tax season by keeping your accounts, records, reports, and more as per the taxation legislation and compliances.
Top 7 Outsourced Accounting Companies for CPA Firms to Boost Efficiency and Productivity
Streamline operations, reduce costs, and ensure meticulous financial auditing through our systematic approach. In our organization with all its history, the ownership group has been loyal to many of the employees. So, I’ve had to consider that when automating or outsourcing finance and accounting tasks. The cloud-based infrastructure on which virtual accounting relies ensures that data can be accessed in real-time from anywhere with an internet connection.
Mitigate risk and improve compliance
If you haven’t explored the possibilities of virtual accounting for your business, now is the time to consider this innovative solution. High growth global outsourcing firm, Connext, ranks as on of the market Aspirants on this year’s Everest Group Finance and Accounting Outsourcing (FAO) Operations Peak Matrix. Outsource Accelerator is the leading Business Process Outsourcing (BPO) marketplace globally.
Couple that with HR’s backlog of core jobs that need filled, and outsourced F&A jobs become even more valuable. In September 2021 we wrote about the tightening labor market, looking at three tactical ways to help a business become less dependent on recruiting, developing and retaining non-core employees. Our follow-up piece in October explored technologies that are helping eliminate manual data entry, accounting and reporting processes. Now, turning the page to 2022 and facing (yet another) new normal, businesses are accelerating investments in these technologies and the corresponding opportunity to outsource supporting business processes in a different way than before. Deployment objective of this outsourcing is about achieving the goals with respect to automating the manual activities happening at ground. We recently outsourced one of our activity to the datamatics team and we must say, our experience is overwhelming.
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They recognize that every company has unique needs and customize services accordingly to maximize customer value while avoiding overpayments. A-la-carte techniques allow clients to choose only what they need rather than paying an arm (or leg) upfront. We, at CapActix, are one stop solutions provider for all your Accounting and Finance need.
Financial analysis services typically cover data that pertain to product cost calculation; profitability; reviewing of credits and rebills; and reviewing company sales contracts to determine impact on accounting policies. In managing this data, your provider must assume an eagle-eye approach with regard to how your company’s leadership realistically fulfills all its financial goals. Needless to say, your provider will handle this data and help you project-wise and practicable business decisions based on these.
Virtual accounting represents a modern paradigm shift in financial management services. It’s considered as part of the fintech solution that transforms how accounting and bookkeeping tasks are managed. One such solution gaining prominence in this matter is virtual accounting. This innovative approach to accounting is revolutionizing the way businesses manage their finances. This ensures that companies remain competitive and agile in delivering their services. Especially for small businesses and start-ups, it can be expensive to hire a complete in-house accounting team.
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