Finance, FAO, Renewal, Outsourcing
Study Finds Outsourcing Enabling the Renewal of the Finance & Accounting Function
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Study Finds Outsourcing Enabling the Renewal of the Finance & Accounting Function
Companies Leverage Outsourcing’s Transformational Benefits and Turn to Multi-Function Outsourcing as They Seek to Improve the Capability and Flexibility of Their Finance & Accounting Function
May 10, 2007
A recent survey of financial executives revealed that companies today are largely adopting finance and accounting outsourcing not for cost savings, as many had done in the past, but to transform the F&A function from a resource and cost intensive support process to an integrated flexible function able to quickly respond to changing business needs. This major evolution, as well as the drivers for this change and the impact it is having on outsourcing and the F&A function are addressed in the IDC released and Outsource Partners International sponsored whitepaper entitled, “Finance and Accounting Outsourcing: A Proven Road to Achieve Business Results.”
The report found that CFOs and Finance Directors are reassessing their operating models given arduous demands on resources. At the same time, early-stage outsourcing has proven itself and providers’ offerings have matured in expertise, quality and multi-language support. Given this situation, companies have increasingly begun adopting multi and full-service finance and accounting outsourcing strategies with the intent of drastically improving the way in which the finance and accounting function performs.
As a follow-up to the survey, IDC interviewed a number of companies that had adopted F&A outsourcing in order to better understand what benefits they had realized to date. The results supported the survey findings and a sampling of the results disclosed include:
Reduction in costs from 25-40%
Faster time-to-process (cash application, invoices, payroll and month-end close)
Achievement of top-quartile benchmarked process performance around quality and speed
Ability to react and easily redistribute resources based on transaction volume fluctuations
Access to network of knowledgeable experts and specialists
Focus on continuous improvement of all processes
Allows for consistency of processes across global operations
Clarence T. Schmitz, Chairman & Chief Executive Officer of Outsource Partners International commented, “While it’s true that the current state of the Finance & Accounting function requires a change in approach, drastic change can be disruptive. Outsourcing not only brings about the necessary change, but companies can choose the degree of impact desired and either transition all at once or gradually over time. By beginning with just several processes and progressively increasing the scope of outsourced services, companies can initiate the necessary changes without serious business disruption.”
The whitepaper, “Finance and Accounting Outsourcing: A Proven Road to Achieve Business Results,” was based upon findings from an IDC produced survey. The survey yielded 715 responses from executives at mid-to-large size businesses across seven European countries. In addition, in-depth interviews were conducted with eleven companies across the United States and Europe.
A complimentary copy of the whitepaper is available online at www.opiglobal.com.
About Outsource Partners International
Outsource Partners International, Inc. (OPI) is a leading professional services firm dedicated entirely to the provision of finance, accounting and tax outsourcing. OPI collaborates with each client to deliver customized business process outsourcing solutions that range from single service functions, such as accounts payable or accounts receivable, to full-service finance and accounting, including general ledger accounting, SEC financial reporting and risk management. OPI’s client-partners benefit from improved financial operations including increased efficiency, flexibility, and transparency, while minimizing risks and costs.
OPI was built and is managed by experienced professional accountants, most of whom are former Big Four accounting firm partners and managers. This unique heritage underlies a strong spirit of partnership with its clients. Placing service and quality first has enabled OPI to build an impressive portfolio of satisfied clients who serve as real-world examples of the benefits of outsourcing.
OPI has more than 1,500 associates operating in its offices throughout the United States, Europe and India. For more information about OPI and its finance and accounting solutions, visit www.opiglobal.com.
Outsource Partners International
Clarence T. Schmitz, 310.996.9538
cschmitz@opiglobal.com
http://www.opiglobal.com
Source: Outsource Partners International
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