An organized accounting department within a company will surely contribute to the efficiency of the company?s administration department as they will be able to focus more on their business. This is what finance and accounting outsourcing companies pitch to their clients; they provide them with a team of accountants or analysts that will be able to attend to their needs while they concentrate on their business. Accounting outsourcing, which includes payroll outsourcing and general accounting & bookkeeping, could be one of those solutions that can be considered as a strategic type of service to offer the market since all companies must have an accounting department to run; the main challenge for outsourcing companies lies in how they will be able to make their service offerings more appealing to interested companies. One of the options that outsourcing solutions providers take, which we have previously mentioned in one of our articles, is by collaborating with or acquiring another company that can enhance their current solutions.
Infosys Ltd. (NSE:INFY), a business process outsourcing company, has been in partnership with Alcoa Global Business Services since 2004 and the partnership seems to be going strong because Infosys Ltd. has made an announcement that it is renewing its contract with Alcoa Global Business Services. The duties involved in the contract, which Infosys Ltd. will continue to carry out in a five-year period, would be finance and accounting solutions as well as knowledge services processes. A renewal of contract could probably attest that Alcoa Global Business Services has been satisfied with the performance of Infosys Ltd. as a partner in conducting their business.
It seems that the finance industry and the outsourcing industry are getting along well now that there is an increasing amount of projects between those two industries. Two days ago, August 24, an announcement by Cognizant (NASDAQ:CTSH) was made as the company has been selected by the Financial Services Authority in the United Kingdom to support and develop systems, both operational and regulatory. In this particular collaboration, it would be Cognizant?s Banking and Financial Services Practice who will be a key supplier for a wide range of services, including IT solutions.
With the growing demand for outsourced services, both inshore and offshore, it is no longer surprising to hear that the industry will grow bigger in the coming months. An article from The Economic Times points out that market research company Gartner suggests that the global outsourcing is seen to grow by 6.3 per cent this year, while the outsourcing industry in the Asia Pacific region is forecast to grow at 17.9 per cent. Together with this growth, Gartner Vice President Cathy Tornbohm said that it looks like that there will be ?an increase in transaction volumes, especially in payroll, recruiting, accounts payable and customer data analytics and knowledge process outsourcing.?
Finance and accounting outsourcing is indeed one of the valuable solutions being offered in the market today by solutions providers. It is important for solutions providers to keep the market interested in outsourcing their finance and accounting tasks, especially with the constant changes in the market and the growing demand for such services.
Author: Jamee C.
Tags: Accounting Outsourcing, bookkeeping, Cognizant, FAO, finance and accounting outsourcing, general accounting, Infosys Ltd., NASDAQ:CTSH, NSE:INFY, Outsourcing, payroll, Payroll Outsourcing
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Source: http://www.blog.infinit-o.com/fao-increase-transactions-year/
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