12/3/2023 0 Comments Accounting outsourcingTypically, companies which don’t have the scale for full-time engagement of these professionals will opt for this model. However, they can be expected to provide only the contracted services and nothing more. These professionals have a broader perspective of the marketplace as they would be working for several other clients too. Retain them – Many companies don’t hire CAs/ CPAs but prefer to work with professionals who run a practice of their own. It is common for large corporations to be able to justify the hiring of these professionals, who don’t come cheap. This way the company has a complete call on the time of the professional. Hire them – Some companies will hire one or more of these professionals, and make them a part of the staff, like many other business professionals it hires. There are typically two ways in which companies source the services of CAs/ CPAs: They are amongst the most respected professions in the world. Chartered Accountants (Cas) and Certified Public Accountants (CPAs) are well known the world over as professionals qualified to handle accounting and finance related matters not only of organizations, but individuals as well. Since it is a specialized function, most companies look for specialists to support them with this process. Finance and accounting, hence, has existed for a long time and can be considered as a legacy profession, much like doctors and lawyers. Even individuals need to track their finances, make sure they have enough in the bank to pay the bills that will be received as per their cycle, pay taxes and for the rainy day, even though one hopes it never arrives. Ever since organizations have existed there has been a need to track financial performance. While finance and accounting business process outsourcing may be a relatively recent development, the need to track financial performance is not new. As a simple example, if the business does not know how much raw material has been purchased, it may not be in a position to make commitments on client requirements. Tracking also serves as a support system in all decisions. While it may not be able to change the past, it certainly provides the information based on which the decision-makers could strive for a different future for the organization. If an organization has performed poorly over the last reporting period, then it has performed poorly.Ĭlearly, that can be nobody’s case. Nothing can be done to change what has happened. Of course, what has happened has happened. As a preferred employer in all its delivery locations, oWorkers accesses a continuous supply of walk-in talent. With deep access to talent pools, oWorkers equips itself with the best talent which is then trained to support its clients in the chosen domain. Without finance and accounting, the organization is running blind. Finance and accounting become a necessary supporting activity for tracking the use of money in achieving the goals of the organization. That is the eventual validation of the success or failure of an enterprise. Tracking money, which is the lifeblood for any organization, for-profit or otherwise, needs to be done. To be fair, the reason for the relevance of finance and accounting is not just to comply with regulations. This becomes an additional challenge with the finance and accounting related activities one needs to carry out to ensure compliance. It also does not help that some of these processes involve working with a lot of numbers, a skill not everyone is comfortable with. It does not help that some of these practices are governed by complex, ever-changing regulations which requires one to be completely on board with the moving target in constant sight. These activities are varied in nature and are something referred to as ‘support services.’ Whether you run a restaurant or a school, a for-profit or a not-for-profit, these are activities that need to be performed, and as specified by various regulations governing them. When you sign up to run a business, you also sign up for ensuring that the business follows the law of the land, whether it is compliance with the minimum wages to employees, the fire and safety measures at the workplace, or the paying of taxes and filing of financial returns to the government. It is one of those several things that you have to do, whether you have an aptitude for it or not. Finance and accounting business process outsourcing
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