What is Finance and Accounting Outsourcing (FAO)?
FAO is the contracting out of a finance or accounting function that was once commonly performed in-house.
What are the different types of Finance and Accounting Outsourcing available in the marketplace?
There are many different ways in which firm outsource their finance and accounting functions:
- Offshoring –This is the process of outsourcing a finance and accounting function to a company that performs these services in another country. This type of outsourcing is most effective when dealing with large volumes of repetitive transactions, mostly for Fortune 1000 companies. Most organizations utilize this method when cost savings is the primary objective.
- Onshoring or Inshoring – This is the process of outsourcing a finance and accounting function to a company in the same country.
- On-site Outsourcing – The process of providing the Finance and Accounting Functional Outsourcing Services by placing staff “on-site” at the client location. While this does allow for access to expertise, it is not generally the most cost effective method of outsourcing as it provides limited leverage of the Outsourcers investment in infrastructure and systems.
- Off-site Outsourcing – The process of providing the Finance and Accounting Functional Outsourcing Services from a remote location. This service type will usually result in the most cost effective solution for companies that select a mature outsourcing vendor as it allows a company to leverage an Outsourcers investment in infrastructure, systems, personnel, and processes.
Why do organizations need Finance and Accounting Outsourcing?
Organizations outsource their Finance and Accounting Functions for a variety of reasons:
- Cost Restructuring – Converting a Fixed Cost to a Variable Cost
- Improvement of Quality and Implementation of Service Level Agreements (SLA’s)
- Access to Talent and Expertise – Best People and Best Practices
- Scalability While Deferring Investment in Capacity
- Catalyst for change – Outsourcer becomes a Change Agent
- Prepare Financial Infrastructure for M&A
Why work with a Best-of-Breed Vendor?
Rose Financial Services has deep, unmatched Finance and Accounting Outsourcing Expertise:
- RFS was ranked #11 on the 2010 List of Top 50 Global Outsourcers (Based on 30,000 responses to a Worldwide Survey of Users of Outsourcing Services)
- RFS was the #1 Outsourcer focused on Finance and Accounting Outsourcing.
- Well over 15 years in the Finance and Accounting Outsourcing Industry
- RFS will design your Finance and Accounting System to ensure that your company is obtaining the full benefit of outsourcing
- RFS provides its clients with up to 50% costs savings over internally run Finance and Accounting functions
- RFS will ensure the system you implement will scale as your company grows in the future
- RFS will provide you with access to Best People and Best Practices
- RFS will ensure that you have a strong Finance and Accounting System that provides meaningful and timely Financial Information
- RFS professionals will provide you with superior financial guidance
Will we lose our current investment in our ERP or Accounting system?
- Investments in your current ERP or Accounting system are safe. RFS processes and workflow solutions integrate seamlessly with all ERP and Accounting systems.
What is Unique about RFS’ Finance and Accounting Outsourcing Solutions?
- RFS’ solutions are unique because they provide our clients with a cost effective and scalable system that provides them with financial clarity. RFS provides full and partial outsourcing solutions that give our clients both a strategic and tactical advantages.
What are the typical benefits, ROI and time to payback?
- Financial clarity results from the timely, accurate, and relevant financial reporting.
- ROI is usually realized immediately as most of our clients reduce their costs between 25%-35% or more from their current accounting systems.
Which stakeholders in my organization are affected by and benefit from Finance and Accounting Outsourcing?
- Executives and management of your organization will receive better and more timely reporting and information.
- Shareholders will benefit from the cost savings. RFS will get accounting and finance out of the way of a company’s growth!
- Vendors and client relationships will improve as a result of high “customer service” levels in the accounting functions.
Frequently Asked Questions
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