What is Finance & Accounting? What are finance and accounting?
Finance and Accounting are two aspects of a business that work together. It is all about keeping track of financial records and transactions.
These transactions are recorded and balanced using accounting standards. The financial report is where all the transactions can be found and are then presented to the management team or client.
This is essential in any form of companies or corporations as reports about finance and accounting will measure the return on investment, assets, and liabilities the company has.
However, did you know that there is such a thing as finance and accounting outsourcing? It is now one of the best digital resources expanding in the online world. Many businesses are looking for ways to save costs.
One specific way to do that is by hiring somebody who can do finance and accounting offshore. This process can be incredibly beneficial for both clients and employees. Finance and accounting BPO trends
Companies are increasingly seeing outsourcing as a solution to every problem — whether to gain access to a specialized workforce, perform large-scale tasks, or drive the company’s development.
Here are several accounting and financial trends that an outsourcing company could help you get in line with: Real-time visibility
Updating your books every time a transaction occurs takes a lot of time. Outsourcing firms can do this and deliver real-time top-quality data back to clients. Tax help
Most outsourced accounting firms include tax prep and advisory among their core services. By relying on the same to handle all your financials, there is a developed synergy between your tax prep and accounting. Budgeting and forecasting
For companies who lack the time and resources to handle complex budgeting and forecasting, outsourcing firms can put world-class accountants in charge of the effort. Performance dashboards
Dashboards compile and update your key performance indicators (KPIs) in one place so that company leaders have access to the information anytime.
Outsourcing firms can set up and maintain dashboards for clients eager to act based on insight rather than intuition. Cloud migration
Shifting your services to the cloud looks more important than ever nowadays. Outsourcing firms can handle technical, financial, and operational matters to make the migration easier and reliable. Outsource finance and accounting
This is the reason why outsourcing became a trend and a wise alternative for businesses. It has become the go-to service to leverage businesses in reaping the benefits of working with trustworthy and skillful finance and accounting outsourcing companies.
Most outsourcing companies have an experienced recruitment team that is capable of hiring individuals that are adept and experienced in the field of finance and accounting.
Outsource Accelerator provides you access to great finance & accounting specialists that you can outsource from the Philippines starting from $6 per hour, where you can save up to 70% on staffing costs.
We have over 5,000 articles, 350+ podcast episodes, and a comprehensive directory with 2500 BPOs… all designed to make it easier for clients to learn about, and engage with finance & accounting outsourcing.
What is a Certified Public Accountant (CPA)? What is a CPA?
A certified public accountant (CPA) is a designation for licensed professionals who are called to uphold the accountancy practice that is committed to generally serving the public interest. After passing the licensure exam and gaining the license to practice, a CPA must be committed to their discipline’s prevailing laws and ethics.
Engaging in a practice (whether public or private) means taking up the responsibility to perform their duties with adherence to the Code of Professional Conduct (CPC) and generally acceptable accounting principles (GAAP).
A certified public accountant can either engage their profession in public or private practice. CPAs in public practice work in accounting firms that offer these primary service lines: auditing and assurance, tax compliance, financial accounting and reporting, and management advisory. Aside from firms, the public practice also involves working in the government.
On the other hand, CPAs in private practice work as accountants of businesses, accounting consultants, personal accountants, or as teachers of accounting-related subjects in universities. How to become a CPA-certified accountant?
States and nations have different certification requirements. Your local board of accountancy is in charge of enforcing and monitoring them. These prerequisites are divided into three categories: education, experience, and examination qualifications.
However, the basic steps to becoming a CPA are as follows: Get a bachelor’s degree to get started in your profession.
Take a master's degree.
Continuing Education Certified Public Accountant (CPA) training
The following is the list of the most popular CPA-related training subjects. Auditing
During an audit, an auditor examines various books of accounts and physically checks inventories to ensure that all departments adhere to a specified accounting system. Financial Planning
Estimating capital needs and assessing the competition are the two main components of financial planning. Put another way, and it is how an organization's financial policies are formulated. Financial Statements
It's a written record of its commercial activities and financial performance. Financial statements are frequently audited by government agencies, accountants, or corporations for tax, finance, or investment objectives. Fraud/Forensic Accounting
Forensic accounting involves accounting, auditing, and investigation abilities to examine the finances of an individual or a company. Tax Prep
Most people who take tax preparation training courses do so to boost their own or their company's revenue. As a business owner, tax preparation is your primary or secondary focus. Customers and potential will be drawn in by it. Outsourcing CPA
Businesses can hire accountants directly or outsource through accounting firms. Outsourced CPAs can perform financial reporting duties such as preparing and presenting financial statements. Aside from that, they can also serve as financial advisors to a business regarding crucial decisions.
CPAs also perform audits and prepare tax returns following tax laws. Outsource Accelerator matches you with the best finance and accounting outsourcing companies in the Philippines, where you can save up to 70% on staffing costs.
What is Payroll? What is payroll?
Payroll can refer to three things: 1) the calculation and distribution of paychecks, 2) the record of wages, taxes, contributions, and withholdings of employees, and 3) the total amount paid to employees by the company.
Payroll is important in different ways. For employees, the payroll is important for living expenses, and a timely or late paycheck can spell the difference between good and bad morale. For businesses, payroll is important to see the actual net profit for the fiscal period. For business owners, a properly done payroll is important for compliance with the law. For this reason, many businesses entrust their payroll to dedicated professionals who can process them with speed and accuracy. Outsourcing payroll services
One of the more popular outsourced function is the payroll process. Because of the importance of having an efficient payroll, companies that can afford to do so tend to outsource it to dedicated professionals. Outsourcing companies in the Philippines are experienced with the Generally Accepted Accounting Principles (GAAP) that are being followed in the country they are servicing.
Outsource Accelerator connects you with payroll firms that have extensive experience with the regulatory framework in the US and have a proven track record in accuracy and timeliness in payroll delivery. We make it easier for clients to learn about, and engage with payroll outsourcing.
What is Business Process Outsourcing (BPO)? What is Business Process Outsourcing BPO?
Business Process Outsourcing (BPO) is the engagement of services from a third-party provider. BPO uses various technology-enabled services to hasten the delivery of services. The business activities could be back-office such as, but not limited to, payroll, accounting, human resources, or front office jobs like customer service, sales, and marketing, etc. In the case of content providers, these business activities could mean hiring writers, remote editors, or virtual assistants.
BPO speeds up processes and enhances efficiency. Companies that outsource some of their business activities use their time on core services and competencies. With this shift in focus, companies improve their current processes that may result in improved customer satisfaction. BPO helps companies divert their resources to more critical business strategies. Often, companies find it impractical to hire a full-time position in-house because of the cost associated with doing so. How does Business Process Outsourcing work?
When a business engages an external specialist to manage and operate some of its internal processes, it's referred to as business process outsourcing. Such ‘processes’ include customer service, accounting and finance, or sales. It is different from hiring an agency to do specific tasks, as the outsourcing provider (BPO) is more concerned with the ongoing production of labour-intensive tasks, instead of the higher-level strategy and guidance.
Now, business process outsourcing has broadened and is more akin to staff augmentation, or staff leasing. What are the benefits of business process outsourcing?
There are many benefits to outsourcing, as well as some downsides and risks. The common benefits include: Cost savings: significant savings of up to 70%, leveraging the lower global salaries Global market: access to a bigger employment pool of talent Global presence: having operational across the globe increases trade opportunities Flexible workforce: reduces internal local labour and employment compliance obligations Leverage skill: leveraging the skills of other specialist companies Focus: enables the client company to focus on their core functions
Business process outsourcing examples
The business process outsourcing sector is a vast industry, generating over $200bn annually, and employing many millions of people worldwide. Some examples include: Big enterprise
Facebook and Uber outsource many of their operational functions, including content moderation for Facebook, and customer service for Uber Medium-size businesses
A medium business with 50-500 staff might outsource the labour-intensive accounting and finance functions to a team in the Philippines. Small business and entrepreneur
It is common for small business owners to have a Virtual Assistant (VA) working for hem full time, remotely from the Philippines. What are the different types of BPO?
The type of business process outsourcing can be characterised by their specialisation, location, and size. Generalist or specialist BPOs
Business process outsourcing is in the human resources and professional services sector. However, their services extend across all industries. The majority of BPOs are generalist, in that they offer a full range of professional services, although some specialise in certain verticals (ie accounting, or animation). Location
Business process outsourcing typically operates form developing nations such as the Philippines, India, and Colombia. They typically have cheaper cost-of-living and bigger populations. Different locations offer different advantages. Size of BPO
The bigger BPOs employ more than 250,000 people. They are huge, global operations. Medium-sized BPOs range from 500-5,000 staff and offer a full range of services. The smaller BPOs might have 1-500 people. Functions of business process outsourcing
Collectively, business process outsourcing provides any kind of staffing solution. Common functions of BPO include: Finance and accounting: operational, technical and specialist functions Healthcare: various functions of the backend of the healthcare and health-insurance industries Creative and content: everything from post-production of Hollywood movies to newspaper and website content Tech, IT and development: network management, web and app development and maintenance Sales & customer support: ongoing sales and customer operational support and delivery Marketing: ongoing marketing, communication and branding activities Talent and HR: externalising the management of company HR, recruitment and compliance Administration: general business administration and operational activities Top BPO companies in the world's top outsourcing hubs
A wide range of BPO companies in different parts of the world provide utmost services to their Western and local clients. Many of them have even earned awards and recognitions by award-giving bodies due to their performance on both the roles they take and on their way of taking care of the employees.
Check out the top BPO companies in several outsourcing destinations below: Top BPO companies in the Philippines Top Indian BPO companies Top South African BPO companies Business Process Outsourcing (BPO) services
Outsource Accelerator is the most trusted source for independent information & advisory for Business Process Outsourcing (BPO). We have over 4,000 articles, 200+ podcast episodes, and a comprehensive directory with 700+ BPOs… all designed to make it easier for clients to learn about, and engage with, business process outsourcing.