There was a time when only large companies sought to outsource their finance and accounting services. But, today even small to medium-sized businesses are stepping in the shoes of bigger companies.
Seeing the growth of the finance and accounting outsourcing industry, every company is looking for high-end services and solutions that make F&A processes more efficient.
As a result, finance and accounting providers are elevating their services in a way that gives the company a strategic tool to be competitive, gain access to the technologies and improve the bottom line.
A report by Magic Quadrant for Comprehensive F&A BPO, Gartner Inc., 2009 states that most F&A outsourcing projects are outsourced by organizations looking to improve F&A process efficiency and move labour-intensive tasks to locations with low-cost labour. This is the reason why more and more companies are choosing the Philippines to outsource their F&A work. Apart from the low-cost labor, there is an abundance of F&A talent in the Philippines who are trained in international and accounting standards.
When you outsource services to an outsourcing company like Teleforce Global Services Corporation in an emerging market, the labour arbitrage further drives down the costs, resulting in more savings.
Increase business efficiency:
Most of the big companies outsource their F&A work to increase business efficiency. However, small and mid-sized companies can also reap similar benefits when they partner with the third parties like Teleforce Global Services Corporation, which is equipped with powerful domain expertise tools and analytics. The improved knowledge about financial information can help small businesses better understand their spending and hence control their budget.
Value for money:
When you outsource your F&A work to Teleforce Global Services Corporation, you would have more focus on your core work and running your business would now be your main goal. With a system in place, reports at your desk, it would be easier to see how well your business is doing. So, it would be like getting value for money.