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Which Finance processes is good for offshored/outsourced?

Posted on September 3rd, 2018 by Sanjit Anand ||Email This Post Email This Post

Which finance processes have been outsourced so far? What was the rationale behind it?

Great Question . Normally it’s the transactional finance processes that are outsourced such as – Accounts Payable, Receivable, General Ledger, Reporting & Master Data. The rationale is the labor arbitrage together with the existing expertise towards automation, digitalization that exists in an Outsourcing company. Also it allows having all processes in one single place, enabling standardization cross various company codes.

Heavily decision support processes such as Financial Analysis, Forecasting & Budgeting are more difficult to be outsourced due to the high expertise required (people from the business/domain may perform particular job for couple of years and knowledge could be difficult to be transferred in 2 or 3 months with is normally the length of the knowledge transfer period)

One of the major drawback , which you may take into consideration that in outsourcing there is usual a high attrition rate and knowledge gaps could occur for more complex processes, which were not subject to automation previously. Hope this make sense

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