New York, March 23, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Finance And Accounting Business Process Outsourcing Market Size, Share & Industry Trends Analysis Report By Enterprise-size, By Industry, By Service, By Regional Outlook and Forecast, 2022 - 2028" - https://www.reportlinker.com/p06435141/?utm_source=GNW
Operational and infrastructure capabilities are set up by service providers basis contractual agreements.
In the finance & accounting business process outsourcing, the supplier is usually from a developing nation where the services or the business operations are conducted, and the buyer belongs to a developed economy. Finance & accounting BPO services usually standardize processes to decrease fixed operational expenses like insurance claim processing, account & booking services, and record to report. Also, knowledge Process Outsourcing (KPO) enables businesses to expand operations by assisting at a strategic level; market intelligence services, consulting services, and legal services are among the others to aid in making strategic business decisions.
Various businesses are trying to find ways to manage cash flows and save costs. One way to do that is by hiring someone with the foundational knowledge to perform finance and accounting tasks offshore. Finance and accounting work together in business. It is about keeping track of financial statements, financial reporting, and transactions. Such financial transaction is recorded in a balance sheet utilizing generally accepted accounting principles.
The financial information is where all the transactions can be found and then presented to the cline tor management team for financial reporting. These all are important in any corporate finance reports about financial accounting because they will measure the return on investment, income statement, financial assets, liabilities of the company, and the analysis of cash flow. These are the key reasons most organizations outsource finance and accounting. It is now amongst the best digital resources expanding online to manage an organization’s finances.
COVID-19 Impact Analysis
The changes brought to the business activities because of these disruptions are anticipated to ultimately give momentum to the market. Finance and accounting business process outsourcing service providers have altered their business models by restructuring their business continuity plans to a distributed workforce. Businesses have understood the importance of continuous operations planning and disaster recovery to create a more reliable business model that can overcome an unprecedented disruption like the pandemic. Such business models aided the finance and accounting business process outsourcing market in recovering from the pandemic and showcase growth.
Market Growth Factors
The ability to save organization’s time
A worker might spend around half of their workweek handling repetitive digital tasks. But when these repetitive tasks are outsourced, the organization can free up many hours on these processes. Outsourcing these works allows the company to allocate more time towards other things that are essential for the company and create a variety of responsibilities for the employees. The finance and accounting business process outsource the organization to free up their workforce from completing non-core work and better utilize them, which is expected to increase their usage and thereby propel the market growth.
Business flexibility and continuity
Organizations often risk losing clients to a competitor with such lapses in business continuity. However, with outsourced accounting, the work with the providers is generally equipped with cloud-based systems and automation capabilities that offer uninterrupted services. Also, the organizations can get time-bound service from the service provider by having a business continuity plan in their service agreement. The flexibility and the business continuity assurance provided by the outsourcing service provider are anticipated to surge the finance and accounting business process outsourcing market’s expansion.
Market Restraining Factors
Limited control and communication
This lack of communication can lead to a lack of management and human error. The financial process outsourcing provider sometimes lacks the management skills to carry out the given task, and due to the lack of communication, the organization cannot guide the outsourcing company properly. This also leads to increased errors, which can harm the organization’s status and reputation. The issues caused due to the limited control and lack of communication will hinder the adoption of the finance and accounting business process outsourcing market growth.
Service Outlook
Based on service, the finance and accounting business process outsourcing market is segmented into order-to-cash, procure-to-pay, record-to-report, source-to-pay, and multi processed. The order-to-cash segment dominated the finance and accounting business process outsourcing market with the maximum revenue share in 2021. This is because order-to-cash is a collection of business activities and operations that includes receiving customer requests for services and goods. The order-to-cash function determines the company’s cash inflow and working capital. In addition, it aids in cost savings, enhanced customer experience, and revenue generation. Therefore, these factors are expected to drive the segment’s growth.
Enterprise Size Outlook
On the basis of enterprise-size, the finance and accounting business process outsourcing market is divided into small & medium enterprises (SMEs) and large enterprises. The large enterprises segment held the highest revenue share in the finance and accounting business process outsourcing market in 2021. This is because large institutions are collaborating with numerous BPO service providers for enhanced cost efficiency and ease of customer management across multiple regions. Finance and accounting BPO allows large organizations to refocus on their core business activities to provide incremental value to their customers. These services benefit organizations for cost optimization and enhance business functions.
Industry Outlook
By industry, the finance and accounting business process outsourcing market is classified into BFSI, healthcare & life sciences, manufacturing, energy & utilities, travel & logistics, telecom & IT, media & entertainment, retail and others. The telecom & IT segment recorded a prominent revenue share in the finance and accounting business process outsourcing market in 2021. This is because BPO companies offer various services to the telecom & IT sector based on their requirement. In addition, the finance and accounting services include record-to-report, source-to-pay, order-to-cash, and procure-to-pay. Hence, the specialized services offered to the telecom & IT sector will propel the segment’s expansion in the forecasted period.
Regional Outlook
Region-wise, the finance and accounting business process outsourcing market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region registered the highest revenue share in the finance and accounting business process outsourcing market in 2021. This is because of the increasing requirement for business process outsourcing services due to their lower costs, focus on core business functions, and high efficiency. In addition, the customization of these service better meet with the individuals’ needs, and also there is a rising demand for cloud computing. These factors are expected to boost the market growth in the region.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Accenture PLC, Wipro Limited, Fiserv, Inc., Infosys Limited, Tata Consultancy Services Ltd., IBM Corporation, HCL Technologies Ltd. (HCL Enterprises), Genpact Limited, Capgemini SE, and Sutherland Global Services, Inc.
Strategies deployed in Finance and Accounting Business Process Outsourcing Market
Dec-2022: Accenture took over Allgemeines Rechenzentrum GmbH, a company engaged in providing IT banking services. This acquisition broadens the company’s cloud-based banking solutions ranging from core services to online banking. Additionally, this would offer regulatory services for clients in Europe.
Sep-2022: Accenture completed the acquisition of The Beacon Group, a company providing business consulting services. This acquisition would help the company’s top managers in taking fact-based decisions which are based on scalable solutions and market insights to scale the enterprise.
Sep-2022: Sutherland completed the acquisition of Augment CXM, a company providing software solutions. This acquisition would help the company in solving complicated business problems to help clients in achieving transformational business outcomes.
Jul-2022: Wipro partnered with Nokia; a company engaged in providing telecommunication services. Through this acquisition, the company would provide global business services to focus on touchless processing and process optimization. Additionally, this would improve the customer experience in the supply chain, accounting and financial operations.
Jun-2022: HCL Technologies unveiled Industry NeXT, a framework developed to assist customers in reinventing their businesses digitally. The product, along with its related offering would hasten the process of digitalization and business transformation.
Apr-2022: HCL Technologies came into partnership with Avaloq, a company providing software solutions for core banking. This would enable the company to work closely with clients to bring innovation and ensure to be a part of these ongoing changes.
Apr-2022: Fiserv, Inc. took over Finxact, a company engaged in providing financial services. This acquisition would accelerate the financial and fintech institutions’ ability to provide differentiated digital banking services to customers.
Sep-2021: HCL Technologies partnered with Finastra, a company providing financial services. This partnership would allow HCL to increase its presence in the markets of Taiwan and South Korea. Additionally, the would assist institutions in succeeding and adapting to the changing ecosystem.
Sep-2019: Genpact collaborated with Deloitte, a company providing financial services and OneSource Virtual, company providing IT and consulting solutions. Through this collaboration, the companies launched GenOneTM, a software solution that reinvents finance operations and assists companies in enhancing competitive growth. The product would enable CFO to be at forefront of digital innovation and carry the financial operations with flexibility. Additionally, GenOne provides output-based pricing and flexible contracting.
Scope of the Study
Market Segments covered in the Report:
By Enterprise-size
• Large Enterprises
• Small & Medium Enterprises (SMEs)
By Industry
• BFSI
• Energy & Utilities
• Manufacturing
• Telecom & IT
• Travel & Logistics
• Healthcare & Life Sciences
• Media & Entertainment
• Retail
• Others
By Service
• Order-to-cash
• Source-to-pay
• Procure-to-pay
• Multi Processed
• Record-to-report
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• Accenture PLC
• Wipro Limited
• Fiserv, Inc.
• Infosys Limited
• Tata Consultancy Services Ltd.
• IBM Corporation
• HCL Technologies Ltd. (HCL Enterprises)
• Genpact Limited
• Capgemini SE
• Sutherland Global Services, Inc.
Unique Offerings
• Exhaustive coverage
• Highest number of market tables and figures
• Subscription based model available
• Guaranteed best price
• Assured post sales research support with 10% customization free
Read the full report: https://www.reportlinker.com/p06435141/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
