Some finance and accounting services, such as insolvency work, advice on cost-cutting and restructuring, are actually expected to benefit from increased demand in 20. While most industries were impacted by the pandemic in some shape or form, the finance and accounting sector was hardly affected. In short: keep your employees happy and skilled.ĬOVID-19 accelerated the openness to outsourcing Invest in education, create a good work environment. Consider hiring people with the necessary talents who still need to attain the required competencies. Most in demand are tax and audit, risk and compliance professionals. Research by Hays Accountancy and Finance, found that approximately 54% of Europeans companies expect to recruit accountancy and finance staff in 2021. The industry has suffered from the pandemic but remains strong. The market is maturing and SMEs are also increasingly outsourcing their finance and accounting services. This market was long the domain of large companies, but that has changed. Finance and accounting services are the most commonly outsourced services in European companies. It is estimated that by 2025, the European FAO market will be worth worth €921 million, with Germany alone comprising half of this market. The market has moved beyond back-office support and currently includes more specialised industry areas and processes with higher added value. What makes Europe an interesting market for finance and accounting services?Įurope is the second biggest finance and accounting market in the world, after the United States. Outsourcing enables European organisations to scale resources up and down as needed, without the obligation to pay salaries or other employee benefits, and without the need to hire, train and retain accounting staff. efficient use of finance and accounting professionals.Relatively simple, rule-based and repetitive tasks are increasingly automated. These are all considered knowledge-intensive processes. Most outsourced finance and accounting services cover: Knowledge-intensive processes are processes with higher added value, such as: Transaction-intensive processes are processes with lower added value, such as: There are two types of finance and accounting services: services covering transaction-intensive processes and those covering knowledge-intensive processes. What trends offer opportunities on the European market for finance and accounting?.Which European countries offer most opportunities for finance and accounting services outsourcing?.What makes Europe an interesting market for finance and accounting services?.We present to you, “Top 10 Accounting Outsourcing Companies - 2020. Accounting Outsourcing is not just a fad but is regarded as a requirement for many businesses. These companies enable businesses to focus on its primary operations, increasing their productivity and efficiency to grow in their target market. We at CFO Tech Outlook have assessed and shortlisted some of the most prominent accounting outsourcing service providers to help companies struggling in this space. Outsourced accounting assures that all tasks are in safe hands and that they are given the value they deserve and are reliable, secure, and fool-proof. Requiring less staff time for internal accounting functions will enable companies to save employment costs such as salaries, payroll taxes, benefits, training, and recruitment expenses. Therefore outsourced accounting services can help streamline an organization’s operations. Otherwise, accounting is considered non-core accounting is an integral part of any given organization’s systematic functioning and operational capabilities. Nowadays, companies are not only searching for cost-effective ways to manage non-core operations such as payroll and accounting services but also expect to add value to achieve better management and informed decision-making. An outsourced accountant can help businesses organize accounts, prepare taxes, produce long-term financial forecasts, create a forum for ecommerce, and much more. These tasks, which require considerable attention to detail and expertise, may enable companies to defend themselves from financial and legal hazards while at the same time finding innovative ways to improve their performance. Accounting and finance are often amongst the first set of duties to be outsourced. Outsourcing is a growing trend with apparently uncountable benefits.
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