India is known for having both cost as well as technical advantages
when it comes to outsourcing IT services and processes. India has emerged as
one of the most preferred country for outsourcing various services globally.
These include supply chain management, sales, marketing, customer care,
Human resource etc besides Financial and Accounting services
The BPO industry is well established and thriving. It is respected globally
for provision of quality service at significantly lower costs with
world-class infrastructural facilities and the advantage of 24x7 work
environment.
Corporates are in need of focusing their limited resources on core
competencies and outsource their non-core processes. A large number of
companies are outsourcing their financial and accounting processes to not
only reduce costs but improve their competitiveness. Fluctuating financial
markets have further pushed the companies to this end.
Advantages of outsourcing Financial and accounting process by a company can
range from improved financial efficiency to reduction of investment risks,
to keeping a track of accounts payable and receivables and better tax
planning.
Various financial services offered by Indian BPOs are:
Accounts Payable: The process helps client to track
payments originating across different locations and in different currencies.
It helps to efficiently settle payment issues with vendors.
Accounts Receivable Management: The process includes
managing as well as tracking the client's receivables in different
locations. It also helps to manage the limit of credit extended by the
client.
Tax Processing: The process includes keeping proper tax
data and auditing it and also maintenance of various documents and forms
relating to taxation.
Cash Management: The process includes checking the cash
flow statement of the company. It also includes checking the liquidity of
the company, managing current assets like cash, inventories, bills payable
and receivables etc.
Risk Management: The process includes services like
monitoring the risk factor of various investments, looking after the
returns, looking after at the viability of projects a company undertakes. It
also includes making quarterly reports of investments and sending it to the
company.
Claims Processing: The process includes checking of
documents supporting the claim, storing online data of claims and their
redressal.
