According to the report Global Finance and Accounting Outsourcing Industry released by the ReportLinker, the global market for Finance and Accounting Outsourcing estimated at USD 37.9 Billion in 2020 is forecasted to reach a whopping USD 56.6 Billion by 2027, growing at a CAGR of 5.9% over the period 2020-2027. Multi-Process F&A BPO is projected to record a 6.8% CAGR and reach USD 19.3 Billion by the end of the analysis period. Taking into account the business implications of the pandemic and economic crisis, growth in the Source-To-pay Outsourcing segment is readjusted to a revised 5.9% CAGR for the next 7-year period.
Given the economic pressures and the volatile landscape of finance and accounting, CFOs in organizations across industries are taking on more strategic business roles - setting strategic direction and leading business transformation initiatives as companies recognize the importance of finance in improving the customer experience for competitive advantage. This pushes companies to outsource more of their services. According to technology research and advisory firm ISG, more enterprises are turning to finance and accounting outsourcing as companies seek to optimize their operations through digital transformation and cloud-based solutions. Organizations that have already outsourced core transactional processes such as order to cash and procure to pay are partnering with service providers on judgment-led processes such as budgeting, forecasting, and risk management. Providers offer high-level professional talent for analysis of fast-changing business and economic conditions that drive this level of decision-making.
Finding the right outsourcing partner for your business is crucial as the aforementioned factors come into play. Offshore Business Processing provides Finance and Accounting Outsourcing services with deep Finance and Accounting (F&A) domain expertise. Our multi-process F&A functions cover both simple and complex tasks from accounts receivable, accounts payable, and payroll processing to tax strategy, integrated business planning, and financial planning and analysis.