Finance and Accounting Outsourcing Procurement Intelligence
In this finance and accounting outsourcing procurement intelligence report, we have estimated the pricing of the key cost components. Technology cost, labor cost, financial reports, as well as financial statements and analysis are some of the key cost components of finance and accounting outsourcing. Other elements involved are bill pay & coding, and other (a set of services selected such as accounting bookkeeping support, invoicing, and collection) as well as budget and cash flow forecast reports. The cost of the basic outsourcing accounting services ranges from USD 400 to USD 500 per month. For instance, finance and accounting services such as accounting and bookkeeping prices range from USD 500 to USD 5000 per month. There are various factors that influence pricing such as recruitment method, geographic location, revenue and headcount, range of services, level of expertise, revenue and headcount, industry, etc.
Order your copy of the Finance and Accounting Outsourcing category procurement intelligence report 2023-2030, published by Grand View Research, to get more details regarding day one, quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-cost/best-cost sourcing analysis
Operational Capabilities - Finance and Accounting Outsourcing
- Employee Strength - 20%
- Industries Served - 18%
- Geographical Presence - 15%
- Years in Service - 15%
- Revenue Generated - 12%
- Key Clients - 10%
- Certifications - 10%
Functional Capabilities - Finance and Accounting Outsourcing
- Procure to Pay (P2P)/Source to Pay - 25%
- Cash Management - 18%
- Accounts Receivable and Payable - 15%
- Record to Report (R2R) - 12%
- Financial Planning & Analysis (FP&A) - 12%
- Tax Management - 10%
- Others - 8%
Rate Benchmarking
Every organization and its procurement team look forward to negotiating the best deal while procuring a set of products or subscribing to services. Rate benchmarking involves price/cost comparison of more than one set of products/services to analyze the most efficient combination that can potentially help the procurement team in getting the optimum rate.
When analyzing rate benchmarking of finance and accounting outsourcing, the type of business, services, and location plays a crucial role. In our study, we have analyzed the rate of accounting services in various countries such as the U.S., India, Vietnam, and the Philippines. The rate of services in the U.S. is USD 500 to USD 5,000 per month, in India it charges approximately USD 42.29 per month, in Vietnam it is USD 41.34 per month, in the Philippines, it charges USD 176.21 per month, in China, it charges USD 219.51 per month, and in Malaysia, it charges USD 215.23 per month. The rate varies depending on the location and requirements.
Supplier Newsletter
In May 2023, TCS has launched TCS Cognix, a suite of AI-driven digital financial ecosystems to accelerate development throughout the F&A processes. It will support end-to-end value propositions for finance professionals and deliver business goals by keeping F&A operations more transparent and nimbler for the businesses.
In March 2023, Tech Mahindra announced the launch of AceFina, a cognitive AI-based Business Process-as-a-Service (BPaaS) solution which provides tactical and strategic insights to Chief Finance Officers. The AI based platform is capable of providing drill-down analysis at five to six layers, establishing a connection to any platform, utilizing data extraction and loading tools, distributing data, producing dashboards, and performing related operations and procedures. The solution was developed with the help of Tech Mahindra's platinum partner, Celonis.
In October 2022, Unicon Outsourcing announced the launch of its novel product, named Financial Service 360. With this product, Russian businesses can maintain financial and managerial accounting records in an integrated manner, providing a solution to a number of key issues - such as inconsistent revenue, cash shortages, fines etc. By evaluating the profitability of products and services, Financial Service 360 will help a company to improve its sales efficiency by optimizing existing processes and adjusting effective controls and metrics.
List of Key Suppliers
- Accenture Ltd.
- Capgemini SA
- Conduent Inc.
- Fusion Business Solutions (P) Limited.
- Genpact Ltd.
- Hewlett-Packard Development Company, L.P.
- Infosys BPO Limited
- Meru Accounting
- International Business Machines Corporation
- Steria Limited
- Wipro BPO
- WNS Global Services
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Finance and Accounting Outsourcing Procurement Intelligence Report Scope
- Finance and Accounting Outsourcing Category Growth Rate : CAGR of 6% from 2023 to 2030
- Pricing Growth Outlook : 4% - 5% (Annually)
- Pricing Models : Fixed pricing model and volume-based pricing
- Supplier Selection Scope : End-to-end service, cost and pricing, compliance, service reliability, and scalability
- Supplier Selection Criteria : Range of services, technology usage, certification, regulatory compliance, and others
- Report Coverage : Revenue forecast, supplier ranking, supplier positioning matrix, emerging technology, pricing models, cost structure, competitive landscape, growth factors, trends, engagement, and operating model
Brief about Pipeline by Grand View Research:
A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain, which helps in efficient procurement decisions.
Our services include (not limited to):
- Market Intelligence involving – market size and forecast, growth factors, and driving trends
- Price and Cost Intelligence – pricing models adopted for the category, total cost of ownerships
- Supplier Intelligence – rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing
- Sourcing / Procurement Intelligence – best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best suited countries for sourcing to minimize supply chain disruptions
