For a company’s administration personnel, managing a company’s HR and finance and accounting processes can be strenuous for a company’s administration personnel. This is why outsourcing such tasks are becoming more popular, aside from saving a lot of effort, payroll and accounting outsourcing have been shown to help a company’s budget. Most of the companies are opening their doors ro payroll and finance and accounting outsourcing and this may be due to the fact that the outsourcing may bring in more benefits to a company that they could have imagined. The internal revenue service of the United States government sanctions, those employers that have committed errors in their payroll filing. This is to avoid being sanctioned, companies are turning to solutions providers to handle their company’s payroll and accounting processes.
There were speculations that payroll outsourcing will see more opportunities and that there is a possibility that it will see a rise in demand. The speculations on the industry growth became stronger as more developments on outsourcing companies have been reported. The ASAP Accounting and Payroll services Inc. is a Colorado based company whose main clientèle are small and medium sized companies, that is reported that their company was able to hit its $100 million mark in payroll processing. In the support of the speculations delivered, WNS Holdings a known provider of finance and accounting solutions, it was recently ranked among the top companies in North America by IR Global Rankings, it recognize its effort for the past year. The another industry key player is the genpact. The growth is attributed to the company’s expansion of their finance and accounting arm.
In terms of company size as it is not limited to a small and medium sized businesses, the payroll and finance and accounting outsourcing solutions are covering all areas of the spectrum. A giant oil and gas company, Shell announced that it has delegated a total of 8,000 roles across six shared services centers around the globe. With the most of the roles covering financial processes, having seen the benefits of outsourcing such as being able to slash $4 billion off the company’s costs for the last two years, it looks like shell that would continue outsourcing some of their company’s financial processes.
For the accounting outsourcing industry, a partnership that can also attest to the fact that it was a good start, the one between Clifton Gunderson and Intacct. Clifton Gunderson, a Wisconsin based accounting consultancy, entered into a deal with Intacct., a cloud financial management and accounting applications vendor, allowing the former to make use of the latter’s enterprise software. The Clifton Gunderson will now be able to provide their staff and clients the ability to share real time access, improving collaboration between both parties.
REFERENCE:
http://www.blog.infinit-o.com/recent-figures-developments-strengthen-speculations-payroll-outsourcing-fao-industry/
