Some of the economists highlighted in Kate Vitasek’s article , Oliver Williamson: not examining all costs can really cost you, include Coase, Nash and Solow. All three of them have played an important role in laying the basics of economics behind outsourcing practices. Yet another figure who stands out as an innovator in modern outsourcing is Oliver Williamson. Read more
Genpact Limited was recognized by Everest Group as the leading Finance and Accounting Outsourcing (FAO) in the research institute’s reports ‘Procurement Outsourcing (PO) Annual Report April 2011’ and ‘Finance and Accounting Outsourcing Annual Report March 2011.’ Genpact is a worldwide leader in tech management and business process. Read more
Research firm, Everest Group has done a study which found that the financial services industry has the capacity to hit a $250 billion. India is expected to play a major role in this. Read more
API Outsourcing, Inc. a service provider of Finance and Accounting Outsourcing (FAO) was chosen by Avendra for automating invoice processing. Avendra is a leader in the supply chain provider in the hospitality division. Headquartered in Rockville, Maryland, the company has almost 5,000 customer locations with some of the biggest hospitality management firms and 900 supplier contracts.
Robert Heaton, CFO of Avendra said in a press release, “After reviewing various options, we selected API not only for our own processing, but as the designated provider of outsourced accounts payable services for our clients. We wanted to be 100% paperless for our own corporate accounts payable processing, using only electronic invoices, and API made this happen efficiently and quickly.”
Heaton added, “Our next phase will be full workflow automation, with GL coding, routing for approval and integration with our accounting system.”
Meanwhile, Gary Halleen, CEO and President of API was quoted as saying, “API is eager to support Avendra’s desire for a streamlined process, reduced processing costs, and faster cycle times, both for their needs and for their customers,” adding, “As an industry leader in AP automation and outsourcing, API appreciates being selected as Avendra’s provider and supply partner of choice,” PRWeb reports.
St.Paul, MN-based API is the number one global accounts payable service provider named in the State of the Global Finance Accounting Outsourcing released by the Black Book of Outsourcing in December of last year. API allows clients to concentrate on its core business areas by modifying paper-based payables and billing related work to image-based bill delivery and workflow systems that cut down back office processing labor.
API’s value lies in its outsourcing benefits such as better cash flow, decreased processing costs, better business intelligence and better customer-vendor relationships. At the present time, API manages more than 100,000,000 transactions on a yearly bases. It is also known for its quality service, and adherence to Six Sigma practices
Mosinee, Wisconsin-based WAUSAU Financial Systems is a provider of payment process solutions and it was hand picked by commercial banks run by CoBiz Financial – Colorado Business Bank and Arizona Business Bank – for its strong outsourcing solution. Read more
According to published reports, accounting and finance outsourcing is speculated to increase by 15% – 20% in 2011. This will mean more than $4 billion in annual contracts. Read more
In essence, the value of an enterprise lies in its capacity to book profits – this is particularly relevant in light of the recent downturn in the global economy and the impending recovery that is taking place. The catch-22 is that as a company and its services expand, which is often the case with successful firms, the accounting becomes a huge labor-intensive process. In the wake of frequent lawsuits, the necessity for accurate bookkeeping has taken a more significant role. Read more
Despite the political rhetoric behind outsourcing and President Obama’s warning to curb shipment of jobs overseas, outsourcing jobs from the U.S. to other nations is on the rise, reports news.cincinatti.com. Read more
Accounting and bookkeeping are tedious tasks for any company. And it makes sense to outsource these tasks, as they are peripheral components of most businesses. However, it is also important to keep in mind that accounting is not just a cakewalk. It in fact requires a great deal of expert knowledge and skill. This also enhances accurate detailing of the company. Read more
Because the offshoring trend is still so new, buyers are in a fix determining how much to pay for what service. In this context, I read a very insightful article by Alexa Michael in Financial Management, that discussed among other things, how services are priced in the financial/insurance sector. Although some of his suggestions may be specific to the FAO industry, a bulk stands true for any kind of outsourcing. Read more