Bookkeepers have become professional service providers, visiting their various clients rather than being employed full-time. While this paradigm works well for small and some medium enterprises, accounting firms and specialized service providers have established “finance and accounting” services packages for the same customers.
While internal employees may provide basic services at perhaps a lower cost, external service providers may be more suitable for enterprises that cannot justify a full-time employee with specialized knowledge of a financial or accounting process or rules. Outsourcing the financial and accounting functions allows enterprise customers to purchase expertise “by the slice” (part-time) across a wide rang of disciplines. This includes accounts receivable and payable, general ledger accounting, employee payroll, reporting and other compliance routines.
F & A outsourcing integrates these functions and helps generate ERP software. F & A outsourcing providers also help maintain accounting standards at efficient levels.