NextWealth / Services / Business Process Outsourcing / Outsourced Finance and Accounting Services
Outsourced Finance and Accounting Services
Welcome to NextWealth your new finance and accounting division! Get set for improved business performance as we incorporate process automation, AI and analytics into all your key finance functions. NextWealth ‘owns’ all your mundane transactional processes and manages them effectively and efficiently without giving any room to let these divert your focus away from the core of your business. NextWealth combines experienced industry assets with the latest technological tools to transform your business truly. NextWealth is your own competent professional accountant and not a mere data-entry operator. Hence we deliver finance and accounting services of the highest quality using dedicated assets and tools to back them. Outsourcing finance and accounting services to NextWealth imply combining business process management, industry analysis, and optimizing systems. NextWealth works with clients across a wide range of sectors, adhering to the best practices and compliance standards.
NextWealth’s Managed F and A
Procure to Pay
The procure-to-pay cycle allows businesses to inquire about, request, receive and pay for goods and services. Typical P2P cycles involve several stages including the below-mentioned ones:
Record to Report Reconciliation
Record to report is the process of providing businesses with strategic, operational, and financial feedback to give a lucid understanding of how the business is performing. In this process, relevant and accurate information is collated, transformed and delivered to the management, providing valuable insight into the performance. R2R is one of the few processes that are scrutinized by external auditors who draw inferences about the various controls that are in place at the time of financial closure and reporting cycle.
Order to Cash Processing
Order to Cash (OTC or O2C) involves the procedure for processing customer orders, applying payments to invoices, and matching payments to the receipts in a company’s bank account. Though the principles behind OTC are essentially the same across most businesses. Streamlining O2C operations improves margins and enables businesses to scale up efficiently. Harnessing the power of automation is key to creating an effective O2C process.
Reporting and Analysis
Reporting & Analysis is a key activity across all departments of a business. It includes providing live data, information, and analysis to help businesses make in-time informed decisions. Customized automation tools are deployed for gathering accurate data & reporting in a consistent way visually through charts, graphs and linking it across multiple channels. Similarly, NextWealth’s payroll management services deploy the latest tech offerings constantly revised to ensure regulatory compliance to solve the challenges faced while using spreadsheets to eliminate the risk of mathematical or clerical errors.
Why NextWealth as your Managed F and A Partner
A Tactical partner to manage your Finance & Accounting Services. It is now a widely entrenched concept that businesses can effectively and safely outsource their key financial roles to become and stay more competitive in a rapidly evolving business environment. It is imperative that business processes are handled efficiently and with the utmost regard to accuracy, compliance & privacy. NextWealth being a competent and experienced outsourcing provider, not only caters to all this but goes the extra mile to help businesses streamline the way processes are implemented in order to help divisions boost internal productivity and competitiveness.
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How do I select a Finance and accounting outsourcing services partner?
F & A Outsourcing is a service used by a growing number of businesses throughout the world. There are a host of service providers in the market right from MNC behemoths to local accounting offices. Firstly it is important to check the competence and credentials of the service firm. Getting acquainted with the gamut of services offered & the certifications held is a starting point. Secondly, the capability of the service provider to perform without any disruption needs to be ascertained. Ensuring that the service provider has adequate experienced assets and the Tech infrastructure to support them is key here. Thirdly it is pivotal to verify the amount of experience garnered by the outsourcing company, especially in a similar business. The next prominent factor that should be guiding your decision is a review of the overall standard of IT systems at work in the organization. The ability of the Finance and Accounting service providers to customize their IT Systems & processes as per the needs and expectations of businesses is of utmost importance. Lastly it is important that the service provider has a flexible approach and is known to respond in real-time to changes, not only in compliance & regulatory matters but also to those occurring within the business divisions.
Why should I consider outsourcing my finance and accounting teams?
Outsourcing of Finance & accounting services is growing in popularity among businesses of all sizes interested in optimizing their business operations while reducing overheads. Outsourcing has become a strategic transition to elevate a business’s accounting processes, enhance security & power growth.
- Economic benefits: Outsourcing F & A operations bypasses expensive employment costs such as payroll, taxes and employee benefits, as well as infrastructure costs such as hardware, software, furniture, and office space. With outsourced accounting, businesses pay only for the work needed as opposed to hiring an in-house team.
- Benefits of Time : As businesses grow, they find that managing F & A is highly time & resource consuming leaving them with less time to scale the business as such. Therefore, outsourcing helps by freeing up time that can be deployed in core areas in creating strategies to fuel growth. It will bring more revenues, as well as networking and building lasting relationships with consumers.
- Higher Skill And Experience: Outsourcing grants businesses access to superior skills and experience at a reduced cost. BPOs employ experienced assets refined by working with a portfolio of diverse clients. Hiring a team with this level of expertise is a very expensive model but the same becomes accessible at a fraction of the cost through your outsourcing partner.
- Automation Systems : Most specialist service providers use complex accounting automation softwares to save time and cost while reducing risks. With automation, accountants get real-time reports to identify potential issues and resolve them at an early stage. The probability of internal fraud is also greatly reduced by relying on automation.
- Standardization: Vast experience garnered by organizing existing client books and processes result in a highly evolved streamlined & standardized process. Not only does this make the closing and reporting processes faster and more effective, but also means that businesses have crucial information when they need it the most.
- Scalability: Many businesses especially SME’s fall prey to the firefighting style of F & A where they don’t allocate the resources to scale up their processes until an imminent need like fund raising emerges Outsourcing entails that a number of experts are already ready in the sidelines ready to seamlessly integrate into your financial team when it’s strategically most appropriate.