Other tasks we can cover for you include writing off aged receivables according to your policies, verifying and analyzing prices, issuing retrospective documents in case of price changes, reporting and presenting results through pivot tables and charts to senior management, and performing month-end closing operations to ensure any discrepancies at the end of the month are clearly identified. Additionally, we have extensive experience with process and department transitions, allowing us to support you in this area as well as in creating and improving new processes that can streamline your accounting while reducing administrative burden and workload.
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Why Outsource Accounting?
Accounting is the most commonly outsourced area worldwide. For many reasons, it represents an efficient solution for companies, as it reduces costs while allowing them to retain specialists in the field. This applies to all types of companies; for example, large corporations often establish their own financial centers (GBS) that serve all countries on a given continent or even globally.
The second option is external outsourcing, which means delegating your tasks and processes to an external company that receives your internal procedures and appropriate training. Typically, these centers employ qualified staff with industry experience. This allows them to work with you on new solutions and processes if needed. Companies often either build their own GBS centers or outsource to countries that are more cost-effective and offer greater talent pools, such as India, Egypt, Poland, Romania, or Portugal.
Introduction to Finance
We have already divided financial centers into internal and external. But what does the work inside look like? Does one person do everything? The answer is no. Standard finance and accounting departments in corporations include Accounts Payable (AP, P2P) – processing supplier invoices and managing liabilities, Accounts Receivable (AR, O2C) – issuing invoices and generating revenue, managing receivables, and General Ledger (GL, R2R) – the main ledger for managing core accounts, posting documents to the general ledger, and preparing the balance sheet.
In addition, every larger company or corporation has a Tax team that handles all tax-related matters, and a BPO team that manages all processes. There may also be additional departments, such as Credit Risk or specialized teams for each AR or AP function, depending on the size of the organization. A key role in every company is controlling, which predicts actual costs that have yet to occur and is responsible for their management. Another important role is that of the Financial Director (CFO), who reports the results to to the business.
What We Do
Global Business Services is a central hub that provides support services across the company and countries, combining internal teams with external providers and leveraging modern technologies for efficiency and strategic value. According to Deloitte research, the largest number of employees in GBS centers work in:
- Finance
- Human Resources (HR)
- Information Technology (IT)