In today’s challenging business environment, it is essential to get more out of existing resources, especially from your Finance & Accounting departments. When strategically leveraged, CFO’s, with their financial skills and knowledge, can place the company on a growth path. However, it has been reported that more than 50% of a CFO’s time is spent on the management of transaction processing/oversight and Finance functions management rather than on Key Strategic Activities.¹ By delegating day-to-day responsibilities to an external partner who can manage finance functions, CFO’s can re-allocate their time to core business activities.

When considering the utilization of external partners to optimize their business processes, it is frequently the case that CFO’s have concerns about relinquishing their own management over specific functions. They also spend a great deal of their time overseeing the privacy and security of information. In addition, they worry about the impact of delegating responsibilities for the supervision of internal personnel to an external partner. However, with the proper planning, all of these issues can be positively addressed.

At Annet, we don’t just manage outsourced processes; we refine them by closely collaborating with our clients to create custom solutions that fit their unique business requirements. As a result, our clients have realized total cost savings of up to 40%, as well as quality improvements and time savings.

Finance & Accounting Outsourcing (FAO) is mostly about direct cost savings. Offshore resources have become a fundamental element of the FAO model. This is the case across all major geographic markets and industry segments. After Call Centre, F&A (Finance & Accounting) is the most offshored business process.

The process of utilizing a FAO model usually begins with F&A transaction processing and bookkeeping. As they gain experience, they migrate towards activities such as financial trend data analysis.

Annet helps to mitigate risks, improve process efficiencies and lower costs through its Off-site Accounting Delivery Model. The model encompasses:

As a method of getting started, we offer a Pilot on a cost-sharing basis.

Our service offerings in Finance & Accounting Outsourcing include, among others:

Receive inputs from transactions

Record & feed data into System

Maintain General Ledgers on an ongoing basis

Reconcile Banks

Reconcile Vendors Accounts

Reconcile Customer Accounts

Accounting to Inventory reconciliation’s

Generate recurring Accounting reports & Analysis

Profit & Loss report

Balance sheet

Storage of data on hosted web servers

Secure Access to your data

Regular backup of data

Generate Invoice

Distribute Invoices via fax/email

Collect checks & update A/R

Aging A/R reports

Payment Follow-up

Record vendor bills

A/P aging

Process checks for vendor bills

Some of the benefits which companies receive through Offshoring are:

¹ Outsourcing and the Strategic CFO. An Executive White Paper Written by Geller & Company