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CRM – A Financial Accounting Perspective

Client

As the old verse goes, “make new friends, but keep the old. One is silver while the other is gold”. It is well recognized that this applies to the business domain as good as it applies to the personal domain. And, Financial Accounting Outsourcing (FAO) industry is no exception. Perhaps, it is more relevant in such domains which are highly competitive and where the life time value of one single client can potentially have significant influence on the value created

Global perspective – Evaluation of FAO Partner

FAO

Handling accounting and finance is a key function for any business organisation, at all times. Unless your company is operating in the Finance domain, you are likely to find it difficult to handle the nitty-gritty of accounting and finance. Many companies prefer to outsource their financial accounting tasks to professional organisations offering such services rather than setting up internal teams. The company to which one company outsources its financial accounting operations is called that company’s Finance and Accounting Outsourcing (FAO) partner. There is

Emerging Role of CFOs

CFO 1

div { text-align: justify; } As the role of most other corporate positions have changed and evolved with the passage of time and changing business environment, the CFO role has changed and evolved too. Traditionally, the CFO was considered as the ‘head bookkeeper’ of the organization, who was responsible for collation of data, preparation of reports and handing them over to the CEO. However, that is not the case anymore. The Chief Financial Officer (CFO) is now regarded to be almost

In-house Vs Outsourced Accounting

Inhouse vs outsource

“If you deprive yourself of outsourcing and your competitors do not, you are putting yourself out of business.” – Lee Kuan Yew Rapid globalization, technology advancements and the availability of quality manpower have driven the growth of Financial Accounting Outsourcing (FAO) industry; today, it is well-established and matured. The advantages of FAO have far outgrown cost arbitrage and improved efficiency now, to encompass agility and strategic advantage among others. However, the critical decision of whether to outsource the F & A function or

360 Degree Accounting

360 degree

Meticulous accounting of revenues and expenses, as well as proper management of finances, are crucial activities for any business organization. Statutory and legal compliance is also vital for the survival and growth of organizations. As hiring, training, and maintaining a good in-house Financial Accounting (F & A) department is expensive and time-consuming, a large number of companies opt for the outsourced Financial Accounting model these days. F & A used to be a rather simpler activity earlier. However, with the