UHY GLOBAL JANUARY 2023 SERVICE FOCUS
OUTSOURCING FOR EFFICIENCY
Taking over back-office finance functions for clients is becoming a key service line for UHY firms worldwide As our in-depth feature in the last issue of UHY Global showed, the market for outsourced business services, from payroll and after sales care to accounting and HR, is growing fast. Currently valued at more than USD 232bn, the business outsourcing sector is expected to register a compound annual growth rate (CAGR) of 8.5% until at least 2028. Organisations look to third parties to drive efficiency, to give them access to specialist and hard-to-find talent, and to free up time and space to focus on core activities. While businesses once emphasised the control that comes from doing everything in-house, today even small and medium-sized enterprises are looking at the cost and efficiency gains that outsourcing can bring. Accounting and payroll functions are among the most likely to be outsourced, but that is only possible where providers offer high quality outsourcing services. The UHY global network provides a range of cost-effective, highly professional outsourced services to national and international clients. A TRUSTED PARTNER More and more of our member firms offer outsourced payroll, reconciliation, financial statement preparation and CFO services, to name just a few. UHY will get to know a client’s requirements in detail before suggesting the most appropriate path forward. Our aim is to become an extension of our clients’ teams and a trusted partner, rather than simply a provider of ad hoc services. One excellent example is Client Accounting Advisory Services (CAAS), the specialist outsourcing service of US member firm UHY Advisors, Inc., which offers a full suite of customisable solutions. CAAS national practice leader Kane Polakoff says a combination of standardardised, repeatable operating procedures and scalable technology enables delivery of cost-effective services that create efficiencies for clients, and free up their time for higher-value activities. Around the world, UHY member firms offer similar services, managing client back-office finance functions either completely or in part. In Nigeria, UHY Maaji & Co offers outsourced accounting and bookkeeping services. In Australia, member firm UHY Haines Norton finds that CFO services and payroll are the most common outsourcing requests. THE NEXT STEP Some UHY member firms have taken the next step and have become outsourcing specialists. In Colombia, UHY Consultores S.A.S.’s unique selling point is its expertise in outsourcing and assurance. The firm is qualified to deliver a wide range of business process outsourcing including accounting, tax, payroll and administrative back office, which are all offered as complete end-to-end standalone services. Outsourcing is becoming a key service line throughout the UHY network and is not just a client-facing benefit – it also enables our member firms to help each other. For example, UHY Haines Norton (Auckland) Ltd in New Zealand solved a resourcing challenge by outsourcing audit work to UHY member firm Chandabhoy & Jassoobhoy in Mumbai, India. By working together, the firms are ensuring a seamless service for an important client. Businesses are turning to outsourcing because it offers efficiency and scale at reasonable cost. The UHY network is adding new value with a range of outsourced services that leave clients free to focus on their core activities, knowing their back-office finance functions are in safe and reliable hands. UHY OUTSOURCED BUSINESS SERVICES Typical outsourcing services offered by UHY member firms include: Accounting services Preparation of accounts, including bank reconciliations, general ledger, fixed asset register, sales book, petty cash, purchase ledger Invoicing and purchase order management Tax filing and tax management Finance services Financial statements preparation Treasury services CFO/Financial Controller HR services Recruitment Agency Payroll process and administration Contracts, social security, settlements Secretarial services Courier services Registered and virtual office Proxy services – filings, signatories Specialist BPO* Policies and processes development Automation (workflows, payroll) Digitisation AI-driven chatbots Cloud tech for real-time data sharing Digital transformation Technology solution deployment Supplier base management *Business Process Outsourcing, end-to-end process management services using client’s own technology, provider’s technology, or both. Note: not all UHY member firms currently offer outsourced services to clients but as part of the UHY global network they are often able to work alongside colleagues around the world to support clients with services and solutions to meet their needs. For more information, visit
www.uhy.com or email
info@uhy.com
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