Chief financial officers (CFOs) should implement finance and accounting business process outsourcing (BPO) to allow them to spend more time on strategic activities, according to Gartner Consulting, a unit of Gartner, Inc.

Gartner Consulting recommends that CFOs consider delegating transactional tasks to a third party whose core business is finance and accounting BPO.

“Outsourcing some of the finance and accounting processes that are focused on tasks such as accounts payables, expense management, and payroll, frees up the CFO’s time,” said Michael Montonen, vice president for Gartner Consulting’s Strategic Sourcing Practice. “The CFO can then focus more on activities such as planning, activity-based costing, process metrics and decision support at the CEO and business unit leadership levels.”

“To achieve true shareholder value, the efficient CFO has to focus on decision support, a strategic activity that makes it possible to focus on analyzing and interpreting financial data, not necessarily producing it,” Mr. Montonen said. Outsourcing capabilities to support processes for financial transactions and management have matured substantially, with financial data often generated and reported now by service providers, he said.

Top 5 Reasons Companies Outsource

(Executive Survey: The Outsourcing Institute’s Annual Survey of Outsourcing End Users)

1. Reduce and control operating costs
2. Improve company focus
3. Gain access to world-class capabilities
4. Free internal resources for other purposes
5. Resources are not available internally

Business Process Outsourcing Finance and Accounting

Your accounting services no longer have to be tied to a back-office bookkeeper – they can now be done virtually over the internet in real-time for you to access, anywhere, anytime.

eProcessPros can provide you with the following services online using Peachtree, QuickBooks and other software packages. We understand that each business has unique needs. We create a custom accounting solution to fit your business.

Our services can include any combination of the following:

• Daily bookkeeping. Simply scan in documents and receipts. Our professionals are alerted to your upload, we then input the data. Your bookkeeping is now reduced to simply scanning documents.
• Payroll. We can quickly and seamlessly manage and track your payroll service and protect sensitive payroll data from employees. This includes providing you with verifying reports and doing necessary filings.
• Accounts Payable. We can oversee the accounts payable processing and can provide you with an accurate picture of your accounts at all times.
• Accounts Receivable. We keep accounts receivable updated so the information you need is right at your fingertips.
• Financial Statements. Monthly, quarterly and yearly financial statements are easily produced and available online for download at any time. Each month your CPA will review your statements and reports making suggestions when appropriate.
• Notification. Uploads and downloads of information and materials generates automatic email notification between you and eProcess Pros.

Recruiting and retaining experienced and reasonably priced bookkeepers is a challenge.

eProcess Pros features a team of accounting professionals and the best software on the market to give you instant secure Internet access to your financial data – all at a fraction of the typical administrative costs.

Our virtual accounting services include:

• Full-service bookkeeping
• Accounts receivable deposit entry and application of payments to client ledgers
• Review of accounts payable vouchers coded to general ledger
• Payroll journal entries posting
• Bank statement reconciliations
• Monthly financial statements
• Monthly management reports