Finance and Accounting Outsourcing Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)

Every organization and its procurement team look forward to negotiating the best deal while procuring a set of products or subscribing to services. Rate benchmarking involves price/cost comparison of more than one set of products/services to analyze the most efficient combination that can potentially help the procurement team in getting the optimum rate.

When analyzing rate benchmarking of finance and accounting outsourcing, the type of business, services, and location plays a crucial role. In our study, we have analyzed the rate of accounting services in various countries such as the U.S., India, Vietnam, and the Philippines. The rate of services in the U.S. is USD 500 to USD 5,000 per month, in India it charges approximately USD 42.29 per month, in Vietnam it is USD 41.34 per month, in the Philippines, it charges USD 176.21 per month, in China, it charges USD 219.51 per month, and in Malaysia, it charges USD 215.23 per month. The rate varies depending on the location and requirements.

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Labor cost is one of the key components of the total incurred costs while offering a product or service. Therefore, an organization must decide on whether the focus category should be retained in-house or outsourced if the organization is providing its products or services at competitive prices. If the organization decides in favor of outsourcing, it must understand the difference in the salary structures of suppliers before selecting a supplier and formulating a negotiation strategy.

According to our research, the senior accountant at Accenture Ltd. and Capgemini SA receives a 30% - 45% higher base salary compared to the salary received by the senior accountant working in companies such as Conduent Inc. and Fusion Business Solutions (P) Limited. However, the year-on-year increment rate in all these companies majorly depends on the Key Result Areas (KRAs).

Organizations may find it cumbersome to continuously track all the latest developments in their supplier landscape. Outsourcing the activities related to gathering intelligence allows organizations to focus on their core offerings. At this juncture, our newsletter service can help organizations stay updated with the latest developments and innovations and subsequently assist in preventing disruptions in the supply chain. We have identified the following developments within the finance and accounting outsourcing category over the last two years:

In May 2023, TCS has launched TCS Cognix, a suite of AI-driven digital financial ecosystems to accelerate development throughout the F&A processes. It will support end-to-end value propositions for finance professionals and deliver business goals by keeping F&A operations more transparent and nimbler for the businesses.

In March 2023, Tech Mahindra announced the launch of AceFina, a cognitive AI-based Business Process-as-a-Service (BPaaS) solution which provides tactical and strategic insights to Chief Finance Officers. The AI based platform is capable of providing drill-down analysis at five to six layers, establishing a connection to any platform, utilizing data extraction and loading tools, distributing data, producing dashboards, and performing related operations and procedures. The solution was developed with the help of Tech Mahindra's platinum partner, Celonis.

In October 2022, Unicon Outsourcing announced the launch of its novel product, named Financial Service 360. With this product, Russian businesses can maintain financial and managerial accounting records in an integrated manner, providing a solution to a number of key issues - such as inconsistent revenue, cash shortages, fines etc. By evaluating the profitability of products and services, Financial Service 360 will help a company to improve its sales efficiency by optimizing existing processes and adjusting effective controls and metrics.