Finance and Accounting Services
Finance departments are under more pressure than ever to deliver timely, accurate financial information while improving strategic value. Today’s CFO’s are voicing ongoing frustration about being too consumed with non-value adding transactional activities and regulatory compliance while not having enough time to focus on corporate strategy and being a partner to business. Increased turnover, increased demands on financial reporting and legacy IT is compounding the pressure on time and management of finance departments.
iSpace F&A services can help reduce the pressure on a finance department & provide an effective solution to some of these challenges. We partner with clients to redefine their finance operations by bringing global capabilities, domain expertise, value add technology, operational excellence, relentless focus on process improvement and predictability. iSpace provides a wide range of finance, accounting, and tax outsourcing services. Clients can choose to outsource one or two discrete processes, such as accounts payable/ receivable or choose to outsource their entire accounting function.
Our F&A shared services fall into the following categories:
- Transactional Services
- AR and AP process Lifecycle services
- Business Intelligence & Analytics
To increase the value of our shared service offering, iSpace has developed a set of technology applications and tools that complement and augment your existing finance systems. Our technology applications and tools fall into the following categories:
- Document Management System: iSpace Document Management application is developed in partnership with EMC. With our mail room and document management application, we can transform your Finance and Accounting area into a paperless environment.
- Workflow: The workflow application works as a layer above your existing application and streamlines the process and decision making activity.
- Customer & Vendor Portal: These applications work in tandem with the DMS application and seamlessly integrate and capture data from your existing applications. They present the necessary information to internal and external stakeholders while automating decision making.
- E-Billing: Moving away from paper billing, this independent application integrates with your existing F&A systems and transforms the information into EDI format for online delivery & conformation of Invoices. This application manages the downstream activity related to denial management and AR follow up.
BENEFITS OF F&A OUTSOURCING:
Our customized F&A outsourcing services have an impact on various aspects of our client business. Following are some of the benefits experienced by our clients:
- Improved efficiencies and speed of access to financial information.
- Increased control and risk mitigation.
- Improved quality and integration of best practices for greater process excellence.
- Improved cash flow.
- Integration of best practices to achieve process excellence.
- Cost savings of 35-60%.
- Flexibility through a variable cost structure.
- A dedicated team of highly skilled finance and accounting specialists.