Finance and Accounting Outsourcing
the Next Logical Step for Small Business -

Authors: Graham RAY and Philip A. NECK
Published in: Vol:8 No.4 / 2007

      Outsourcing has evolved from those activities that are normally regarded as peripheral, such as cleaning, catering, and security to include critical areas such as payroll, accounts receivable, accounts payable. This form of outsourcing is known as Finance and Accounting Outsourcing (FAO).
      Outsourcing is gaining popularity as a way to reduce financial and operational risks by making them easier to manage. As small businesses struggle to find bench-mark strengths among their in-house personnel, turning to a qualified, external outsourcing service provider often becomes a logical step.
      In an age where the focus by small business is on core competencies, small businesses are increasingly outsourcing critical financial functions to the experts and for many finance and accounting service providers, accounting is their core competency and they are experts in their field.