Earlier, clients used to outsource their non-core operations such as HR, finance, CRM, etc. to BPO providers such as Infosys, Wipro, and Cognizant. Later, clients were looking to cut down on costs on existing operations and bring about business improvement. They started outsourcing some parts of their core business operations. Outsourcing companies started offering business process services (BPS) to clients. Analytics, knowledge process outsourcing, data reporting and maintenance, research, etc. come under the umbrella of BPS. A business process outsourcing (BPO) provider performs a process or a part of a process on behalf of another organization. This is done to save costs or increase productivity. Business process services (BPS) providers manage and execute all business operations. According to a white paper published by Cognizant, BPS is a mix of people, processes, and technology and not just the systems carrying out the processes. Finance and accounting business process services are a part of BPS solutions. They offer solutions in the areas of procure-to-pay and order-to-cash. They back office delays and missed opportunities in activities related to finance and accounting in order to deliver maximum business value. The finance and accounting business process service market includes services related to margin growth, working capital management, proactive risk, and regulatory compliance.
The global finance and accounting business process service market is expanding at a high growth rate. This is due to factors such as the need for cost and time savings and productivity gains in business operations, requirement of expertise of an outsourced organization to maintain business process, and the focus of clients on the core competencies of their organizations. The cost and time utilized for various finance and accounting operations is a major concern for any organization. Clients are outsourcing their finance and accounting operations to focus on their core competencies. Finance and accounting business processes of any organization need expertise and efficient management for smooth operation of business processes. These factors are anticipated to fuel the finance and accounting business process service market in the coming years. However, challenges related to creating a code of conduct, assigning accountability of risks, standardization of the process, and flexibility adoption in business processes are likely to restrain the finance and accounting business process service market. Nevertheless, increased automation of processes, significant buying power of consumers in developing economies, and the worldwide distribution of resources to achieve client goals are estimated to provide attractive opportunities to the finance and accounting business process service market.
The finance and accounting business process service market can be segmented based on deployment, vertical, and region. Based on deployment, the finance and accounting business process service market can be classified into on-premise and hosted. In terms of vertical, the finance and accounting business process service market can be categorized into banking, financial institutions and services (BFSI); retail; IT and telecom; oil & gas; health care; media & entertainment; logistics & transportation; manufacturing; and others.
Based on region, the global finance and accounting business process service market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. These geographic regions are further analyzed at the country level, wherein top countries across North America are the U.S. and Canada. Europe includes market analysis across the U.K., Germany, France, and Rest of Europe. Similarly, the finance and accounting business process service market in Asia Pacific is studied and analyzed across India, China, Japan, Australia, and the Rest of Asia Pacific. The top countries in Middle East & Africa and South America include GCC countries, South Africa, and Brazil.
Key players in the global finance and accounting business process service market include Accenture, Capgemini, Aegis Associates, Cognizant, TCS, EXL, Genpact, HCL technologies, HP, IBM Corporation, Infosys Limited, Quatrro, Wipro Limited, and WNS (Holdings) Ltd..
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