Prospects for financial and accounting outsourcing were high, as several businesses are trying to put more emphasis on core processes to increase their business. Everest, a research firm earlier this year, has gone beyond financial and accounting outsourcing, which includes processing claims, tracking claims, and general accounting and back-up.
The Everest Research report, published in February last year, concluded that the financial and accounting outsourcing (FAO) market will return to pre-recession levels by the end of the year. (Everest Research, 2010) As Katrina Menzigian, vice president of Forrester Research, said: "As the global economy continues its recovery, the FAO's market regeneration expectations are expected to be driven by new deals and extensions, this year will include 45 contracts, industries and geographic areas, and beyond the United States, there are also contractual bonds in the domestic Asian-Pacific market and in other European countries. "The company predicted growth as much as 20% for the 11% growth. Everest's June 9 second report, in which Saurabh Gupta, Everest Research Director, stated that "the mature FAO market is becoming more competitive than competitors to differentiate themselves with unique value creation proposals."
While the 2009 FAO market has found huge deals for large companies such as Genpact (NYSE: G), Accenture (NYSE: ACN) and IBM (NYSE: IBM) due to FAO's growing demand over the last few months are or are emerging to take advantage of market growth.
One of these companies is Huntsman Gay Global Capital, a capital investment firm that announced on September 30th that it will invest heavily in iQor Holdings Inc. Huntsman Gay's investment with iQor's second largest accounting provider in the world will enable iQor to increase its share in the Outsourcing (A / R) outsourcing market while introducing Huntsman Gay to the A / R outsourcing market.
In the FAO sector, growth has, in the meantime, been boosted by regional growth, particularly in key areas, including Latin America and the Philippines.
Latin American countries such as Guatemala, the principal, Genpact, as a key area where financial and accounting talent can be found. The company announced plans to expand its work in Guatemala with the opening of the second site. Apart from this, the company also advised other Latin American countries, Colombia and Brazil, who were outside of Guatemala in the FAO market.
Meanwhile, WNS (NYSE: WNS) reiterated its confidence in the Philippines as the company announced its expansion plans in the country after increasing demands for its services. WNS Global Services CEO Keshav Murugesh stated that the Philippines Web site will be the center of the banking and financial sector of the APAC region. He also claims that "in terms of the quality of available talent in the country and the demand for services, we believe that 10 percent of WNS's work will be based on the Philippines in the next few years".
Although Everest is likely to predict the market for financial and accounting outsourcing (FAO), it would be interesting to see that the market will continue to grow, as the year predicts.
Source by sbobet