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A company can have a firm and robust finance and accounting only when they give required time, effort and resources to the function. But as mentioned earlier every opportunity comes with challenges to deal with. Challenges like robust reorganisation Cheap Panthers Jerseys , pressure given by stakeholders, constantly changing political environment Curtis Samuel Panthers Jersey , changes in regulations and globalisation are to be confronted so as to improve financial and accounting services. Today large organizations are opting for outsourcing so as to maintain their accounting services by adding value and improving business generation. Offshore accounting service is a way by which companies can become a part of the lookout for cost reduction and efficiency. By proper division between primary functions and support activities companies can easily decide on what accounting services needs to be offshored.





It is not hidden by any organization, big or small Devin Funchess Panthers Jersey , that accounting and financial services comprise a significant percentage of the industry and market all across the globe. Also it is no more a secret that huge companies are outsourcing their finance and accounting services to other third party firms so that they can pay much more attention to the core functions in a better manner. This outsourcing of financial services is going to increase in the coming years. Evidences and studies prove that large multinationals are planning more on offshoring accounting services to service providers who can manage the function in an effective way.





Let us take a look on what the finance activities of a firm are:





Group Finance



Strategy



Treasury



Tax Analysis



Business partnerships



Transactions



Over a period of time it has been seen that financial service providers have been performing several functions in an efficient manner. These functions are:





Managing employee payroll



Controlling planning and tax compliance



Supporting financial systems application



Managing financial accounting and general accounting



Processes expenses on travelling



Managing collections and receivables books



Vendor management and account payable books



Preparing financial reports with analysis



Managing risks



Forecasting and budgeting.



There are several benefits associated with offshore accounting service:





Wage arbitrage.



Labour consolidation efficiencies.



Process harmonization.



Extra cost elimination.



Knowledge transfer.



Tax savings.



Process transformation.



Effective change in management.



Offshore accounting service provider offer a variety of accounting and financial services from data processing to payroll processing, from financial reporting to research & analysis. If seen in detail a third party actually manages a lot of processes. There are several global players who are employing this model for managing finance and account activities such as Accenture Shaq Thompson Panthers Jersey , CSC, and Hewlett Packard.


Goldman Sachs has officially launched an online bank aimed at households and small businesses as it expands from its Wall Street base and aims for the masses.


The online-only GS Bank permits consumers to open an account for as little as $1 James Bradberry Panthers Jersey , a big shift for a financial powerhouse that has built itself around serving billionaires and giant companies undertaking mega-mergers.


The move comes on the heels of Goldman's acquisition of GE Capital's online deposit platform, after which it assumed about $16 billion of deposits from some 145 Taylor Moton Panthers Jersey ,000 customers.


"Welcome to Peace-of-Mind Savings," reads the bank's pitch to consumers who desire federally insured savings accounts.


Goldman is offering savers a relatively robust interest rate of 1.05 percent Greg Olsen Panthers Jersey , much higher than the 0.01 percent now available at JPMorgan Chase (Swiss: JPM.SW - news) and other retail banks.


Goldman is also offering a five-year certificate of deposit at 2.0 percent, also much higher than the going rates at other large banks.


Goldman has no plans to open retail branches at a time when JPMorgan and other large banks have been trimming costs by cutting back on their retail presence.


Goldman's purchase of the GE Capital assets was approved in March by the US Federal Reserve Kawann Short Panthers Jersey , which has welcomed the move into the mass market as a way to diversify Goldman's business (Other OTC: UBGXF - news) .


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