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Introduction
 

Case 1, 20th April 2005, Philips announced to hands over their 16 billion dollar pension funds plans to Merrill Lynch.

Due to the expense of management climbs and discouraging company prospects. Philips hired  to hire a professional firms to manage their pension plans. As a part of the transaction, Merrill Lynch decided to buy Philips’s investment management division.  Merrill Lynch also acquired 55 employees who had assisted  in managing pension plan. Merrill Lynch obtained 16 billion dollars of fund management rights for seven years. Successful financial outsourcing not only reduces the cost of financial management, but also improves the efficiency and quality of work. The management of Philips will concentrate on the "value-added" core areas, greatly improving the competitiveness of enterprises.

Outsourcing the Finance and Accounting Functions:


Transaction management, financial management, general ledger, wealth and risk management, and tax management. 

Chinese financial and accounting functions outsourcing service providers are mainly consisted by accounting firms and financial companies.  Accounting firms will support seldom accounting functions outsourcing service . Like Outsourcing HR Functions, IT outsourcing service provider can also undertake similar accunts payable outsourcing services by adapting accounting software or EPR software. Accounding to statistice from IDC2006, the size of outsourcing the Finance and Accounting Funtions in
China enlarged to 0.17 billions. Basically driven by domestic demand.

Within the next four years, the market of outsourcing Finance and Accounting Functions will keep 33.4 percent of annual growth. BearingPoint predicted that till 2010 the market will increase to 0.52 billion dollars.

Finance Process Outsourcing including:

Finance and accounting, data processing, reimbursement, Invoice Reconciliation, check clearing, accounts receivable, accounts payable processing and complex financial data processing. 

Finance Outsourcing Centre

Cheque Clearing

Invoice Checks

Original Data Processing

Receivable Payable

 
 
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