FPO is the second largest outsourcing model for global knowledge process outsourcing. FPO awareness is not as high as BPO awareness however this domain required specialized skills so remuneration and growth ratio is higher then BPO domain.
This Financial Process Outsourcing requires multiple skill sets like Financial domain, Financial Software, Good communication skills and Flexibility to work with graveyard shifts. Key challenge is base upon single accounting concept resource need to know the back eed and front end functionality of different software base upon client’s geographic location and taxation rules.
Key challenges for FPO Resource is to synchronize there accounting skills and accounting software knowledge with current tax rules and regulation [Including yearly updates] of outsourcing country.
These are the key accounting software used for FPO:
A – Tally ( Have All Versions of Canada, USA, Australia and UK and also Online Edition )
B – Quicken, QuickBooks ( Have All Versions of Canada, USA, Australia and UK and also Online Edition ),
C – Peach tree accounting software etc.
D – Sage and Viztopia for UK to provide following services to Foreign Clients.
1. Financial Statements and Reports preparation and Analysis from the same
2. Bank and Credit Card Reconciliation
6. Cash Flow and Budgeting
7. Job Costing and Profitability
8. Finalization of Accounts
Vision Raval & Hemal Raval