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International companies stand to benefit greatly from finance department outsourcing

26 June 2019

Deadlines, regulations, collective labour agreements, tax rules... International companies operating across several different countries have a lot of details to juggle. In addition to managing the hurdles of ever-changing national legislation, there is the day-to-day financial administration to handle.

One way of stepping off this rollercoaster is outsourcing the company finance department to a multinational service provider.

“By outsourcing their financial administration, companies can shed quite a bit of responsibility, for example, in terms of personnel training, recruitment and finding replacements in case of no-shows. Another benefit is gaining access to tested and managed processes and excellent systems,” says Kajsa Backas-Heikkilä, BDO Finland’s head of business services & outsourcing.

Network of experts to support the CFO

BDO has a network of more than 80,000 experts across 162 different countries. Companies operating in a single country will find it easiest to deal with their local BDO office.

“However, if your company requires payroll accounting in 20 different countries, our team here in Finland will co-ordinate the process and monitor that all wages and salaries are paid and filed in accordance with each state’s rules and regulations. Additionally, you will be provided with an online tool for following up on each country’s process. Correspondingly, our team in Finland provides financial administration and payroll accounting for local companies, especially when they need help in their international affairs,” Backas-Heikkilä says.

In addition to financial administration experts, BDO has auditors, tax consultants and advisory specialists in its payroll.

“We have our own tax and legal team to help us with the most challenging questions we face and in case one of our clients needs advice in transfer pricing or other similar topic,” Backas-Heikkilä says. As an example of BDO’s services, she mentions restructuring support: “We will help our clients with valuation, due diligence checks and other similar activities.”

“Successful outsourcing is a win–win for both sides,” Kajsa Backas-Heikkilä concludes.

This article was originally published as part of Businessopas’  Outsourcing publication.