Which Industries Outsource their Finance and Accounting Needs?

While it has become common for companies to get expert outsourced finance and accounting support due to it's cost-effectiveness, some industries have been benefitting from this strategy more than others. 

Let’s look into the different industries where using outsourced accounting support as a business strategy has become the norm and how it has benefitted them over the years. 

Industries that are Utilizing Outsourced Accounting Support 

Healthcare and Medical Services Industry 

Because of its highly regulated nature, healthcare and medical services are turning to outsourcing several aspects of their key tasks such as outsourcing for manpower, medical expertise, medical consultants and their finance and accounting needs.  

As a healthcare or medical entity, these are some of the services you can outsource to a trusted finance and accounting provider:  

• Intricate billing processes  

• Bookkeeping for both employee payroll and patient transactions  

• Payroll management needs according to employee demographics such as having part-time, full-time and contractual employees  

• Regulatory compliance when it comes with tax requirements and financial requirements that the healthcare sector is expected to comply to  

• Fund allocation for equipment upgrades and patient care initiatives  

Retail and E-Commerce Industry 

The wide consumer reach of the retail and e-commerce industries has made them ideal prospects of, outsourced accounting support. With outsourcing, these industries can streamline their operations and multiple revenue records to make sure that their operations will not face any challenges brought on by its multi-platform nature. 

Here are some of the ways an accounting outsourcing provider can assist companies from the retail and E-Commerce industry:  

• Track inventory costs and manage stock levels efficiently.  

• Reconcile revenue from multiple sales channels.  

• Prepare for busy seasons with cash flow forecasting.  

• Handle tax compliance for online and brick-and-mortar operations. 

Construction and Real Estate 
 
Verified Market Reports’ latest data show that because of the unique needs of this industry, outsourcing – including outsourced accounting support, has gained popularity as a business solution, with it steadily increasing from 2024 to 2030.  

Outsourced accounting support can assist the construction and real estate industry through the following ways:  

• Monitor project budgets and costs and create quarterly reports based on fluctuations to budget and profit  

• Ensure compliance with tax laws and labor regulations in every project and contract done  

• Manage accounts payable and receivable for ongoing projects  

• Streamline reporting for investors and stakeholders 

Need Reliable Accounting Support?  

  
D&V Philippines provides scalable finance and accounting solutions that can adapt to any landscape. With our readiness to adapt to any changes in the field, we are equipped with the necessary tools to help companies achieve success.  

Contact us today and we’ll help you find the right solution for your needs.  

You may also download our Outsourcing: How to Make it Work guide today to find out how we provide quality and secure services.