NEW JERSEY, USA, December 7, 2021 /EINPresswire.com/ – Description
A new research study “APAC and MEA Finance and Accounting Managed Services Industry 2021 Analysis by Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges and Investment Opportunities), Size, Share and Outlook” has been added to Coherent Market Insight
The APAC and MEA financial and accounting management services industry accounted for US $ 879.72 million in terms of value in 2019 and is expected to grow at a CAGR of 7.0% for the period 2020-2025.
Financial and accounting services include several activities that are used in businesses to comply with local, state and federal regulations. The main financial and accounting services include bookkeeping services, financial reporting and statutory reports. Managed finance and accounting services refer to the outsourcing of the associated service to a third-party service provider instead of hiring an internal team. By adopting managed services, businesses transfer a higher degree of control to a third-party service provider.
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This report comprises information on industry market growth along with key segmentation variables that assist the global market for APAC and MEA Financial and Accounting Management Services industry to thrive in today’s environment. The report also underlines the importance of regional classification in the global APAC and MEA Managed Finance and Accounting Services industry market. Due to the increasing demand, the global market for APAC and MEA Financial and Accounting Management Services industry will ultimately create more revenue and have a larger market size than the previous projected period.
Main key players in this market:
Ernst & Jeune APAC and MEA Limited
Drivers and trends
Market forecast in the APAC and MEA Finance and Accounting Managed Services Industry industry is based on research and established assumptions based on current drivers and trends. Accordingly, the research report serves as a repository of analysis and data for every aspect of the market including Applications, SWOT analysis, future potential, new developments, etc. To gain a solid understanding of the overall market, several growth factors and possible risks are assessed.
Companies involved in managed financial and accounting services tend to outsource their financial and accounting services to third parties instead of hiring an in-house team due to the cost efficiency offered by managed service providers. According to the analysis of Coherent Market Insight, the cost associated with hiring an internal accountant, such as recurring processes, employee salaries, etc., is comparatively higher than outsourcing financial and accounting services to third party managed service providers. Additionally, according to Coherent Market Insight analysis, over 60% of operating costs can be reduced by outsourcing financial and accounting management services. Additionally, the organization has the advantage of focusing on its core competencies if it outsources its complex accounting tasks to a third-party service provider, which improves productivity and operational efficiency.
Several India-based managed service and financial accounting providers are planning to outsource their services to the UAE in the coming years. Managed service providers plan to outsource some of their business processes such as finance, accounting, and IT services.
For example, in 2020, several organizations are focusing on outsourcing a few business processes to Saudi Arabia, in order to streamline their business processes. Outsourcing was initiated by the banking and financial sector in Saudi Arabia and is expected to increase during the forecast period.
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Key trends and market analysis of the APAC and MEA Managed Finance and Accounting Services industry:
Several companies based in the US and Europe outsource their services to Singapore due to the availability of a large educated population, and the majority of them are fluent in the English language. In addition, the Singapore government has invested a significant amount in the development of the country’s IT infrastructure. For example, according to the Industrial Trade Administration, in 2020, the Singapore government is expected to invest US $ 2.5 billion in ICT infrastructure.
· Singapore-based small and medium-sized businesses involved in financial and accounting management services are expected to experience significant growth, with competitive pricing offers compared to large vendors. For example, according to the principal analysis, EY Singapore charges $ 5,000 to $ 5,400 per month for 200 transactions, while TMF charges $ 800 to 1,200 per month for 200 transactions, for accounting and bookkeeping services to Singapore.
Several Australia-based organizations choose India as their preferred destination for outsourcing their managed accounting and bookkeeping services, due to several advantages such as lower labor costs compared to Australia, the availability of talented and skilled resources in India. In addition, providers of managed bookkeeping services in India are familiar with International Financial Reporting Standards (IFRS).
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