The Finance and Accounting Outsourcing (FAO) – Service Provider Landscape with Services PEAK Matrix" Assessment 2019 analysed more than 1,000 deals worldwide as well as dozens of service providers – of which 24 qualified for the report.
When conducting the analysis, Everest Group noted TMF Group's recent acquisitions, which have enriched their capability across the finance and accounting sector; its investment in technology, allowing increased data security and providing simple unified portals for clients; and its global expansion, with finance and accounting services now available to clients across the world.
Daniel Max, head of global solutions at TMF Group, said:
"TMF Group's purpose is to open the world to our clients by taking away any distractions they face when operating in multiple jurisdictions. Finance and accounting are key to international expansion, and bookkeeping, reporting and associated areas can vary widely from jurisdiction to jurisdiction. For a CFO to sleep well at night, they need a partner who has technical skills and understands local reporting requirements.
"At TMF Group we focus on providing a simple yet flexible one-stop-shop for international firms, and it is great to see this value recognised by a respected analyst."
Shirley Hung, vice president, research at Everest Group, said:
"TMF Group has developed a unique position for itself in the F&A market with its 'global-contract-local-contact' delivery model with strong in-country presence in all major geographies. It has deep domain expertise with significant experience in handling complex tax and accounting services. In addition, TMF Group has made significant investments in enhancing its digital capabilities (accounting & tax technology), strengthened its offerings through acquisitions of VAT International and Nyaasa, and expanded its delivery footprint to better support its clients."
Talking about the industry more widely, Everest Group argues that finance and accounting outsourcing has traditionally been a transaction-intensive process driven primarily by labour arbitrage. An end-to-end, process-driven approach is now emerging, focusing on consistency, delivery, and enterprise-wide integration. This approach is expanding the scope of finance and accounting, taking it into related areas such as procurement and supply chain management.
To view the full report, click here.