FAO

Finance and Accounting Outsourcing

What is FAO?

Avance offers Business Service Level Agreements to provide end-to-end Finance and Accounting Outsourcing (FAO) for business owners and managers seeking to outsource their accounting, tax, and compliance requirements. Basically, we do all the heavy-lifting for you.

FAO has many benefits, including:

  • Being a flexible, scalable platform with the added capacity to meet peak reporting periods or special projects,
  • Outsourcing of bookkeeping, tax, and reporting, allowing you more time to focus on building your business,
  • Eliminating the need and cost for employees trained in accounting, and,
  • Using an outcome-based pricing model, meaning that you only pay for what is agreed upon and delivered.

FAO is delivered under a Service Level Agreement as a fully managed service to ensure quality and compliance obligations are met. This client-oriented service guarantee ensures that business managers and owners are not distracted by micro-managing administrative tasks. Instead, you can focus your time on building your business.

Implementation Process

Transitioning your business to FAO is conducted in a staged approach. This is done to ensure that all finance, accounting, and compliance functions for your business are captured and documented for consistent and accurate ongoing delivery.

Finance and Accounting Outsourcing

We provide a fully managed and outsourced business service solution


Pre-engagement


Is FAO right for your business

Scoping the Solution


Determining key deliverables and time lines.

Engagement


Managing the transition to your fully managed FAO solution.

Implementation


Reaping the rewards that your new FAO solution provides.

Pre-engagement

  • We will sit down with you and discuss whether or not FAO is a suitable service for your business, and,
  • Avance will review your existing finance, accounting, and compliance functions so that we can finalise your businesses suitability for FAO.

Scoping:

  • Avance will review your accounting and compliance information to determine key monthly, quarterly, and annual deliverables,
  • Avance will provide a Service Level Agreement (SLA) that includes the scope of the work we will conduct for you and an expected price range, and,
  • You are encouraged to then discuss the SLA to ensure that it represents your requirements.

Engagement:

  • Avance will assign an Accountant Manager to oversee integration with and/or any handover from your existing in-house or subcontracted team,
  • Avance is provided with full access to your accounting and compliance systems, allowing us to become your registered office tax and ASIC agent, and,
  • Any amendments to the SLA that arise during the handover are discussed and agreed upon with you.

Implementation:

  • FAO service commences operations on your behalf,
  • Monthly, quarterly, and annual deliverables are provided to your key contacts, and,
  • You are also provided compliance reports based on deliverables met by Avance under the SLA.

Complimentary Services

FAO clients are best served by engaging additional Avance services. The provision of a fully managed accounting, finance, and compliance service by Avance allows you to concentrate on core value-adding business processes, such as revenue generation.

Avance is responsible for ensuring all deliverables under the Service Level Agreement are completed in a timely manner consistently, eliminating unnecessary distractions from your life. In allowing Avance access to your business through FAO, we are positioned to assist with additional services and advice when needed.