Business Process Outsourcing (BPO) is a type of outsourcing involving contracting out a business' non-core functions to a third-party provider.
Business Process as a Service (BPaaS) is a model that involves outsourcing specific business processes to a third-party provider.
Outsourcing accounting is generally worthwhile especially for businesses whose core-competencies fall outside of the financial and accounting disciplines.
Because accounting duties include many low-value transaction-laden activities, outsourcing and automation are viable alternatives to keeping them in-house.
Outsourced accounting costs are generally lower than the cost of having the accounting function operate in-house, generally between 30-75% of current costs.
Outsourcing accounting processes, for example, generally saves between 30% and 75% of current costs, while improving quality and timeliness.
There will always be potential risks in every partnership, however, the goal is to select an appropriate function for outsourcing - and the right provider.