Managed Services refer to outsourcing specific business operations or functions to a third-party provider. These providers, often known as managed service providers (MSPs), assume responsibility for managing and delivering these services, typically on an ongoing basis. Managed services cover various functions, including IT, cybersecurity, finance, HR, compliance, and more, both in Singapore and the rest of the world.

Managed services provide a better way to operate for organisations confronting the ever-increasing complexity of today’s business landscape. Head office functions, including finance, tax, risk, and compliance, often need help to keep up with the rapid pace of change. By embracing managed services, companies can access specialised expertise and technology to address these challenges efficiently. This approach enhances operational agility, cost-effectiveness, and compliance, enabling organisations to stay competitive and focused on their core objectives. Managed services offer a strategic solution to navigate the complexities of modern business and achieve excellence.

In essence, outsourcing involves a third party performing specific tasks assigned by a business, while managed services encompass a more comprehensive management approach. With managed services, the third party takes on a broader role with the primary goal of enhancing the business’s overall performance.

From a finance perspective, consider a Singapore company outsourcing its financial management to a Finance Managed Service Provider. In this case, the financial MSP would take on tasks such as accounting, financial reporting, budgeting, and financial analysis. They would manage these financial functions comprehensively, focusing on improving financial efficiency, accuracy, and compliance. This arrangement allows the company to benefit from financial expertise and streamline its financial processes while concentrating on core business operations.