The finance shared services companies in Malaysia provide centralised financial services and support to multiple business units or divisions within a giant corporation or group of companies.
This type of company consolidates various financial functions, such as accounts payable, accounts receivable, payroll, financial reporting, and budgeting, into a single entity to achieve cost savings, operational efficiencies, and improved financial controls.
Finance Shared Services companies in Malaysia
List of finance shared services companies in Malaysia
Here are some list of finance shared services companies in Malaysia:
- Aegis BPO Malaysia Sdn Bhd
- AIG Shared Services Malaysia Sdn Bhd
- Aon Hewitt Malaysia Sdn Bhd
- Capgemini Malaysia Sdn Bhd
- Cognizant Technology Solutions Malaysia Sdn Bhd
- DXC Technology Malaysia Sdn Bhd
- EY Malaysia
- Genpact Services LLC
- IBM Malaysia Sdn Bhd
- Infosys BPO Ltd
- KPMG Malaysia
- Manulife Business Processing Services Sdn Bhd
- Maybank Shared Services Sdn Bhd
- PwC Malaysia
- RHB Shared Services Sdn Bhd
- Sime Darby Global Services Centre Sdn Bhd
- TMF Group Malaysia Sdn Bhd
- UOB Shared Services Sdn Bhd
- Wipro Unza Malaysia Sdn Bhd.
What are shared services in finance in Malaysia?
Shared services in finance refer to the consolidation of business operations that are used by multiple parts of the same organization. In Malaysia, shared services in finance typically include functions such as accounting, payroll, accounts payable/receivable, auditing, and financial reporting.
The goal of shared services is to allow resources to be shared across an entire organization, leading to cost savings, increased efficiency, and improved service quality. Many multinational companies in Malaysia, such as Shell Business Service Center, HSBC Electronic Data Processing, and AIG Global Services, have established shared service centers to handle their finance operations.
Shared services in finance can also leverage technology such as automated processes and cloud-based systems to further drive efficiency and cost-effectiveness. The implementation of shared services in finance is part of Malaysia’s broader strategy to position itself as a global hub for business services.
What are the benefits of centralising financial services?
By centralizing these financial services, a shared services company can leverage economies of scale, standardized processes, and best practices to deliver high-quality services at a lower cost than if each business unit managed these functions independently.
This approach can also help to reduce duplication of efforts, streamline decision-making, and enhance overall financial performance for the entire organization.
How do I choose the best finance shared services in Malaysia?
Here are some factors to consider when choosing the best finance shared services in Malaysia:
- Reputation: Look for a company with a good reputation in the industry. Check their reviews and ratings online.
- Experience: Choose a company with a proven track record of providing finance shared services. Look for their experience in the industry and their expertise in the services they offer.
- Services offered: Check the range of services offered by the company. Ensure that they offer the services you need.
- Cost: Compare the cost of services offered by different companies. Choose a company that offers quality services at a reasonable price.
- Technology: Look for a company that uses the latest technology and software to provide finance shared services. This will ensure that you get accurate and timely financial information.
- Customer service: Choose a company that provides excellent customer service. They should be responsive to your queries and provide timely solutions to your problems.
- Security: Ensure that the company has robust security measures in place to protect your financial data.
By considering these factors, you can choose the best finance shared services in Malaysia that meet your business needs.
How much does a finance specialist make in Malaysia?
Salaries for a Finance Specialist in Malaysia typically range from MYR 2,500 to MYR 7,000 per month. However, this can vary greatly depending on the individual’s experience level, the size of the company, and other factors.
On average, the annual salary is approximately MYR 60,000 to MYR 84,000. Please note that these figures are estimates and actual salaries may vary.
How much does a finance accountant make in Malaysia?
The monthly salary of a finance accountant in Malaysia, particularly in the context of finance shared services, can vary greatly depending on the individual’s experience, qualifications, and the company they work for.
On average, the monthly salary for a finance accountant in Malaysia can range from RM 3,000 to RM 8,000. However, senior roles or positions in larger companies may offer higher salaries.
What makes a good finance shared services company in Malaysia?
Based on my research, here are some factors that can make a good finance shared services company in Malaysia:
- Skilled workforce: A good finance shared services company should have a skilled workforce with expertise in finance, accounting, and other related fields. The company should invest in training and development programs to ensure that its employees are up-to-date with the latest industry trends and technologies.
- Efficient processes: The company should have efficient processes in place to ensure that financial transactions are processed accurately and timely. This includes having robust financial systems and controls, as well as streamlined processes for accounts payable, accounts receivable, and other financial functions.
- Cost-effective operations: A good finance shared services company should be able to provide cost-effective services to its clients. This can be achieved through economies of scale, process efficiencies, and leveraging technology to automate manual tasks.
- Strong governance and compliance: The company should have strong governance and compliance frameworks in place to ensure that it adheres to regulatory requirements and industry best practices. This includes having robust data privacy and security measures, as well as compliance with local tax laws and regulations.
- Customer-centric approach: The company should have a customer-centric approach, with a focus on delivering high-quality services that meet the needs of its clients. This includes providing timely and accurate financial information, as well as being responsive to client needs and concerns.
Why choose, hire or use finance shared services company in Malaysia?
There are several reasons why a lot of international firm move their finance shared services companies in Malaysia:
- Cost-effective: Finance shared services companies in Malaysia offer cost-effective solutions to businesses by consolidating financial processes and reducing duplication of efforts.
- Skilled workforce: Malaysia has a highly skilled and educated workforce, with a large pool of finance and accounting professionals. This ensures that finance shared services companies in Malaysia can provide high-quality services to their clients.
- Favorable business environment: Malaysia has a favourable business environment, stable political climate, strong economic growth, and a well-developed infrastructure. This makes it an attractive location for businesses setting up finance shared services operations.
- Language proficiency: Malaysia has a high level of English proficiency, which is essential for finance shared services companies that serve clients worldwide.
- Government support: The Malaysian government has been actively promoting the development of the shared services industry, providing incentives and support to companies that set up operations in the country.
- Access to regional markets: Malaysia is strategically located in Southeast Asia, providing easy access to regional markets such as Singapore, Indonesia, and Thailand. This makes it an ideal location for finance shared services companies that want to expand their regional operations.
Why companies use shared services in Malaysia?
- Cost Savings: By using shared services, companies can reduce operational costs since they don’t have to invest in developing and maintaining the same services repeatedly. Shared services enable them to divide the cost among various users, making it cost-effective.
- Access to Expertise: Shared services often have dedicated experts in their respective fields. This means companies can benefit from high-quality services without needing to hire or train staff in-house.
- Efficiency and Productivity: Shared services allow companies to streamline their processes, thereby increasing efficiency and productivity. They can focus on their core business activities while leaving the others to the shared services.
- Scalability: Shared services allow businesses to scale up or down depending on their needs. This flexibility is particularly beneficial for growing companies or those experiencing fluctuating demand.
- Technology: Shared services providers often have access to the latest technology and best practices, which can be expensive for individual companies to acquire and maintain.
- Risk Management: Shared services help to mitigate risks by ensuring compliances, legal requirements, and industry standards are met, which individual companies might overlook or be unaware of.
- Local Knowledge: Shared service providers in Malaysia have local knowledge and understanding of the Malaysian market and regulatory environment, which can be beneficial for foreign companies operating in the country.
- Improved Service: Shared services often improve service levels and turnaround times due to their expertise, dedicated focus, and the use of best practices and latest technologies.
- Business Continuity: Shared services can ensure business continuity by providing uninterrupted services, even during emergencies or unexpected situations.
- Strategic Focus: By outsourcing non-core activities to shared services, companies can focus more on strategic, revenue-generating activities.