The FINANCIAL -- BP has selected Accenture as its global
outsourcing provider of finance and accounting (F&A) services to
complement its in-house captive business service centers.
As Accenture reported, terms of the multi-year agreement were not disclosed.
Under the agreement, Accenture will help BP consolidate its global F&A function through standardized reporting and metrics and by using advanced analytics to improve business controls and drive greater insights into the business. Specifically, Accenture will be responsible for providing record to report, order to cash, procure-to-pay and production revenue accounting services.
In addition, BP will be able to leverage Accenture’s industry processes, industry knowledge, and business process outsourcing (BPO) technologies across BP’s finance organization to drive end-to-end process standardization and controls.
“BP’s decision to select Accenture reflects our continued commitment over the past two decades to helping BP achieve its business objectives,” said Arthur Hanna, managing director of Accenture’s Energy industry group. “We will continue to draw on our industry knowledge, leverage our capabilities worldwide and bring innovation to support BP’s finance function.”
Accenture and BP have a long story of working together. The companies signed their first F&A agreement in 1991.
“BP sees this partnership with Accenture as an important milestone in driving standardization in our finance and accounting processes by consolidating our F&A service providers,” said Brian Puffer, Group Controller at BP.