BP has selected Accenture (NYSE: ACN) as its global outsourcing provider of finance and accounting (F&A) services to complement its in-house captive business service centers. 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. About Accenture Accenture is a global management consulting, technology services and outsourcing company, with more than 249,000 people serving clients in more than 120 countries. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world's most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. The company generated net revenues of US$25.5 billion for the fiscal year ended Aug. 31, 2011. Its home page is www.accenture.com. About BP BP is one of the world's largest oil and gas companies, serving millions of customers every day in more than 90 countries, and employing 83,400 people. BP’s business segments are oil and gas exploration & production, and refining & marketing. In alternative energies, BP has low- and no-carbon wind and biofuels businesses, and a carbon capture technology team. Through these activities, BP provides fuel for transportation; energy for heat and light; services for motorists; and petrochemicals products for plastics, textiles and food packaging. It has strong positions in many of the world's hydrocarbons basins and strong market positions in key economies.
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