FINANCE FUNCTION OUTSOURCING
With all the challenges that businesses have faced over the last couple of years, now may be the perfect time to consider outsourcing your finance function.
SAVING YOU & YOUR BUSINESS TIME & MONEY
The finance function is an incredibly important part of any business, from delivering vital reports that help business owners make informed decisions, to providing real-time key performance data. The main purpose of the finance function is to provide real-time, relevant financial information that helps you fully understand where the business is and how you are performing.
Using an innovative ‘shared services’ business model that only larger companies have recently developed, we’re able to provide a wealth of information through accounting services for mid-sized and small-cap companies. This can not only bring a cost reduction of up to 40%, but means your key team members are freed from manual tasks and can maximise their value to the business.
To give you an idea of how we can help, we’ve created a typical company structure below. We are able to take responsibility for any of the roles shown in grey.
FINANCE FUNCTION OUTSOURCING SUMMARY LEAFLET
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5 Reasons To Outsource Your Finance Function
When your finance function is executed in-house, it often receives less attention than other departments. After all, creating revenue must be the primary focus of any business. However, when you outsource your finance department, your finances are handled by a finance and accounting services company that gives it an utmost priority.
Here are 5 reasons you should be looking at outsourcing some of the processes:
Accounting and bookkeeping tasks can consume a lot of time.
Pending accounting and bookkeeping tasks can pile up and suck the life out of a business.
Outsourcing these tasks can result in the saving of time and other precious resources.
It is essential to reconcile financial statements every month to detect frauds and errors.
Reconciliation of financial statements is a complex task but is important all the same.
As a rule, financial statements can be sent to an outsourcing firm to establish credibility and detect frauds.
Outsourcing your F&A work reduces costs. Many companies have jumped on the bandwagon to outsource basic tasks and take advantage of superior technology and a lower cost global labour pool. F&A tasks are no exception.
Through a provider who offers a combination of local high-level resources that liaise with and support the business along with a global back office team, customers are able to get the best of both worlds — local business context and domain expertise at a lower cost.
Through established software platforms with workflow automation, companies also receive greater efficiency and scalability without the time and effort of building out their own infrastructure.
Access to the latest technology, particularly your small and medium enterprise (SME) may lack the latest technology for accounting. You can overcome such a problem by outsourcing that task to another firm which has that technology. As compared to the cost of upgrading the technology, the task can be easily outsourced at a much affordable price.
Outsourced financial service providers usually have more experienced staff than you can afford to keep on payroll, and they are specialists in different areas.
Therefore, you have access to experts in a variety of different fields such as accounting, regulations and taxation.
Finance and accounting departments have several peaks and valleys throughout the year in order to meet quarterly and annual reporting deadlines and tax filings.
This makes staff scalability difficult when you handle your finance department in-house. There is also staff holidays/sick leave etc to manage.
When you outsource, however, the new team iron out these variances and help through the work load variances.