Finance and Accounting Services Outsourcing
The commonly used and less complex FTE-based pricing offers you the advantages of easy implementation, tracking and benchmarking, but then is that enough? Well, the answer is an emphatic NO! With increased buyer sophistication and high competition, the wheels in the FAO market are slowly but surely turning in favour of more evolved pricing models like transaction-based pricing. Read on to find out the nuances of this method of pricing and whether you could consider implementing it.
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There is a lot of written material on how to undertake finance and accounting outsourcing, when to outsource, what to outsource among other ‘how-to guides’. One area that needs immediate attention is ‘measurement of performance’ before a company outsources its finance and accounting processes. Read on to find out why this is important.
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WNS’ recent survey conducted in collaboration with FEI reveals the three critical factors on which the survival and growth strategy of CFOs hinges in today’s dynamic environment.
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If there was one activity that truly slowed down during the recession, it was Mergers and Acquisitions. Beyond doubt, the CFO has it the toughest during a merger or an acquisition. There are reams of financial data to be mapped and aligned. Outsourcing Finance and Accounting (F&A)processes right after you complete the merger or acquisition is a smart option because the third-party service provider understands F&A processes and can bring in competencies that can augment the in-house capabilities very well. Read on to find out what a provider can do for you.
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Complexities of accounting in today’s scenario require more than what a traditional accountant can do for you. Finance and accounting outsourcing is rapidly reaching a point where a company needs business partners to handle its accounting ─ business partners who are ace accountants and thoroughly understand your domain, and are also congruent to how your business operates in that domain.
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The fact that finance and accounting outsourcing delivers value on many fronts to an organization is now rhetorical. But, it does come with the risk of one of your outsourced processes failing to meet the set deadline / quality. One of the things that CFOs can do to mitigate the risk associated with handing over a business process to a service provider is to align the goals of the service provider with those of the company.
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The eternal debate remains unabated. There is some respite though from recent surveys and discussion forums and two strong trends have been spotted. First is the ‘inch-wide and mile-deep’ approach and second, is the ‘mile-wide and inch-deep’ approach. Read on to find out more about the approaches and the processes that could map to each of them.
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One of the topics that came up during the discussion was the risk related to finance and accounting outsourcing. As was expected, a majority of the attendees felt that loss of control was the foremost risk in outsourcing. This was similar to the findings of the WNS Annual CFO Survey 2010 , where 42% of the respondents had indicated loss of control as the prime concern in an outsourcing engagement. It is not surprising, since outsourcing and offshoring might involve sending work that is being performed “right down the hallway” from the CFO’s or the Controller’s office to another country thousands of miles away! It’s definitely not the easiest of propositions to contend with, considering the criticality of finance and accounting functions.
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At the end of a recent webinar that focused on the CFO’s agenda for 2010, at which I was one of four speakers, I summarized by mentioning the five Cs of outsourcing finance and accounting (FAO). These Cs should guide companies who are considering outsourcing.
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Today, companies in almost every sector operate at a global level; therefore it is critical that they understand the true meaning of diversity when managing employees from a variety of cultures and different geographies. This is as true for the CFO’s office as much as for any other function.
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