However, there is a problem and it is a big one.
Amidst the many reputed companies offering F&A services, there are also those companies out to make a quick buck and offer bottom of the battle rates for even the most comprehensive and complex of finance and accounting tasks.
The golden rule of an offer that appears too good to be true is that it isn’t true. The same goes for such companies. So, it is imperative that you only work with reputed companies active in the finance and accounting services domain for a substantial length of time. And for that to happen, you must be prepared to pay a premium for their services. Why? The question can be answered by taking a look at three different perspectives.
1) CFO Perspective
TCS 2020 CFO Study clearly underlines the expected responsibilities of a CFO in the next five years. Transformation is the keyword here, and it’s expected that a significant chunk of capital is invested in digital transformation. The same study states that CFOs need to ensure agility in their processes to become more competitive.
Also, data driven insights will be of critical importance when it comes to forecasting, ascertaining and
It is imperative that CFOs drive the strategic implementation of technological excellence by
If you are a CFO and are under pressure to leverage digital transformation and business intelligence to push growth, one of the ways this can be done is working with world-class finance and accounting services companies to outsource your finance and accounting function. With this move, you can access the best of technology and expertise to take care of certain F&A processes.
But outsourcing isn’t enough. You must ensure that the outsourcing
This means signing up for premium F&A services from a premium
2) Functional Perspective
The ‘Solving the UK Skills Shortage – Accounting and Finance’ report offers some interesting insights. 51% of the accounting and finance professionals who were surveyed as a part of the study said, they anticipate
This isn’t good news for the sector and the CFOs we talked about in the above point. If your
The nature of these tasks, the attention to detail required as well as the need to use diverse software to process these tasks means you cannot work with just any finance and accounting BPO for your needs. You need to work with a BPO that knows the F&A function inside and out and has a history of working with enterprise level businesses, meaning they can offer their services at scale. You must also choose a service provider that leverages its advanced tech infrastructure to take care of your requirements. This results in accuracy, data integrity and faster deliverables. And this comes at a cost.
3) Business Perspective
An outsourced finance department helps you experience a competitive advantage and drives profitability. The key to successful business growth is achieving business growth and controlling overheads at the same time. This is only possible if you are able keep your infrastructure and staffing costs in check. Business critical functions like F&A demand proven
By outsourcing your F&A to a company
To sum up
These are just some of the broad reasons why your