Blogs - Finance and Accounting Services Outsourcing
| Which Areas Should You Begin Your Finance And Accounting Outsourcing (FAO) Journey With? |
| By Manish Vora on 7/28/2010 8:32:03 AM |
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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| Addressing the ‘Loss of control’ Issue When Outsourcing Finance and Accounting Processes |
| By Manish Vora on 5/31/2010 2:36:49 AM |
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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| The five Cs of FAO outsourcing |
| By Rick Sturge on 3/24/2010 1:03:40 AM |
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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| Why should CFOs care about diversity in their teams? |
| By Rick Sturge on 3/3/2010 3:22:41 PM |
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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| Three reasons why Finance and Accounting outsourcing (FAO) will continue to deliver value |
| By Rick Sturge on 3/3/2010 2:53:55 PM |
There were very positive sentiments around the future of finance and accounting outsourcing at a recent webinar I spoke at along with a Bob Cecil, Executive Director, Business and Financial Processes Advisory, EquaTerra, Glenn Turner, Finance Director North America, Shared Services Center for Avon, and Stan Lepeak, EquaTerra’s Managing Director of Global Research. |
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| Finance of the future: Three skill sets that finance professionals must acquire |
| By Rick Sturge on 2/8/2010 12:58:42 AM |
It’s quite true - today, finance is much more critical to business performance. Finance professionals must be qualified not for yesterday's jobs, but for tomorrow's roles.
“the recession has changed the finance profession dramatically. Given the pace of change, it is imperative that newcomers to the finance profession have a commitment to learn on the job.” |
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| Optimize working capital through Dynamic Discounting |
| By Conor Mullaney on 6/15/2009 9:58:48 AM |
The credit crunch has led companies to consider extending their Days Payable Outstanding (DSO) in order to optimize working capital. There are different approaches that companies are adopting to maximize working capital. One innovative approach is knows as Dynamic Discounting, has been adopted by leading companies.
Dynamic Discounting is an electronic discount process proposed by either the buyer or the seller with an offer to be paid before the due date. The rate of discount is reduced each day on a pro rata basis to the original invoice due date, initiated at any point in the transaction cycle.
Buyers are then able to take advantage of sliding scale discounts throughout the invoice term. The design principle is predicated upon a discount rate benefiting both parties. |
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| CFO priorities in the present economic downturn |
| By Manish Vora on 4/24/2009 12:23:57 PM |
Across the world, organizations are reviewing their operations because of the present global economic downturn. One of the most common CFO concerns is to ensure that the company’s finances are well managed and to trim business operations to be profitable.
According to a Deloitte survey, 70% of CFOs plan to hedge or reduce risk in the balance sheet or in the business, and 56% plan to reduce debt levels. The companies that will differentiate themselves are not the ones that are counting their pennies right now, but those that are strategic about what they will be two years hence.
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