Reconsidering Finance Outsourcing in a Post-COVID World Part 1
The scale and speed of change that the global COVID-19 pandemic inflicted upon enterprise organizations is unprecedented. And in its aftermath, the way we work will never be the same.
Consumer behavior changed virtually overnight, causing organizations to suffer record losses as old business models fell apart. Pandemic lockdowns forced an abrupt switch to remote work – and Gartner reports that 74% of companies plan to make it a permanent part of some operations. Automation that can ensure resiliency is also in high demand, reducing reliance on manual, paper processes difficult to complete from home.
Coronavirus Impact to Finance Operations: The End of the Line for Traditional Finance
The train had already left the station, but it was a local, with many stops along the way. Now with COVID-19, the train has changed to an express, and the end of the line is in sight.
F&A BPO: What to Outsource and What to Retain
CFOs who think outsourcing means packing up their department’s entire roster of duties and shipping them overseas never to be heard from again need to reassess the current state not just of outsourcing, but of the evolving role of the Finance Department. In reality, companies are never fully outsourcing their entire finance organization, but just the more transactional processes that are in fact holding them back from focusing on forward-looking analysis and business decision support.
According to a recent KPMG report, organizations outsourcing finance are on average outsourcing 38% of their processes, which represents an increase of 81% versus 2013.
ERP Implementation vs Finance Outsourcing: What Comes First?
It’s the kind of chicken or egg question that can get consultants opening for hours: If a Finance Department aims to outsource and perform an Enterprise Resource Planning (ERP) system implementation, which one should come first?
Outsourcing Role in Modern Finance Organizations (Discussion Recap)
One of the stone cold realities of today’s business landscape is that it is marked by growing competitive intensity & disruption. In fact, recent research shows that since 2000, 52 percent of companies in the Fortune 500 have either gone bankrupt, been acquired, or ceased to exist as a result of digital disruption. The ways in which one can deal with today’s digital disruption start by understanding how it differs from past industry changes, making sure that we don’t make the same mistakes again, and exploring ways in which we can make change a trusted ally instead of a vindictive enemy. The other reality? Most executives don’t have a road map for change.
5 Signs Your Finance & Accounting Department Could Benefit from Outsourcing
FAO outsourcing cuts costs, improves efficiencies, and sharpens the focus of finance teams .
No matter their size, the most successful businesses share one common trait: a laser-beam focus on their core competencies.
5 Reasons Why CFOs Should Outsource Their Finance and Accounting Operations
Migrating accounting and finance processes delivers a competitive edge in today’s business environment
Time for NY CFO's to consider Finance Nearshore Outsourcing
A new Auxis study uncovers 50%+ outsourcing cost savings for most transactional processing positions