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Enterprises focus on rapid growth will also have a quite chances for risks and threats. CFO’s are the driving force in bringing the dreams of CEO’s alive with strategic financial management decisions & forecasts. Many forward-thinking CFO’s plays a strategic role in transforming businesses towards modern fintech approach that enables executive access for insightful data to become future-ready business enterprises. Especially, when working for group companies, CFO’s need to better manage responsibility, accountability and control to empower businesses as truly agile financial institution. While trying to empower traditional accounting with technologies and data analytics, accounting gaps and inaccuracies will lead you to pitfalls that’s drain your efforts and energy. CFO’s often face time crunch due to overseeing frequent accounting gaps and inaccuracies. When enterprises decided to grow further and expand their limits, as every CEO needs a strong-minded CFO, CFO’s also needs hands to empower from internally or externally from the institution.

There are several times when CFO’s need a third-party associate to strengthen their organizational plans and financial goals as per the policies. Let take a deep dive on how a third-party will empower CFO’s to make the smart financial decisions on-time as well as ensure precision in forecasting.

As per Robert Half report, 90% of SME businesses struggle to find qualified staff to fill vacancies, forces them to significantly overpay and increases cost to company. A research study found that, outsourcing finance and accounting positions to India, cuts labor costs by an average of 42% to 52%.

As per KPMG study, 83% of SME businesses’ finance and accounting functions are either outsourced or operated under shared services model. As per ovum research, economies of scale and productivity gains average between 10 to 20% savings.

“Leaders recommend outsourcing as mission critical for businesses above $30 – $100 Million USD”

“A lot of value in cloud computing – the advantages outweigh the disadvantages” says Chris Knowles, head of solutions at Dimension Data, an IT services group.

“If you outsource only one function, you limit your benefits. If you outsource both, you get a value beyond improving the transactional component because the outsourcer can see when cash comes in and goes out. That can help the company take best advantage of the cash on-hand and optimize internal processes.” says Jag Dalal, managing director of thought leadership at the International Association of Outsourcing Professionals (IAOP).

A recent report from the Association of Chartered Certified Accountants (ACCA) found that companies using F&A outsourcing believe they will reduce costs but lose control. However, as they realize those cost advantages, they see that quality is rising because benchmarks are being applied to their performance. In the end, the report concludes, companies could see control was improving, too.

Ed Thomas, an analyst for Ovum research explains. “Cost reductions are the table stakes, and companies want to know what else their outsourcers can do to make their processes and technology run more efficiently.”

Publicly traded retailer TigerDirect is one of the SME business within $30 – $100 Million USD that realized cost savings of 60 percent after outsourcing enabled it to modernize its finance operations is one such best example for outsourcing.

Outsourcing accounts and finance reduce the cost of infrastructure investment and technology and will improve the productivity and accuracy by limiting the challenges of hiring and/or training. The reporting is very crucial for group companies as stake holders and international partners may expect firm grasp on KPI measures. You don’t have to rely on unexperienced people to present your insights and decisions while an outsourcing company do it extraordinarily as per your demands.

To keep up with the compliance and ever-changing laws and industry regulations and standards, upskilling the employees is complex every day. Ensure compliance by outsourcing and focus more on your priorities. This will save more time and increase your attention on financial goals

Get your freedom from increasing inaccuracies and financial reporting gaps that will suck out your energy and time. Outsourcing to third-party after strict due diligence will save yourself and lets you manage a perfect work-life balance with enhanced oversight of financial reports and KPI metrics on-demand.

Improve the precision of your forecasting in two ways. Either by investing on sound technology or by outsourcing. The power of outsourcing gives you more control with technology expertise and cut off your costs in infrastructure facilities.