Outsourcing for CFOs: What You Should Look for in Your Partner Firm
Outsourcing is a big step especially for companies who have never experienced this business model. For those who have made the leap to avail outsourced CFO support solutions, the next logical step is to find the right outsourcing partner.
In order to be successful in your search, it is important to find out the right qualities that you need in an outsourcing partner. Here are a few suggestions to keep in mind:
1. Diverse finance and accounting solutions
Your needs grow together with your company. As you face new frontiers, complex solutions will be needed to sustain and even further your company’s growth. A key feature of a desirable CFO support solutions provider is the ability to provide diverse solutions ranging from bookkeeping, general accounting to high-end solutions such as data analytics, process automation, and other complex reports that will help you utilize your resources to the full potential.
2. State-of-the-art IT infrastructure
Outsourcing relies heavily on internet connectivity and a reliable IT infrastructure. Processes are mostly, if not exclusively, accomplished through cloud servers and remote access applications. Your partner firm must employ state-of-the-art IT infrastructure to ensure fast, secure, and reliable service delivery.
3. Competitive Talents
One of the main reasons why companies outsource is to gain access to more talents on another talent pool. However, all efforts are wasted if your outsourcing partner does not have the talent to match or exceed the people you have in your team. A finance and accounting (F&A) outsourcing partner with globally competitive talents can help you produce meaningful results and bring solutions to your F&A woes.
4. Tailor-made solutions delivery
Different organizations have different needs, and so do different CFOs. The right outsourced CFO services provider acknowledges this fact and knows that it is important to formulate solutions depending on their client’s needs.
Before starting your outsourcing partnership, they should be able to conduct a proper assessment to identify your requirements and know more about your company’s processes. This will help them formulate solutions that are well-suited to work on your setting.
5. Mastery of business tools and software
Businesses also use different tools for different purposes. While the process of conducting finance and accounting tasks remain similar in nature, modifications are necessary to provide businesses with more insights into their F&A status.
Your CFO solutions provider must have a deep sense of understanding o how F&A tools and software work, their basic capabilities, and how they help in F&A execution. This advanced understanding can help them adapt to the use of another software or tool with ease.
Finding a CFO solutions provider with these characteristics is no easy task. However, once you have them on board, you can expect improvements and more growth opportunities for your business.
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This post was first published 30 October 2018 and edited 04 November 2020.