How CFOs can benefit from Outsourcing
Improve CFO performance by leveraging offshore resources
Infomate – How to build your offshore financial team Brochure
Download nowIn the high-pressure world of finance, chief financial officers (CFOs) are the driving force behind their organisations’ growth and stability. Yet, behind the scenes, CFOs face a significant challenge: an ongoing demand for financial competence mixed with a limited number of resources. Chief financial officers also struggle with a lot of challenges in recruiting talent and operational management. To navigate these obstacles, CFOs require strategic solutions. Outsourcing can revolutionise the CFO role and help them create long-term success in today’s fast-paced corporate environment.
Major obstacles CFOs face in finance
Navigating the finance landscape presents CFOs with multifaceted challenges. The modern CFO is a driver of strategic initiatives and efficiency improvements. However, they do this while bearing the responsibility for their organisation’s financial health. Maintaining this balance requires accurate decision-making and adaptability.
Limited time frames
Time is a precious commodity. Balancing multiple responsibilities such as financial reporting, analysis, strategic planning, and stakeholder communication within limited time frames can be daunting. Moreover, the urgency to adapt to market fluctuations and regulatory changes adds another layer of pressure. Failures in financial reporting and compliance pose considerable dangers to the organisation, ranging from regulatory penalties to irreversible harm to brand reputation. CFOs often find themselves stretched thin, struggling to allocate sufficient time to each critical task while maintaining accuracy and quality. When overburdened, CFOs are obliged to prioritise immediate chores over critical analytical judgements – it is very difficult to justify long-term planning over putting out the current fires.
Limited pool of skilled workers
For certain industries, the pool of skilled workers is diminishing, exacerbated by the aging skilled population getting closer to retirement. As industries evolve rapidly due to technological advancements, the skills required for certain jobs may also change, leaving a portion of the workforce underqualified. This puts more pressure on organisations to fight for a restricted talent pool, increasing competitiveness and making it more difficult to hire top-tier professionals.
Outdated financial systems and processes
Many CFOs are held back by out-of-date systems and manual, inefficient, or error-prone processes. This hinders access to real-time financial data which hampers your ability to react to the ever-changing corporate landscape. Slow and inaccurate data processes makes it difficult to make timely decisions and respond quickly to market changes.
Responding to outdated systems with powerful business management tools
A cloud-based ERP offers unparalleled data visibility and real-time access to key metrics from any location with an internet connection. Timely and accurate information empowers CFOs to make prompt data-driven decisions, enhance operational efficiency, and drive business growth. Moreover, cloud ERP systems are highly scalable and flexible. This allows CFOs to adjust resources and functionalities as needed without the burden of significant upfront investments.
Talk to our team about the power of cloud ERP systems.
The problem for CFOs boils down to one stark reality – the never-ending goal of doing more with fewer resources. It is a delicate balancing act riddled with difficulties, and if not handled properly, it may have disastrous effects for the organisation’s financial health and general success.
How does outsourcing benefit CFOs?
A hybrid strategy that incorporates outsourcing is a feasible solution to address these challenges. CFOs benefit significantly from outsourcing non-core financial tasks such as payroll processing and accounts payable.
Free up Internal Resources
Outsourcing reduces administrative burdens for internal finance teams, allowing them to focus on high-value activities driving business growth and innovation. By outsourcing regular and non-core financial tasks like payroll processing and accounts payable, CFOs streamline operations, enhance efficiency, and increase productivity organisation-wide. This takes the pressure off finding new talent in a competitive market, as you allow yourself and your existing team to focus on more important tasks and become more productive.
Access Specialised Expertise
With outsourcing, CFOs can access specialised skills that may not be available in-house without the need for costly recruitment or long-term commitments. Outsourcing partners bring substantial industry expertise and experience to the table, especially in tax compliance, risk management, and financial reporting. You can swiftly bridge skill gaps and expand your finance team by bringing in the precise expertise required to drive strategic initiatives and accomplish business objectives.
Enhance flexibility
Outsourcing provides unparalleled flexibility – CFOs can change their outsourcing arrangements as needed without being bound by long-term commitments. Strategic personnel planning, including outsourcing, allows CFOs to optimise resource allocation, leverage specialised skills, and improve organisational agility. These characteristics are critical to long-term growth and success in an ever-changing company landscape.
Outsource with Infomate
Infomate is Sri Lanka’s premier outsourcing business process management company specialising in finance and accounting, back-office, knowledge, and data processing services. With over a decade of experience servicing clients across the Australian region, Infomate strives to create operational excellence within your finance function. They measure every performance aspect and demonstrate quantifiable improvements in key performance indicators. The Infomate team has experience with multiple ERP platforms, automation, and cutting-edge technologies, and they are exposed to multiple industry verticals. The combination of experience and skill helps you re-engineer your business processes and achieve world-class financial and accounting standards.
To start a conversation about Infomate, email samacs@kilimanjaro-consulting.com or call 1300 857 464 (AU) or 0800 436 774 (NZ).
