How Outsourcing Empower CFO’s to Manage Risks & Capitalize on Growth
- Park Intelli Solutions
- Jun 1, 2020
- 2 min read
Enterprises focus on rapid growth will also have 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 play a strategic role in transforming businesses towards a 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 a 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 need 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 into how a third-party will empower CFO’s to make 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 the cost to the 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 a shared services model. As per ovum research, economies of scale and productivity gains average between 10 to 20% savings.
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