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subject: The Role of Finance and Accounting in Achieving the CFO's Agenda [print this page]

Growing the business
Growing the business

Competing against new / emerging competition

Preparing for the upturn (in terms of the economic scenario)

The survival and growth strategy of CFOs in this environment hinged on three critical factors according to the

respondents, including: Improving the internal controls environment; achieving overall transformation in the finance and

accounting function; and preparing for the upturn.

Toward achieving these strategic goals, CFOs realized the importance of undertaking internal process improvement

efforts; deploying or expanding shared service centers; and upgrading finance and accounting staff / talent pool.

80% of the CFOs surveyed believed that finance and accounting outsourcing was an important change effort, far above

commonly known efforts such as deploying new improvement IT software applications. CFOs believe that outsourcing

could reduce their total finance and accounting operating costs; give them the savings required to fund transformation; and

also give them access to external skills and expertise at a far lower cost.

Interestingly, slightly more than half (50.5 percent) recognized that finance and accounting outsourcing was no longer

about outsourcing administrative and back-office finance and accounting activities. While loss of control was viewed as the

biggest risk, with 42% voting for it, it was heartening to note the confidence that organizations had in providers. Only 27%

showed concerns around risk of service provider failure. The survey did find room for improvement in finance and

accounting outsourcing buyer satisfaction levels, but these levels improve over time as buyers gain more experience,

complete transition, and better align the finance and accounting outsourcing goals and strategies to those of the

organization as a whole.

The Webinar revealed that finance and accounting outsourcing had been far more closely held than other domains like

procurement, may be because of its strategic importance in the organization. However, organizations have to realize that

they can realize their true global potential only if they thought outside of provincial paradigms on how work should be

done.

The Role of Finance and Accounting in Achieving the CFO's Agenda

By: WNS Global Services

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