Published By: Workday UK
Published Date: Mar 15, 2018
For both finance and HR, this separation is often driven by organizational obstacles, disparate systems and data sources, regulatory uncertainty, and a lack of complete visibility into the business. As Joseph Fanutti, CFO of Bill Gosling Outsourcing, says of his own organizationís challenges, ďFinance operated its own silo, HR its own, operations its own. There was a lack of consistency in terms of how we viewed the business.Ē He recalls, ďNumbers were always challenged, no one could agree on metrics, and people couldnít agree on what actions to take going forward.Ē
If this situation sounds familiar, thatís because itís commonplace across organizations the world over. Strategic uncertainty and incomplete data are symptoms of a larger problem: a lack of unification among finance, HR, and operations teams. Managers need to make financial and people decisions in tandem, yet traditional systems store this information independently. This separation creates multiple versions of the same u
Finance and accounting outsourcing is a growing trend among middle market and high-growth companies, providing a cost-effective way for organizations to improve the finance and accounting function. The key benefits of outsourcing include fractional use of finance and accounting professionals, enhanced processes and technologies, and stronger compliance measures. Outsourcing enables organizations to scale resources up and down as needed with no obligation to pay salaries or benefit costs. Additionally, it alleviates the burden of hiring, training and maintaining accounting staff.
Several economic factors are significantly impacting the hiring and retention practices for key finance and accounting personnel in every industry. However, many successful middle market companies are counteracting these challenges by leveraging outsourcing strategies to gain efficiency, overcome staffing difficulties and better manage costs.
A significant shift is currently occurring with some economic indicators, as demonstrated in the recent RSM US Middle Market Business Index. Salaries are expected to rise in the next year, with hiring increasing and unemployment subsequently falling. With these challenges in mind, competition for talent is rising, and middle market organizations will face numerous risks when looking to attract and retain skilled finance and accounting personnel.
Middle market companies are becoming more comfortable with outsourcing solutions, driving increased utilization of finance and accounting outsourcing (FAO). The evolution of FAO enables companies to focus on their core business, while leveraging external resources to increase finance and accounting productivity.
What makes RSMís FAO platform different is specific industry knowledge, and unique business processes, workflows and structures that have been developed through years of successful engagements. We implement proven strategies from a people, process and technology perspective that are customized for each client and canít be found in an out-of-the-box technology solution.
There is an increasing demand for finance and accounting outsourcing (FAO) among middle market companies, as organizations become more comfortable with the solution. FAO helps companies enhance the efficiency and effectiveness of the finance and accounting function through process and technology improvements, enabling internal employees to focus on the core business.
RSM US LLPís FAO platform goes beyond out-of-the-box functionality within technology solutions, integrating additional intellectual property, including workflows, business processes and organizational frameworks. By leveraging this comprehensive platform, our FAO team can help middle market companies overcome a myriad of finance and accounting challenges. These include hiring, training and developing staff, and most importantly producing actionable finance and accounting information in a timely manner to make critical business decisions.