Download Building an Agile Finance Function: Alternative Approaches by Financial Executives Research Foundation PDF

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  • March 28, 2017
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By Financial Executives Research Foundation

The aim of this research is to aid monetary executives comprehend the administration concerns and economics of different methods to sourcing, together with either charges and advantages. it's in accordance with interviews with executives at 18 businesses, eleven of that are within the Fortune 500. 4 universal ways to sourcing are investigated, together with shared providers, co-sourcing, offshoring and outsourcing. This study learn used to be subsidized by means of The Siegfried team, LLP

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A full-scale ERP implementation greatly facilitated the company’s move toward in-house shared services. That approach was an outgrowth of Y2K—to avoid problems by having uniformity and standardization in the enterprise platform. The company does not do outsourcing or co-sourcing because it prefers not to rely heavily on outsiders. However, it does use consultants from time to time on a project basis. Company K now has 8,500 people worldwide in its shared-services centers. By 2008, it will have more than 10,000, because it will be using shared services for more sophisticated areas.

The Siegfried Group is the nation's only CPA firm dedicated exclusively to providing Fortune 1000 companies and other major organizations with ready access to consultant-quality accounting and finance professionals. These full-time, career-focused Siegfried employees are highly motivated and committed to executing client initiatives. By allowing clients to maintain complete project control, Siegfried's accounting resource services model minimizes project risk, accelerates delivery time and results in cost efficiencies.

S. Nevertheless, the company does look at various ways to reduce costs. For example, it is considering moving some of the more routine finance functions to more cost-effective locations. And the company has used staff augmentation in the IT area, for special projects. Com p an y O Company O, a telecommunications company, has about 60,000 employees worldwide. The company uses a shared-services center for its financial operations. Ten percent of its finance function is in China, where its shared-services center is located.

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