Is Account Outsourcing a Proven Solution for Transforming Businesses in Post COVID Era

Account-outsourcing
  • 80% of CFO’s are considering cost-containment measures
  • 80% of CEO’s say their organization’s growth is tied to the ability to challenge and disrupt business norms
  • 74% of CFOs will move at least 5% of their previously on-site workforce to permanently remote positions post-COVID 19

The specter of 2020 will loom over the world for a long time, forcing the global business leaders to urgently look beyond conventional methods to navigate through this unpredictable crisis and gain financial stability. A recent study by McKinsey rightly describes recovering revenues as an important element for reimagining the return in the next normal. Organizations need to be armed with a high-performing finance force to survive and be also be prepared for future volatility.

But, is it viable for finance teams to transition from their traditional transactional role and to jump onto a strategist role and contribute to the growth and business transformation at a lightning speed? Here is where the need for a trusted partner arises who delivers a robust, scalable, rapidly deployable financial solution and provides data-driven insights to free up their time, to revitalize their business.

A CFO’s role has become relevant than ever before, by bringing intelligent operations at the core of the organization with real-time data that will help the leadership team to analyze the short- and long-term consequences of strategic decisions. Among them, cost-cutting poses to be an elephant in the room.

With a big mandate on their shoulders, CFOs are closely looking at embracing finance outsourcing to streamline their accounting processes need for better, proactive decision-making and turbocharge their businesses.

Let us touch upon the key drivers for opting for outsourcing:

Cost Advantage: Cost-cutting may not be the only reason to outsource services – but it can be a major factor. It allows companies to put more capital into revenue-producing activities and enhance operational flexibility all through their evolution curve.

Resilience: A trusted finance outsourcing partner will help organizations to stay agile by meeting evolving demand and for a quicker rebound and eventual growth.

Fuel innovation and change in the new business normal: One of the most important drivers for opting for a reliable and expert outsourcing partner is their deep domain knowledge. With several new rules, regulations, new guidelines being announced, organizations are relying on proven processes and top industry talent for providing actionable insight, speeding development and scaling innovation.

Remotely working workforce is an attractive option for CFOs: With Work from Anywhere becomes the new accepted norm, CFOs are looking at it as an attractive option for rebuilding revenue. A study done by Gartner revealed 74% of CFOs will move at least 5% of their previously on-site workforce to permanently remote positions post-COVID 19. A seamless work-from-home culture has also paved the way for leveraging the outsourcing providers’ core domain expertise and technology investments to make key functions more efficient and effective. This allows companies to reap immediate cost savings while reshaping their approach to capital investment.

Today, the CFOs are in a unique position to improving efficiencies, considering outsourcing can help them in focuses on planning, forecasting, competitive, market analytics and galvanize change for the businesses to grow sustainably and profitably.