Finance & Accounting Outsourcing: Building for Long Term Success
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1 Finance and Accounting Services Finance & Accounting Outsourcing: Building for Long Term Success Table of Contents Introduction 2 Fears and Concerns about F&A Outsourcing 3 The Cost and Quality Benefits of F&A Outsourcing 4 Creating The Environment for Success 5 Success Factors 7 About Sutherland Global Services 8 Contact Information 8 Resources 9 Author: Simon Speirs, Lead Solution and F&A Architect Europe/Middle East/Africa Finance & Accounting Outsourcing: Building for Long Term Success 2012 Sutherland Global Services. Page 1
2 Introduction Many finance departments in mid- market companies are in a quandary. They strive to provide true value to their organisations by using their skills and expertise for strategic insights. But, too often, finance departments are simply caught on a hamster wheel of transactional functions to offer their full potential. In fact, the American Productivity & Quality Center (APQC) surveyed finance professionals at 119 organisations to discover that only 5 percent of survey respondents believe that finance is currently delivering game- changing value to their enterprises. Adding to the dilemma, a survey of 200 CFOs and finance directors in the UK by Director of Finance Online found that 66% of respondents were very or somewhat concerned about losing top performers to other job opportunities in the next year. One solution that addresses both the need to provide vital analysis, while also creating an environment where top talent thrives and is challenged is Finance & Accounting (F&A) outsourcing. Traditionally the main barrier to Business Process Outsourcing (BPO) for firms in the mid- market has been cost. However, advances in technology and access to a global workforce have lowered those concerns. Instead the main driver toward adopting outsourcing is the need for more effective operations at a global level and access to new technical skills. However, there is a hesitation to adopt F&A outsourcing as a viable option amongst finance professionals in the mid- market due to fears, real and imagined, and an outmoded concept of what the process entails. This paper aims to dispel concerns and help finance directors be successful in implementing an F&A outsourcing programme in their organisation. Finance & Accounting Outsourcing: Building for Long Term Success 2012 Sutherland Global Services. Page 2
3 Fears and Concerns about F&A Outsourcing Leaders in finance are charged with managing people, overseeing process, and harnessing technology to its best application. They must constantly balance the demands of insight, controls, team performance and cost. It s no wonder then that the three main areas of concern about outsourcing are: Uncertainty and loss of control Employee dissatisfaction and loss of expertise Decision reversal and programme failure Uncertainty and Loss of Control Major organisational change brings about uneasiness and uncertainty of the unknown. If you are wading into outsourcing for the first time, lack of knowledge and experience in managing the process can be daunting. There is often a feeling that moving certain functions outside of your company will lead to loss of control. No longer able to physically see the people performing the work, there is a common perception that the functions are no longer within your direct and immediate control. In fact, this lack of physical contact takes managers outside of their comfort zone and often gets confused with the fear of forfeiting decision- making capacity. Employee Dissatisfaction and Loss of Expertise At times of change, the risk of employee dissatisfaction is real, though experiences of malicious intent are few and far between. The uncertainty that finance leaders may feel is exacerbated in staff who have the least control over the conditions that govern their day- to- day work lives. Unclear communication from management about how their roles are changing, the expectations upon them, and an understanding of how they are to navigate their new reality can lead to a decline in productivity as employees transition from one operating model to another. If not managed effectively, employee dissatisfaction may lead to a loss of expertise in the roles that you are looking to retain. A survey of 200 CFOs and finance directors in the UK conducted by Director of Finance Online, revealed that 66% of respondents were very or somewhat concerned about losing their top performing employees to other opportunities. Although heightened in moments of change, the fear of losing good talent is present in the minds of finance professionals at any time. However, releasing key individuals to focus more on strategic, rather than day- to- day, issues will keep some very happy. With reduced roles within the organisation, companies will need to consider where to source, nurture and develop that talent. Finance & Accounting Outsourcing: Building for Long Term Success 2012 Sutherland Global Services. Page 3
4 Decision Reversal and Programme Failure Senior management must feel that they have the ability to change direction and reverse their decision should the needs of the organisation compel them. The fear of being locked into an unfavourable service agreement that is onerous and costly to exit can weigh heavily on executives. Decision- makers are ultimately responsible if a new program fails, and naturally, there is a healthy fear around trying something new and having it come to nothing. Concerns can be particularly acute if the service is unsatisfactory and the relationship with outsourcing partner degenerates. In a recent CIMA roundtable it was identified that any organisation whether internal or external will be blamed for the issue. Strong analysis needs to be undertaken to understand what the real issues are: is it the visibility of underlying issues that have always existed, a blame game or a real issue of underperformance to promises. Certainly, the many news stories in the public domain that highlight the perils of failed outsourcing efforts do nothing to allay the fears of finance executives but there are many success stories that remain private. The Cost and Quality Benefits of F&A Outsourcing Although some of the concerns about outsourcing can be valid, the appeal of the cost and quality advantages for your company are enough to motivate most fear- struck finance professionals to give this option a serious second- take. Human Resources Outsourcing reduces or eliminates costs of wages and benefits, as well as the costs associated with staff including buildings, infrastructure, IT hardware and software costs, to name a few. Turning fixed assets into variable costs helps your company be more flexible in times of business expansion or contraction. When employees are released from performing routine transactional functions, they are elevated to conduct higher- level and quality work, giving them the focus to drive business benefits that can add real value to your organisation. Processes and Controls Outsourcing provides an opportunity to design stricter process management, governance and obtain performance guarantees through Service Level Agreements (SLAs). Service improvements from outsourcing may find tangible benefits that come from reduced business process cycles, resulting in significant performance improvements, while ensuring a clear audit trail and rigourous quality assurance. These guarantees result in more assured delivery and uniformly applied policies across critical areas, like credit management. Accounts Receivable outsourcing, with more stringent controls over procedures, may result in the reduction in Day s Sales Outstanding (DSO) and bad debt write- offs, culminating in improvements to working capital. Finance & Accounting Outsourcing: Building for Long Term Success 2012 Sutherland Global Services. Page 4
5 Technology Improvements Workflow automation, CRM, or payment gateways are just some of the improvements that can come when there is an upgrade in technology from outsourcing. Although entirely possible to implement these improvements in- house, the reality is that Finance IT projects are often low in the priority list of technology needs across the company. Outsourcing offers the ability to increase productivity through technology at a lower investment cost. Improvements to online reporting technology allow stakeholders from across the company to view metrics and key performance indicators (KPIs), leading to improved relevancy and decision- making abilities for a more nimble organisation. Cloud- based services may also provide increased business continuity planning (BCP) and disaster recovery (DR) solutions. Creating The Environment for Success Being successful in outsourcing F&A functions lies in planning, change management, and setting clear expectations in governance process and results. The key is choosing the right partner and having a continuous commitment to sustaining the change over the long- term. Choosing Your F&A Partner Your F&A service provider is your best asset in building long- term success for your outsourcing programme. Choosing a provider who supports your objectives and has a wealth of previous experience to draw upon and share with you makes the transition much more likely to be successful. Having a trusting and collaborative relationship will see you through initial conception through to implementation, performance and success measurement. Strengthening the relationship beyond the transactional to include leveraging talent, will ramp up your strategic success factor. When choosing your partner, start by assessing which transactional functions can be outsourced. Determine if there are other more strategic analytical activities where a portion of the work could be outsourced for less heavy lifting within your organisation. Specialised F&A expertise can add value to your internal strategic functions. Discover if your provider can offer a range of senior- level skills to augment your business needs, particularly at times of cyclical activity, expansion or contraction. A provider with access to a wide range of skill sets has the ability to improve your company s performance by providing greater insights, accuracy and productivity. Planning The start of the program will see a considerable time investment in risk management, creating a transition plan and establishing long- term governance with clear expectations. These factors will mitigate issues around deliverability, human resources, and service expectations. Methodical planning will involve stakeholders from multiple departments from within your organisation, as well as your F&A partner. Maintaining a continuity of personnel in this planning group is helpful to provide consistency in the process and traceability for decision- making. Finance & Accounting Outsourcing: Building for Long Term Success 2012 Sutherland Global Services. Page 5
6 The planning process should include a review of current functions to provide a point of reference and a baseline against which to measure the programme. Detailed discussions of processes and practices will guide governance policy and performance criteria. A contract and agreement review will ensure that the terms of your service will be met, needs are identified and the criteria for success is established. During and near the conclusion of the knowledge transfer phase, be sure to conduct a readiness review on pre- agreed success criteria for all parties to ensure that systems, facilities, people and training are ready prior to the programme going live. Change Management No amount of planning will overcome a lack of support by senior- level management to facilitate organisational change. Resistance to the programme may see some departments opting out of receiving services and undermining the entire process. Having top- down support is essential for the success of F&A outsourcing and will help to prevent areas of the organisation from reverting to old habits. After identifying key processes and roles, create an employee retention plan to ease the transition. This may include how specific personnel can be re- focused on functions with more analytical value, rather than transactional functions. Communicate regularly and clearly with staff about changes as they are happening. For your employees, understanding the process, what the transition plan will be, and where they fit into it will help to minimise a decline in productivity and remove focus from the rumour mill. Long- Term Success Good governance and the application of clearly defined success criteria to performance reporting are critical to the programme. Plans may evolve and measurements may adapt over time. In order to support the key areas of Operations, Financial Reporting, and Compliance, critical ongoing attention must be given to: Monitoring Information & Communication Control Activities Risk Management Control Environment Your organisation will see the strategic and financial benefits that come from outsourcing when your plans are well executed. And there s no better way to follow through with ensuring your F&A outsourcing is a success than with an experienced finance and accounting service provider by your side. Finance & Accounting Outsourcing: Building for Long Term Success 2012 Sutherland Global Services. Page 6
7 Success Factors Building your F&A outsourcing programme for long- term success lies in careful risk management, adaptive change management and solid planning. Having an experienced service provider has helped many other companies navigate the transition from in- house to outsourced F&A will greatly ease the process. When determining how best to use an F&A outsourcing provider to benefit your business: Determine your core functions and how your organisation would benefit from outsourcing transactional activities Assess overall staffing needs and whether cyclical spikes in business place a strain on human resources Explore how an F&A provider could share selected activities by performing the heavy lifting for you Understand how an experienced F&A partner can augment your internal strategic functions by providing specialised expertise, beyond transactional services Leverage the wide range of F&A skill sets available from your outsourcing partner to gain greater insight, accuracy and productivity. Choosing a service provider with access to a vast talent pool, from clerks to finance management, will give your company options to leverage for maximum impact when the need arises. This is particularly true in times of growth or reduction when the burden of staffing the expertise level you require can be carried by your F&A provider, allowing your company to adapt to changing demands more easily. Because starting a finance and accounting outsourcing programme can be fraught with fears and resistance, organisational change requires support from management and clear transitional planning and communication to employees. However, the benefits in cost- savings, increased productivity, and greater strategic insights realised through F&A outsourcing far outweigh the perceived drawbacks, and will position your company for future growth and success. Finance & Accounting Outsourcing: Building for Long Term Success 2012 Sutherland Global Services. Page 7
8 About Sutherland Global Services Sutherland Global Services is a multi- national technology- enabled business process outsourcing (BPO) services company providing a unique combination of vast BPO resources as well as extensive expertise and industry knowledge in Finance and Accounting. We help you build a high- performance finance organisation by combining accounting best practices with proven BPO processes. Our global service delivery infrastructure and full range of outsourcing solutions from specific transactional processes to controller and compliance functions help you reduce costs while gaining better visibility and control of financial processes and data. We are agnostic to delivery location and can provide solutions to meet your needs whether locally based or more distant locations. Our strategy quickly improves your F&A operations by adapting a set of standardised processes and using technology and automation to improve efficiency. We begin by analysing your existing accounting workflows, then we design an outsourcing solution based on your business objectives and available resources. Ongoing processes are transferred to our organisation. Once this transition is complete, we follow through to ensure flawless service delivery. The Result: You gain access to higher quality, more complete financial information to support effective tactical and strategic decision- making across your business. Our outsourcing solution not only reduces the cost of the finance function; it provides CFOs the opportunity to focus the organisation on what is strategically important to the business. Contact Information To have a deeper discussion about the F&A outsourcing process, please contact: Simon Speirs, Lead Solution and F&A Architect, Europe/Middle East/Africa PHONE: +44 (0) simon.speirs@sutherlandglobal.com WEB: Simon Speirs is a member of the Association of Chartered Management Accountants (ACMA) with 18 years of experience in improving business and finance team performance. He has worked in a number of blue- chip companies including ABB, Accenture, PricewaterhouseCoopers and Hewlett Packard. Simon leads the design and implementation of back- office solutions across the European Region for Sutherland. He has a proven track record of designing and delivering shared service solutions and managing complex global projects. Simon s experience spans across continuous improvement, finance & accounting, procurement, sourcing and IT management. The depth and breadth of his experience enables him to combine People, Process and Technology to design optimised and customised outsourcing solutions. Finance & Accounting Outsourcing: Building for Long Term Success 2012 Sutherland Global Services. Page 8
9 Resources "A New CFO Priority: Talent Development With a Focus on Soft Skills." APQC.org, Press Release. APQC in Partnership with EPM Channel, 13 Sept cfo- priority- talent- development- focus- soft- skills Howes, Gary. "Finance Directors Stress over Retaining Best and the Brightest." Director of Finance Online. n.p., 29 Aug Speirs, Simon. "Part 4: Outsourcing: Distraction or Solution?" Sutherland Global, The Accounting Minute Blog, 24 Oct minute/bid/161364/part- 4- Outsourcing- Distraction- or- Solution Speirs, Simon. " Part 3: Managing the Perceived Risks of Outsourcing Sutherland Global, The Accounting Minute Blog, 17 Oct minute/bid/161003/part- 3- Managing- the- Perceived- Risks- of- Outsourcing Speirs, Simon. "Part 2: Determining Core Functions Sutherland Global, The Accounting Minute Blog, 10 Oct minute/bid/160457/part- 2- Determining- Core- Finance- Functions Speirs, Simon. "Part 1: What CFOs Tell Us Sutherland Global, The Accounting Minute Blog, 3 Oct minute/bid/160553/part- 1- What- CFOs- Tell- Us Finance & Accounting Outsourcing: Building for Long Term Success 2012 Sutherland Global Services. Page 9
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