Top 10 Reasons Why a CFO should be Outsourced

Top 10 Reasons Why a CFO should be Outsourced

Top 10 Reasons Why a CFO should be Outsourced

In the era of outsourcing, specialization is the mantra of the day. In recent times, newer services have emerged which make sure that non-routine critical activities, when outsourced to the right kind of outsourcing partner, can be done very effectively at a fraction of In-house cost.

Take the case of a medium enterprise running under partnership as a legal form of business. He calls his new accountant and hands him over a locker key and asks him to get the partnership deed from the locker. The accountant comes back to report that the deed is missing. Then the wild goose chase begins. Come in a professional document storage company, will store, and retrieve the important documents at less than half of Peon’s salary. The deed is then found from the old suitcase of a senior partner, which he took along with him to the bank to open an additional bank account.

Having an external expert as a CFO by your side, helps your company to:

1. Effectively assign tasks to which are critical to the finance function of the company like fund raising, financial reporting, MIS to name a few.

2. It saves cost of corner cabin and the related incidental investments required to get a full-time CFO.

3. Helps in optimizing working capital investment by parking surplus funds and planning to raise money in times of shortfall.

4. Brings in fresh ideas and perspective each time as the expert is exposed to various situations in his capacity at different places

5. Makes sure that all the compliances are adhered to in a time bound manner and there are no defaults on the regulatory side.

6. Keeps the company up to date with changes in standards, taxes, laws etc. in a timely manner to make sure that the functioning of the company remains intact.

7. Gives a sounding board to management, where the key stakeholders can consult before taking critical decisions like merger, takeover, expansion, diversification, etc.

8. Gives a reporting structure to finance & accounts team where they become answerable to an expert and their work quality improves over time.

9. Helps in upskilling internal people as the expert would empower them to carry out critical tasks in the longer run.

10. Keeps in check the finances of the company via liasoning with the bankers, auditors, and other stakeholders to keep the company in their good books.

ProbizAdvisor is the solution to the financial challenges faced by most companies in India & abroad. Their expertise and unique way of operationalizing finances puts most companies they consult on a financial fast track. Their experience has helped many companies to recover from toughest financial and regulatory challenges.

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