Why outsource your finance function?

1. Keep pace with changing regulations

The business landscape is increasingly complex and keeping pace with compliance across numerous countries and jurisdictions is not easy.

In our recent survey “Unlocking trust: why global compliance is on the business agenda” over half of respondents said that they expect compliance to get harder over the next five years. At the same time, there is recognition that the consequences for getting it wrong can be significant. Seventy-seven percent of those surveyed also claim their business has faced some form of accounting or tax compliance-related challenges over the last five years – often including reputational damage or disciplinary action or fines.

Outsourcing can give you access to a team with all the local knowledge and experience needed to help you manage this risk.

2. Access to the right skills and expertise

Much has been said about the “great resignation” as one of the long-term impacts of Covid-19. While organisations face ever-increasing struggles for talent and to recruit and retain top employees, it can be tough to recruit the right person, in the right place, at the right time. In fact, two in five business leaders surveyed say lack of knowledge is a main obstacle to meeting requirements and they need to develop the knowledge and skills of their compliance teams.

Outsourcing can provide talent on tap, bringing access to specialised experience and expertise, which can help to fill gaps and mitigate risk.

3. Increase agility

With the pace of change faster than ever, businesses must continually change and adapt. Failure to do so can result in inefficiencies and incremental costs, as well as increasing the risk of not meeting compliance requirements.

In our recent survey, one in four respondents said that the outsourcing of accounting and tax compliance work in the coming five years would be one of the factors that would have the biggest impact on the organisations ability to meet compliance requirements.

Outsourcing can help build resilience, providing the ability to adapt quickly to unexpected circumstances or changes in demand. In particular, it allows management to continually review and alter team structure, without having to restructure or recruit.

4. Improved performance through technology

There is no doubt that technology can be used to make compliance more effective. Every country has its own accounting and tax requirements and it can be difficult for multi-national companies to manage these. Real-time reporting obligations are increasing and while technology is often used to manage the growing volume of data, this is not without risk.

Business leaders recognise that technology is a key enabler of compliance performance, and this was identified as the most important area for future investment, according to our recent survey. However, investment can be costly and implementation can take time.

Outsourcing can provide instant access to the latest technology and the people with the skills to use the technology and interpret the data.

If you are thinking of outsourcing part or all of your finance function, we can help. Our outsourcing team brings local knowledge, expertise and support, every step of the way. 

Contact us