It’s often taken for granted that digitisation leads to streamlined efficiency and clarity of insight. But it doesn’t always work like that. Digitisation has also allowed large organisations to evolve to previously unmanageable levels of operational complexity. That creates significant challenges for certain functions, including financial management and control especially if financial systems haven’t kept pace with the digital evolution.
The mood music from Chief Financial Officers (CFOs) is that they are very much feeling the strain in this regard. A recent survey from accounting software developer AccountsIQ found that 76% of CFOs feel they lack full control over financial processes. Moreover, a staggering 90% admit to making decisions without complete access to necessary data, revealing the scale of the disconnect between digitised operations and financial control.
These statistics highlight significant gaps in many organisations’ financial infrastructures. But the task of plugging them isn’t straightforward. Managing in-house financial departments is already resource-intensive and CFOs are clearly feeling the burden.
But rather than looking at more investment in personnel, training, and technology, not to mention going through a significant change management process, there is another way. Under pressure CFOs could look instead at outsourcing key aspects of financial control both to give themselves more breathing room and improve outcomes.
Enhancing Financial Oversight
Outsourcing financial control to financial management specialists like Xeinadin is a shortcut to accessing the expertise that can make all the difference in transforming your processes. Our expertise reaches far beyond the mechanics of professional bookkeeping and accounting. We also specialise in areas like financial governance, risk management, and data analysis which are critical to helping organisations improve financial oversight and decision-making.
Our capabilities include using the latest cutting-edge technologies to process and analyse large volumes of financial data efficiently. These technologies transform the fragmented data generated across complex digital architectures into clear, actionable insights. With the right data, CFOs are better equipped to make informed, strategic decisions that drive business growth.
Efficiency, Scalability and Flexibility
Other benefits of financial control outsourcing include cost efficiency. Outsourcing provides access to the professional expertise and advanced tools described above without the overhead costs of hiring or training people internally or buying in tech. This means companies pay only for the services they need when they need them. Additionally, outsourcing frees internal teams to focus on core business activities, enhancing overall productivity and efficiency.
On top of that, outsourcing allows for a great deal of flexibility and scalability. Business needs fluctuate due to market dynamics, seasonal variations, or growth phases. Outsourcing financial control functions offers the flexibility to scale services up or down based on current requirements. This adaptability ensures that financial management support aligns with the organisation’s size and strategic objectives.
Final Thoughts
The complexities of modern financial management necessitate a strategic approach to maintain control and make informed decisions. Outsourcing financial control functions gives organisations guaranteed access to specialist expertise, the latest financial technologies, cost efficiencies, and enhanced flexibility.
By partnering with a professional financial service provider like Xeinadin, CFOs can take back some of the control many clearly feel they lack, gaining better oversight of their organisations and enhancing their decision-making capabilities by making full use of data. Embracing outsourcing not only addresses current deficiencies but also positions organisations for sustainable financial health and growth.
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