Outsourcing, Shared Services, Finance, Executive
Outsourcing, shared services could give finance chiefs the time they crave
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The bulk of financial professionals feel unable to focus on improving their company’s performance because of less important diversions, according to new research from technology and outsourcing specialist Xansa.
43 per cent said that they would devote more time to improving corporate performance if they were given an extra two hours a day, according to the poll of 60 financial managers. Meanwhile about a third or 32 per cent said that they spent far too much time fire fighting.
Other major sources of frustration which prevented them from achieving their goals were chasing management information and tedious transactional work, reflecting the growing administrative burden of finance and accounting that is facing executives.
“It’s quite clear from these figures that financial managers are being prevented from doing the work that they are employed to do because of the growing administrative burden of finance and accounting responsibilities,” said Robert Brant, director F&A shared services at Xansa. “Administration is never going to become manageable unless decisions are taken to free up executives’ time to focus on strategic work. Common drivers for outsourcing the F&A function are reducing costs, business growth and a need for rapid change. However, more organizations are starting to consider outsourcing as a way to improve the performance and provide competitive advantage.”
"Finance managers should be able to do what they are good at – improving the company’s bottom line. To load them with a huge administrative burden is like attaching a caravan to a Ferrari.”
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