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Home » Articles » Finance & Accounting » Building a finance organization for a better tomorrow

Building a finance organization for a better tomorrow

In a rapidly integrating world, there is an emerging need to have finance function work in tune with the developing business processes. It can further contribute in the building of an enterprise based on better profit generation, clear cut planning modules and visionary approach towards manage risks in the future.

In the words of a CFO of a major north American bank, The key is integration across the business and enterprise, finding that right balance between enterprise support and business agility. Neither Corporate Finance nor the Business can dominate it needs to be collaborative.

Research says that an enterprise with a working finance organization will have the added feature of higher revenue growth rates, greater effectiveness in handling finance functions and highly effective in risk management.

Global CFO study, 2008 conducted by IBM has also revealed through their survey that IFOs has revenue growth rates nearly double than those of non-IFOs.

The IBM study further reveals that the CFO can attain enterprise standardization through establishing global standards through process ownership and simplifying the enabling systems and organizational structures.

Steps to create a finance organization with maximizing offshore capabilities:

  • Identify objectives of the finance organization
  • Identify key result areas to achieve objectives
  • Identify or define process, workflow and information system to enable achievement of KRAs and calculate cost-benefit
    • Define process and process linked competence profiles for off shoring
    • Automation for higher efficiency wherever possible
    • Create dashboard for performance measurement

The following graphical illustration showcases the three stages of how a finance organization can develop encompassing its various functions.

activities_rew

In respect to the emerging trends of finance organization, we at TA offer a wide range of finance management services to help you build a better base for your enterprise to grow. We cover transactional activities, decision support activities and parts of ‘expert‘ function activities focusing on the function of planning analysis.

Services that we offer include:

  • Accounts Receivable
  • Accounts Payable
  • Accounting & Bookkeeping
  • Tax Planning & Processing
  • Virtual Executive Assistant
  • Payroll Processing
  • Compliance and Regulatory Services
  • Data Analysis and Progressive Reporting
  • SOX/PCAOB Compliance & Governance Services