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Have you posted a job requisite only to see that the vast majority of applicants don’t possess the advanced array of skills, knowledge and system expertise necessary to make an immediate impact? Or when you finally come across an individual who checks all of the boxes, you simply can’t compete with the compensation expectations?
lf so, you are not alone, as 77% of CFOs say that hiring and retaining finance talent is a critical challenge and business driver, based on a recent PWC Survey. To combat this challenge, more companies are turning to co-sourcing within their finance function as a means to get the most value from a fractional resource.
Co-sourcing is a collaborative model that blends the strengths of your internal team with the expertise and resources of an external partner. Unlike traditional outsourcing, where entire functions are handed over to a third party, co-sourcing involves a seamless integration of external capabilities with your existing operations.
Co-sourcing from fractional finance managed service firms allows your company to maintain control while benefiting from specialized knowledge and finance tools that you might otherwise not be able to attract, retain or afford. Unlike consultants or other fractional service firms, we integrate with your team as an ongoing partner and resource with vested interests in helping your business scale and reach its objectives.
One of the primary advantages of co-sourcing is the access to a pool of specialized finance, accounting and business intelligence skills. At FutureView, we have a team of senior FP&A professionals as well as business intelligence and big data developers with nuanced experience working for a variety of industries and software tools. While you might have an internal handle on your accounting and close process, you may struggle to generate timely reports, insights and analysis for stakeholders.
Our proven expertise allows your internal team to benefit from specialized knowledge without the need to hire full-time additional staff. By leveraging our expertise, you can ensure that your financial operations are handled by professionals who are well-versed in process optimizations, best practices and are always utilized. On average, our clients cite our resources as equivalent to a full-time senior FP&A professional, with over a decade of industry experience at a fraction of the cost.
In today’s digital age, staying abreast of technological advancements is crucial for maintaining a competitive edge. Co-sourcing allows you to tap into our state-of-the-art financial technologies and tools, which can not only be costly to implement, but even more of a challenge to manage and customize. We specialize in implementing and managing integrated, multidimensional FP&A and Corporate Performance Management (CPM) Software, connecting your operational and financial data into a single source of truth for informed reporting, analysis and planning.
No matter the industry, organizational size or location, business needs are constantly evolving, and the ability to adapt quickly is essential. Co-sourcing offers unparalleled scalability and flexibility, allowing you to scale services up or down based on your requirements.
Whether you need additional support during peak periods or specialized assistance for specific projects, we can adjust our involvement accordingly. This adaptability ensures that you have the optimal level of dedicated support to see experience value.
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Given the vast knowledge from proven industry experts on our team, we are able to provide flexible engagement models that can be tailored to suit your specific needs. You can choose the level of support that best aligns with your business objectives, from supplementing your team entirely to sharing responsibilities for complex projects like your annual budget process. This tailored approach ensures that you receive the optimal level of service, enhancing your operational efficiency and effectiveness.
One of the most compelling benefits of co-sourcing is the potential for significant cost savings. By co-sourcing, you can avoid the substantial costs associated with recruiting, training, and retaining a large in-house team. You only pay for the level of service you need, giving you predictable and manageable expense insights. This cost-efficient model allows you to allocate resources more strategically, investing in areas that drive growth and innovation.
Our streamlined processes and experienced professionals can help identify opportunities and efficiencies within your finance and accounting operations. By leveraging our expertise, you can optimize your workflows, reduce redundancies, and enhance overall productivity. This operational efficiency translates into tangible financial benefits, contributing to your bottom line.
You also gain tremendous continuity amongst your team and ours to mitigate risk and potential internal disruptions. Partnering with FutureView allows you to realize continuity and backup in case of unforeseen events affecting your internal team. This ensures that your financial operations remain stable and resilient, even in the face of challenges.
Co-sourcing non-core financial activities allows your internal team to focus on strategic initiatives that drive growth and innovation. By freeing up resources from routine tasks, your team can dedicate more time and effort to activities that directly contribute to your business objectives. This alignment ensures that your resources are utilized effectively, enhancing your competitive advantage.
Co-sourcing offers a balanced approach that leverages the strengths of both your internal team and our external expertise. This partnership not only enhances your financial operations but also provides flexibility, cost savings, and risk mitigation. By co-sourcing with FutureView, you gain a reliable partner dedicated to supporting your financial goals and helping your company thrive in a competitive marketplace.
Embracing co-sourcing can transform your financial operations, providing you with the expertise, efficiency, and flexibility needed to facilitate informed decision making and optimal strategic outcomes. If you are ready to explore how co-sourcing can specifically benefit your organization, we can help.
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