Outsourcing financial functions
We provide Russian and foreign companies with financial management outsourcing services.
- Management accounting
- Financial control
- Financial planning
Possible service formats (remotely or at the client’s site):
- Outsourced financial advisor
- Outsourced financial controller
- Outsourced CFO
After reviewing client needs, we put together a specific set of services.
Outsourced financial services
Management accounting outsourcing
- Management accounting outsourcing
- Financial analytics outsourcing
- Introduction of a balanced KPI system
- Analysis of financial results
- Optimization of individual business processes and costs
Financial control outsourcing
- Organization of an internal financial control system
- Audit and optimization of financial control
Financial planning outsourcing
- Strategic and operational planning
- Business plans and feasibility studies for new projects
- Borrowing and finance leasing
- Forecasting and scenario analysis
- Financial modelling
Outsourcing financial functions
- Analysis of company needs and requirements for financial management
- Analysis of primary documentation and financial control system
- Preparation and introduction of changes
- Analysis of the effectiveness of changes
- Staff training (if necessary)
- Consolidation and formalization of new rules and regulations
Main reasons for outsourcing financial functions
There are two types of motivation for companies to outsource financial functions:
- Necessity stemming from temporary difficulties. Company management often thinks about outsourcing in extreme circumstances when their company promptly needs the temporary assistance of an experienced finance professional.
- Cost effectiveness. For many companies, especially small and medium enterprises, outsourcing financial functions is a profitable and reasonable alternative to hiring a full-time finance professional.
When is it necessary to outsource financial functions?
There are times when outsourcing some financial functions can help and even save a company. For example:
- Unexpected departure of CFO
- One or several key employees have resigned/fallen ill/left on maternity leave
- Temporary and non-core projects for which the company temporarily needs a financial analyst, financial planning and control
- Temporary projects, in particular, in atypical business area
- Access to new sources of capital required
- Switching to a new accounting software
- Switching from outsourcing to in-house accounting requires staff training
- Switching to IFRS
- The company is growing rapidly and has no time to build the necessary financial planning and control systems
- The company requires an evaluation of the performance of its processes
- The company needs an analysis of profit and cost centers after restructuring
When is the outsourcing of financial functions optimal?
Outsourcing financial functions is beneficial for many companies, especially small and medium enterprises. In this case, we typically fulfill financial functions on an ongoing basis either remotely or at the client’s office. The advantages of this type of outsourcing are as follows:
- Instead of paying a fixed salary to a full-time employee, companies pay only for the services actually provided, the scope of which can be changed at any time;
- The performance of all financial functions is 100% guaranteed. Your new outsourced financial officer can always be replaced by someone else from our large team of professionals. Sickness, vacation and maternity leave will no longer affect the financial management processes in your company;
- Optimization of labor costs. Companies can optimize their labor costs if they do not need a full-time in-house financial director/manager/controller and only need some financial functions to be performed;
- Optimization of recruitment costs. Recruiting staff usually takes a lot of time and is quite expensive for companies;
- Optimization of costs incurred for the payment of social insurance contributions, the purchase and maintenance of hardware and software as well as the maintenance of additional workplaces in the office;
- Reliability and economy of scale. We have been working with hundreds of Russian and international companies from all over the world for more than 25 years, and we have solutions that have already been repeatedly tested on real companies, so we can guarantee the best result.
If you would like a proposal for outsourcing your company’s financial functions, please do not hesitate to contact us at your convenience.