How Shared Services Are Helping CFOs Cut Costs and Boost Quality

Expertise Accelerated

Every CFO is under pressure to do more with less. Trimming the fat, streamlining operations...but what if the answer isn’t cutting more. But sharing smarter?  Discover how leading CFOs are using shared services to reduce costs and raise the bar on quality.   Watch now.

Transcript

00:00More and more companies are moving towards shared service.

00:03It used to be something that Fortune 100 companies used to do 20 years ago,

00:08but I'm seeing companies of all sizes move towards offshore transaction processing

00:13or a shared service center.

00:16And the companies who have not done it, they are behind the curve in terms of getting there

00:20because their peers or their counterparts have done it,

00:23and obviously they have a more cost-effective P&L in terms of the headcount.

00:28And, you know, the general image of going offshore and having to a shared service center

00:34is that your quality of work would decrease.

00:37Actually, it improves, especially if you go to a specialized shared service center

00:40like we have at Expertise Accelerated that is focused towards the consumer packaged goods industry

00:45and the manufacturing industry.

00:46So they're actually, because they are doing so many other companies

00:49and they have the trained people, so that actually the quality of work improves and increases.

00:53So in this setup, what happens is that the employees which are onshore

00:57are doing more value-added work.

00:59So I always encourage that there should be some boots on the ground,

01:03some people physically located in the office.

01:05So these people who are located, in combination with the offshore service center,

01:09they are doing critical value-added work.

01:11So it is a win-win.

01:12The cost for the CFO reduces, whereas the team that the CFO has on-site

01:17is now doing more value-added work.

01:19And with the EA, because we bring expertise and the ability to consult and solve problems

01:25to the table, I'm very often providing advice to the CFOs or the accounting teams in general

01:30to how to follow best practice, whether it is in terms of systems or accounting processes.

01:37So these people who are working onshore really develop their knowledge base very quickly

01:41in working with a shared service center like an EA, which specializes in a particular industry.

01:45And it is a win-win.

01:46They get to learn very specialized, high-end work, whereas the shared service center is

01:51managing everything else.

01:52And the learning curve of the employees onshore obviously exponentially increases

01:56in working with this type of shared service center.

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