FP&A outsourcing is coming back into the discussions due to the scalability, agility and cost-effectiveness. Companies are expecting more than transactions processing from their F&A outsourcing service providers.
FP&A generally includes many diversified processes. While these systems can be managed separately, their ownership requires a common skill set. This includes an understanding of accounting, finance theory, data sources and definitions, modelling, creative problem solving and the economics of the business. The processes typically owned by FP&A include:
• Budgeting & forecasting
• Strategic planning
• Management reporting
• Financial analysis
· Capital planning
• Business/Financial modelling
Companies struggle to hire, train and retain FP&A professionals. A growing number of companies are opting to outsource the financial planning and analysis (FP&A) function, with the aim of securing competitive advantage, saving costs and generating additional value.
Case for outsourcing:
1. On demand expertise at reasonable costs
2. No people overheads, turnover, training etc
3. Scalability and agility
1. Data privacy concerns
2. Hiccups in initial process setup and knowledge transfer
3. Perception apprehension with respect to the effectiveness of the outsourced function
In today’s business environment, FP&A vendors are moving from merely providing transactional services to being business partners. We have a dedicated FP&A team which works on small and medium sized clients for their ongoing as well as sporadic FP&A needs.
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