{"id":242769,"date":"2022-11-12T06:48:53","date_gmt":"2022-11-12T04:48:53","guid":{"rendered":"https:\/\/mypr.co.za\/?p=124453"},"modified":"2022-11-12T06:48:53","modified_gmt":"2022-11-12T04:48:53","slug":"how-cfos-leverage-outsourcing-in-periods-of-high-growth","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/how-cfos-leverage-outsourcing-in-periods-of-high-growth\/","title":{"rendered":"How CFOs leverage outsourcing in periods of high growth"},"content":{"rendered":"<aside class=\"scaip scaip-1 \">\n<aside id=\"republication_tracker_tool-2\" class=\"republication_tracker_tool clearfix\">\n<h5 class=\"adtitle\">Republish for Free<\/h5>\n<div class=\"license\">\n<p><button name=\"Republish This Story\" id=\"cc-btn\" class=\"republication-tracker-tool-button\">Republish This Story<\/button><\/p>\n<p><a class=\"license\" rel=\"noreferrer license noopener\" target=\"_blank\" href=\"http:\/\/creativecommons.org\/licenses\/by-nd\/4.0\/\"><img decoding=\"async\" alt=\"Creative Commons License\" class=\"lazyload\" src=\"http:\/\/www.myza.co.za\/press\/wp-content\/uploads\/2022\/11\/how-cfos-leverage-outsourcing-in-periods-of-high-growth.png\"><\/a><\/p>\n<p><img decoding=\"async\" alt=\"Creative Commons License\" src=\"http:\/\/www.myza.co.za\/press\/wp-content\/uploads\/2022\/11\/how-cfos-leverage-outsourcing-in-periods-of-high-growth.png\"><\/div>\n<div class=\"message\">\n<p>Republish our articles for free, online or in print, under a Creative Commons license.<\/p>\n<\/div>\n<\/aside>\n<\/aside>\n<p><strong>\u201cDo what you do best and outsource the rest!\u201d \u2013 Legendary business consultant Peter Drucker<\/strong><\/p>\n<p>The growth and expansion phase is an exciting time for any company. However, business leaders often underestimate the intense pressure that goes hand in hand with rapid business growth. As CFO at the head of finance, you are responsible for the delivery of the financial function priorities of the company. Your tasks are the most complex, and your demand the highest. It\u2019s also likely that key operations matters often require your input, making your time a highly scarce resource. Ever felt overstretched<\/p>\n<p>Having to oversee everyday administrative work draws your attention away from vital higher-order financial functions such as the direction of the company\u2019s financial strategy and forecasting and projections \u2013 the cornerstone for sustainable growth.<\/p>\n<p>High-growth environments, although great, can start to have adverse effects on a finance team. As growth increases, so does the workload, variability of tasks, and complexity of challenges. What does not increase is time, and working longer, more difficult hours \u2013 without the right support \u2013 will lead to mistakes and burnout.<\/p>\n<p>Does outsourcing make sense for my company?<\/p>\n<p>If some of the below situations seem all too familiar, you are most likely experiencing the symptoms of continued high growth over an extended period. It may be time to consider accessing expert help:<\/p>\n<ul>\n<li>Inability to hire quickly enough<\/li>\n<li>Difficulty in finding the right talent, with the right skill set<\/li>\n<li>Employee churn as a result of burnout<\/li>\n<li>Industry-specific challenges requiring specialized knowledge<\/li>\n<li>Dated or lack of the correct system and integration<\/li>\n<li>Poor information flow through the organization<\/li>\n<\/ul>\n<p><strong>How can outsourcing work for me?<\/strong><\/p>\n<p>You may be thinking \u201cis this really an option?\u201d We\u2019ve integrated with companies from over 25 countries, leaning on the cross-pollination of data and our shared knowledge base to support CFOs and finance teams in hitting targets and crushing goals. Think of Outsourced CFO as your \u201cfinance wingman.\u201d With on-demand expertise spanning the entire finance function, you are able to ramp up and down the service when you need it most.<\/p>\n<p>We\u2019ll walk you through some of the common hurdles (among others) faced by the CFOs, then show you how the Outsourced CFO team can ease the burden, support your team, and boost capacity and expertise.<\/p>\n<p>This will allow you time and space to focus on your core skill sets and what is most important.<\/p>\n<ol>\n<li><strong> Month-end close support<\/strong><\/li>\n<\/ol>\n<p>Month-ends can be chaotic and challenging as a lot of procedures need to be executed in a short amount of time. The board wants to see the numbers. Our seasoned accountants help alleviate the pressure on internal accounting teams around monthly and quarterly reporting, bolstering your team\u2019s execution ability to get over the finish line. Here are some of the ways we can assist: \u2013 Processing of large volumes of transactions<\/p>\n<p>\u2013 Bank reconciliations and tie-ups<\/p>\n<p>\u2013 Supplier reconciliations<\/p>\n<p>\u2013 Balancing Inter-group transactions<\/p>\n<p>\u2013 Management account preparation<\/p>\n<p>\u2013 Implementation of standard operating procedures<\/p>\n<ol start=\"2\">\n<li><strong> Audit services<\/strong><\/li>\n<\/ol>\n<p>Getting through an external audit is a big project. It requires a large amount of finance team bandwidth to help prepare for, work on, and finalize with your auditors. Many businesses find themselves in the catch 22 of having to conclude last year\u2019s audit without allowing the focus to slip on this year\u2019s accounting and reporting priorities. This often leaves finance teams feeling overwhelmed.<\/p>\n<p>Plug in our accounting and audit experts to help with the heavy lifting involved with the audit process, preparation of audit packs, answering the multitudes of audit queries alongside all the other tasks required to finalize and complete the audit.<\/p>\n<ol start=\"3\">\n<li><strong> Financial planning and analysis support<\/strong><\/li>\n<\/ol>\n<p>Budgeting, forecasting, financial analysis, performance reporting\u2026 big responsibilities and a lot of pressure. Your FP&amp;A team has a lot on their plate and their ability to keep up with the game and produce quality insight to executives has a major impact on organisational performance, especially in a high-growth environment.<\/p>\n<p>It\u2019s essential to stay on top of these critical functions to realise the company vision long term. Having access to flexible finance professionals who can help execute on key deliverables can make all the difference. Reinforcing your team with the right kind of expertise will enable them to reward you with razor-sharp insights provided at the right<\/p>\n<ol start=\"4\">\n<li><strong> Internal controls support services<\/strong><\/li>\n<\/ol>\n<p>In order to scale up sustainability, it is important to continuously improve and upgrade the internal control environment of an organisation. As the company increases in size and new product\/service lines, jurisdictions and bank accounts come into play. These variables influence the business model, requiring updates and sometimes design of existing and new internal controls.<\/p>\n<p>Why not outsource the analysis, design, and implementation of internal controls to professionals who love procedures? Creating a strong internal control environment makes audits less painful and operations more effective. It also lowers business risk, which in turn increases valuation.<\/p>\n<ol start=\"5\">\n<li><strong> Compilation and consolidation of financial statements<\/strong><\/li>\n<\/ol>\n<p>Your internal finance team works hard to get each and every transaction of the year summarised to trial balance level. Compiling financial statements on global financial reporting standards is, however, a fairly particular task. This is where outsourcing can come in handy, by allowing experienced professionals to draft and consolidate on behalf of the senior finance team.<\/p>\n<p>Our team also specialises in compiling sets of financials at full IFRS or IFRS for SMEs level that will pass the standards of any top 10 audit firm. Further support on adjustments, audit queries and finalisation of financial statements allows your team to stay focused on the current financial year\u2019s mission, without being tied down by the previous year\u2019s reporting requirements.<\/p>\n<ol start=\"6\">\n<li><strong> System transition and project support<\/strong><\/li>\n<\/ol>\n<p>With the rapidly changing world we are living in, new accounting and operational systems are required to stay ahead of the competition and create efficiencies which free up human capital. Making the transition from an old to new system often requires specialised knowledge along with significant input and time from key personnel.<\/p>\n<p>Navigating this transition can prove to be a massive task. What systems and software are best for the business? How will they be integrated? Will we experience downtime? How long will the implementation take? These are all important questions that will directly affect the organization. Dedicated finance and systems proficiencies will be required, but internal resources are often limited and with the operational needs of an organisation and specific skill sets may be needed.<\/p>\n<p>Just like the implementation of new systems, various other projects can also land on the finance team\u2019s desk. Whether it\u2019s the digestion of an acquisition, launching a new jurisdiction, or the process of preparing to raise capital, having access to a team of finance and accounting professionals that can help execute on important projects is invaluable. Internal finance team capacity and expertise is now no longer a constraint to the company\u2019s growth and success.<\/p>\n<p><strong>Why Outsourced CFO?<\/strong><\/p>\n<p>We meet CFOs and the businesses where they are at in their journey and provide access to on-demand Accounting, Integration and CFO talent. Our team of highly qualified professionals have reinforced finance teams in over 25 countries.<\/p>\n<p>We understand that business is about people. When you partner with Outsourced CFO, a finance professional or team with the right mix of knowledge, skills and experience is personally matched with your company; working with you to create a world-class finance function for your growing organisation. Your success story is our success story. Bolster your finance team\u2019s execution capabilities with a team committed to growth and success. <a href=\"http:\/\/ocfo.com\/contact\/\">Get in touch with us today.<\/a><\/p>\n<figure id=\"attachment_124454\" aria-describedby=\"caption-attachment-124454\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/mypr.co.za\/?attachment_id=124454\"><img loading=\"lazy\" decoding=\"async\" alt width=\"1250\" height=\"703\" class=\"wp-image-124454 size-large lazyload\" src=\"http:\/\/www.myza.co.za\/press\/wp-content\/uploads\/2022\/11\/how-cfos-leverage-outsourcing-in-periods-of-high-growth.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-124454 size-large\" src=\"http:\/\/www.myza.co.za\/press\/wp-content\/uploads\/2022\/11\/how-cfos-leverage-outsourcing-in-periods-of-high-growth.jpg\" alt width=\"1250\" height=\"703\"><\/a><figcaption id=\"caption-attachment-124454\" class=\"wp-caption-text\">Photographer: Image Supplied<\/figcaption><\/figure>\n<p><strong>Video:<\/strong> How CFOs leverage outsourcing in periods of high growth<\/p>\n<p><strong>More Info on How CFOs leverage outsourcing in periods of high growth here:<\/strong> <a href=\"https:\/\/www.ocfo.com\/cfo-services\/\" target=\"_blank\" rel=\"nofollow noopener\">https:\/\/www.ocfo.com\/cfo-services\/<\/a><br \/><strong>Twitter<\/strong>:<br \/><strong>Facebook<\/strong>:<\/p>\n<p><a href=\"http:\/\/mypr.co.za\/save-with-myprs-monthly-flat-fee\/\">CLICK HERE to submit your press release to MyPR.co.za<\/a>.<\/p>\n<p> <span class=\"post-views-icon dashicons dashicons-chart-bar\"><\/span> <span class=\"post-views-label\">Press Release Views since 1 July 2022:<\/span> <span class=\"post-views-count\">110<\/span> <\/p>\n<div class=\"entry-pagination pagination\">Pages: <span class=\"post-page-numbers current\"><span class=\"screen-reader-text\">Page <\/span>1<\/span> <a href=\"https:\/\/mypr.co.za\/how-cfos-leverage-outsourcing-in-periods-of-high-growth\/2\/\" class=\"post-page-numbers\"><span class=\"screen-reader-text\">Page <\/span>2<\/a><\/div>\n<p><a href=\"https:\/\/mypr.co.za\">Source: MyPR.co.za<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Republish for Free Republish This Story Republish our articles for free, online or in print, under a Creative Commons license. \u201cDo what you do best and outsource the rest!\u201d \u2013 Legendary business consultant Peter Drucker The growth and expansion phase is an exciting time for any company. However, business leaders often underestimate the intense pressure [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":242770,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[4584,18,9021,1],"tags":[3257],"class_list":{"0":"post-242769","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-africa-news-2","8":"category-durban","9":"category-mypr","10":"category-south-africa","11":"tag-mypr","12":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/www.myza.co.za\/press\/wp-content\/uploads\/2022\/11\/how-cfos-leverage-outsourcing-in-periods-of-high-growth.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/242769","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=242769"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/242769\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media\/242770"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=242769"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=242769"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=242769"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}