An uncertain climate and withering budgets are pointing many organisations in the direction of outsourcing as the ultimate staffing solution.
It can offer a lower-cost, more-efficient, hands-off approach to managing your transactional financial services but do we really trust it?
There are savings to be made as an outsourced transactional finance team could remove the responsibility of hiring an employee and replace it with a finished product or service but while your outsourcing partner would handle the managerial and lifestyle responsibilities that come with employing staff, there are negatives which are keeping my network on the fence.
The outsourcing of your transactional finance team could mean you have to battle with a potential lack of quality in work, shortfall in financial talent, lack of autonomy over the person or the process and a lack of cohesion with the rest of your internal business.
My advice would of course depend on the type of company you work for, which services you are looking to outsource and your motivations in doing so; but, for me, the captive model of outsourcing is an almost meet-in-the-middle alternative between fully outsourcing your team and internally hiring them which would compliment an internal senior hire.
A captive model for transactional services would grant you autonomy over the quality of the individual tasked with the role and complete standardisation of processes offering cohesion across the business. There are several trusted vendors too including the Big Four which offer trusted professionals that are subject-matters and experts in handling your accounts, ensuring you have highly-skilled professionals handling your finance that can be trusted as a third-party accessing sensitive financial data in the wake of GDPR regulations.
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