- July 17, 2018
- Posted by: Midridge International
- Category: Blog, Finance Function
Should I in-source or outsource my finance function
A common question I’m asked is whether to outsource or directly employ a finance team. My response is always this — is finance a core competency of your business? If no, outsource it. When looking to engage with service providers to manage your finance function, ask yourself these questions:
1. Do they have experience dealing my business model and industry? It’s critically important that your advisors have an understanding of your business model and industry. This ensures you’re leveraging their industry experience and knowledge relevant to your business.
2. Do they have the capability to grow with me? If you’re a high-growth business, ensure your providers can grow with you and can scale up with your organisation. This means you will not have to continually replace and retrain people as you grow.
3. Do you trust them!? Working with a great finance partner is like a marriage. They will be backing you and won’t be afraid to have hard conversations. Rapport is therefore important. Ask yourself, do I like this team and can I work with them? Working with a good finance manager can add a lot of value to helping you achieve your business goals. Want a second opinion on how to design your finance team? Send us a message.
Should I in-source or outsource my finance function? Now you know my answer.
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