Wat is ’n noulettenheidsondersoek en wat is die doel daarvan?
July 31, 2018
Audit efficiency
July 31, 2018

The modern accounting function

With the fast-changing modern economic landscape, financial planning and management are becoming an ever more important aspect of the modern business. It is therefore important to choose your financial partners prudently, and to carefully define the required outcomes.

In this regard, outsourced financial functions are becoming more popular, especially for start-ups who are not yet an operating at capacity where employment of a full-time finance professional is justified. Depending on a company’s specific requirements, here are some ways in which an outsourced financial function can be structured:

  1. The Outsourced Financial Controller (“OFC”) function: The OFC function can be seen as the foundation for the company’s financial recordkeeping, including processing of transactions up to trial balance and ensuring diligence to monthly processes to the specific business needs. By employing existing tools, such as Xero and Receipt Bank, in an innovative matter, these software applications can assist in unlocking previously hidden potential and recordkeeping in real-time, as well as a diverse and creative approach to solving practical day-to-day accounting challenges.
  1. The Outsourced Financial Manager (“OFM”) function: In addition to the OFC function and in order to further interpret, the OFM function aids business decisions with a tailored management report, specific to each company’s requirements.
  1. The Outsourced Financial Director (“OFD”) function: Perhaps the most important aspect of the financial function should be measured in terms of how it is utilised to support a company’s strategic processes and direction. This is where OFC and OFM functions can be combined to collectively inform and drive strategic direction, through skilled and experienced analysis and interpretation of historic financial information, in order to influence future-based decision-making processes.

By outsourcing some of the financial functions and expertise not being fully utilised internally, companies can stay competitive in today’s fast paced environment.