6 steps to find the best f&a outsourcing partner
TRANSCRIPT
Are you ready to engage in Finance & Accounting Outsourcing?
Finance & Accounting INFINIT @InfinitFA
If you are really decided and ready to move forward with F&A:
Finance & Accounting INFINIT @InfinitFA
Here are the six steps to find the best outsourcing partner.
Finance & Accounting INFINIT @InfinitFA
Step 1: Create the Project Team
Finance & Accounting INFINIT @InfinitFA
A project manager to lead the selection team at least one expert from the F&A department
An individual with negotiation experience (i.e. sales, business development)
Finance & Accounting INFINIT @InfinitFA
Step 1: Create the Project Team
A legal expert who will manage the creation of the contract
Finance & Accounting INFINIT @InfinitFA
Step 1: Create the Project Team
Evaluate the outsourcing market place and develop a realistic RFP and proposals.
Finance & Accounting INFINIT @InfinitFA
Step 2: Link Buyer’s Needs to Provider Marketplace
Consider whether it makes sense to hire an outsourcing advisor/consultant.
Finance & Accounting INFINIT @InfinitFA
Step 3: Consider Outside Help
Explain why the company wants to outsource the process(es).
Finance & Accounting INFINIT @InfinitFA
Step 4: Develop the Request for Proposal (RFP)
Clearly identify what services the provider is being asked to
deliver throughout the relationship.
Finance & Accounting INFINIT @InfinitFA
Step 4: Develop the Request for Proposal (RFP)
What qualifications are important to the outsourcing purchaser?
Finance & Accounting INFINIT @InfinitFA
Step 4: Develop the Request for Proposal (RFP)
The outsourcing buyer should communicate its service-level expectations and
how it plans to monitor performance.
Finance & Accounting INFINIT @InfinitFA
Step 4: Develop the Request for Proposal (RFP)
Whether the company prefers a pricing model.
Finance & Accounting INFINIT @InfinitFA
Step 4: Develop the Request for Proposal (RFP)
Ground rules or guidelines can help establish a consistent and bias-free
ensuing proposal evaluations.
Finance & Accounting INFINIT @InfinitFA
Step 5: Establish an RFP Evaluation Process
Here are some recommendations from CIMA:
Finance & Accounting INFINIT @InfinitFA
Step 5: Establish an RFP Evaluation Process
Which member or members of the evaluation team will serve as the
contact point for prospective vendors?
Finance & Accounting INFINIT @InfinitFA
Step 5: Establish an RFP Evaluation Process
How will information be exchanged with prospective providers
(e.g., via e-mail, instant message, telephone, fax or hard-copy documents)?
Finance & Accounting INFINIT @InfinitFA
Step 5: Establish an RFP Evaluation Process
What schedule will be adhered to (i.e., what are the specific dates when the RFPs will go out, when are proposals due,
when will any subsequent in-person presentations be conducted, and when will a final selection occur)?
Finance & Accounting INFINIT @InfinitFA
Step 5: Establish an RFP Evaluation Process
How many (and which) prospective FAO providers will receive the RFPs?
Finance & Accounting INFINIT @InfinitFA
Step 5: Establish an RFP Evaluation Process
What are the consequences for prospective vendors who seek an advantage by not
following the communications ground rules?
Finance & Accounting INFINIT @InfinitFA
Step 5: Establish an RFP Evaluation Process
Finally, additional due diligence to confirm or raise questions about the validity of claims and Information contained
in submitted proposals.
Finance & Accounting INFINIT @InfinitFA
Step 6: Conduct Due Diligence
Finance & Accounting
INFINIT
Need F&A Outsourcing? Contact Infinit Accounting!