Over 70% of respondents in a recent PA survey are either implementing or already using shared services for their finance function.
Using finance shared services enables:
- consolidation of finance function resources regionally or globally
- introduction of self-service
- improved management information and reporting
- reduced costs
- a greater capacity for value-add tasks
- improved compliance and control.
Many organisations use their shared services for transactional activities such as accounts payable, accounts receivable and cash management, but now many are opting to include more strategic processes such as financial reporting, management accounting activities and executive management information.
Over 94% of survey respondents expect to expand their shared services operations in the future, either by increasing the scope of services offered, or by outsourcing.
PA case study
Delivering cashable savings of over 20% with a payback of less than two years
Our client, one of Europe’s largest integrated transport authorities, set up its Financial Services Centre (FSC) in August 2004. Following the success of the FSC, they decided in 2006 to expand the scope of services offered by the centre to include more than just transactional processing.
Working with PA, the operating model of the FSC was successfully extended beyond the transactional tasks to one that also delivers technical financial accounting and reporting services.
The expansion of the FSC delivered cashable savings in excess of 20% with a payback of less than two years. The project was completed ahead of schedule.
To request more information please email us at: sharedservices@paconsulting.com.
