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6 Things to know before choosing Finance and Accounting Partner

Finance and Accounting is the very important part in an organization to be handled, well to make it error-free people outsource finance and accounting partner so what are the things that you must know before choosing finance and accounting partner! Let's understand.

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6 Things to know before choosing Finance and Accounting Partner

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  1. 6 Things to Keep in Mind Choosing Finance & Accounting Partner

  2. Gone are the days when the Finance function used to be a department of ledgers and a CFO’s responsibility was to just prepare and present financial statements.  The ever-changing business environment warrants that a CFO keeps his/her focus on transforming the finance function into a strategic one. You can choose to go about it in two ways: Traditional, where you try to do everything in-house such as technology development, process re-engineering, consolidation, etc., in short re-inventing the wheel. The second way to go about it is to outsource it to the people who are doing this for living and are experts in transformational initiatives.

  3. selecting an apt business partner is as critical as the outsourcing decision in itself and you must look for: A Stable Management Team: A stable senior leadership is an assurance to a successful outsourcing partnership. Alignment of Vision & Mission of an organization with its services is possible through committed mentors’ thought leadership only.

  4. Experienced Core Team:People with relevant exposure or experience are an important ingredient to the success of any outsourcing initiative. In addition, Use cases are helpful to assess the capability of a potential partner and help you in making your decision more informed.

  5. Future Ready Solutions:It is imperative to think ahead of the curve to keep being relevant in the times to come. Next-generation technologies such as RPA, AI, ML make your process future-ready and your organization future proof.

  6. Data Security:In the current times of rampant cyber-crimes & related incidents, it is of the highest importance that your data and other information is in safe hands. One way to make sure is to also shortlist partners basis the information security standards that they have implemented & are certified of. Another way is to have a personal chat session with the CTO or CIO.

  7. Cost-Effectiveness:Having a business case is one of the most critical pre-requisite of any outsourcing decision, and a potential partner with the technological prowess should have it ready for you.

  8. Testimonials:Secure feedbacks from their existing customers. This will not only build up your confidence but will also demonstrate the capabilities of your potential partner.

  9. Thank You! Mynd integrates domain expertise, global delivery network and technology solutions to assist clients in identifying, transitioning, transforming, executing and continuously adding value to their finance and accounts processes; without compromising on quality and compliance. We believe in delivering the right information at the right time! The services offered aim to meet client's business objectives as well as cost-optimization goals. www.myndsolution.com

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