6 Steps to Find the Best F&A Outsourcing Partner

Finance & Accounting

INFINIT

6 Steps to Find the Best F&A Outsourcing Partner

Are you ready to engage in Finance & Accounting Outsourcing?

Finance & Accounting INFINIT @InfinitFA

Evaluate your company’s F&A current status first.


If you are really decided and ready to move forward with F&A:


Here are the six steps to find the best outsourcing partner.


Step 1: Create the Project Team


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)



A legal expert who will manage the creation of the contract



Evaluate the outsourcing market place and develop a realistic RFP and proposals.


Step 2: Link Buyer’s Needs to Provider Marketplace

Consider whether it makes sense to hire an outsourcing advisor/consultant.


Step 3: Consider Outside Help

Explain why the company wants to outsource the process(es).


Step 4: Develop the Request for Proposal (RFP)

Clearly identify what services the provider is being asked to

deliver throughout the relationship.



What qualifications are important to the outsourcing purchaser?



The outsourcing buyer should communicate its service-level expectations and

how it plans to monitor performance.



Whether the company prefers a pricing model.



Ground rules or guidelines can help establish a consistent and bias-free

ensuing proposal evaluations.


Step 5: Establish an RFP Evaluation Process

Here are some recommendations from CIMA:



Which member or members of the evaluation team will serve as the

contact point for prospective vendors?



How will information be exchanged with prospective providers

(e.g., via e-mail, instant message, telephone, fax or hard-copy documents)?



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)?



How many (and which) prospective FAO providers will receive the RFPs?



What are the consequences for prospective vendors who seek an advantage by not

following the communications ground rules?



Finally, additional due diligence to confirm or raise questions about the validity of claims and Information contained

in submitted proposals.


Step 6: Conduct Due Diligence

Finance & Accounting

INFINIT

Need F&A Outsourcing? Contact Infinit Accounting!

http://www.infinitaccounting.com/

6 Steps to Find the Best F&A Outsourcing Partner

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