The way that modern businesses are building their Finance Departments is changing.
For years, the most common way for a business to do this was to put together a team of internal resources and appoint a CFO to lead them in managing the financial functions of the business.
More recently, with the rise of the global workforce, a second option has arisen, with some organisations turning to offshoring or hiring external agencies to save on recruitment costs.
Each have their pros and cons. However, there’s one other alternative.
There’s also an innovative ‘hybrid’ option to build a Finance team
This third option takes all the most beneficial parts of having an internal team and mixes them with all the benefits of hiring external resources to provide your business with the direct agility, response and flexibility that you need.
To learn more about this new “hybrid approach”, let’s explore the typical benefits and challenges associated with traditional and outsourcing models, before diving headfirst into all the possibilities that this third option can bring to your business.
The Direct Internal Hire finance team approach: recruiting in-house staff
For a long time, this has been the most common approach to building a finance team – or any team for that matter. Using this approach, you look to hire staff with the right skills and talents to help you execute all the elements of your business’ finance function.
Here, your internal finance team is positioned inside your organisation, working and cooperating with your other departments to help achieve your common business goals.
However, with low unemployment and soaring salary costs, businesses are now looking for alternative options in a bid to remain profitable and future-proof their company against the impending changes in the global business landscape.
Not to mention, many businesses are becoming tired of the additional workload and frustrations that come with this traditional model, such as recruitment, training, development, management, scalability issues and replacing key figures as they move on to new roles.
The External finance team approach: outsourcing your financial function
This option involves hiring an external finance agency, team or resource to take care of your business’ financial function for you. Rather than having to spend your time advertising roles, interviewing candidates and training successful applicants, you can simply hire the services of an external team that already has the skills to handle all the elements of your finances for you.
This is typically a low-cost way to build out your financial team and requires a lot less effort on your part as well, as your service provider oversees and manages all the most frustrating parts of the process.
All you need to do is train your new external team on your current business systems and operations.
While this option may be low-cost, it’s not always cost-effective, especially if it’s not the ideal fit for your organisation.
Unfortunately, however, hiring an external team essentially means that you do not directly manage the service, which can be a challenge when you’re trying to oversee the day-to-day operations. This can also make it difficult when it comes to fostering seamless cooperation with the rest of your workforce.
Blending the benefits of both without the drawbacks
So, if there are downsides to both an internal and an external workforce, what is the alternative?
How about a combination of both, where you get all the benefits, while the negatives cancel each other out? Absolutely!
The Hybrid approach: Dexterous’ Managed Finance Department
Businesses like yours want scalability, agility, fewer headaches and greater skillsets amongst their financial resources.
Dexterous’ new hybrid approach combines the global workforce with innovative technology and a mix of internal and external elements to help your business scale fast and achieve greater success with your financial department.
Some of the benefits of our hybrid approach include:
- Better engagement
The traditional approach often sees financial staff working on tasks well above or below their skillset. With our hybrid approach, however, your staff are always operating at the right level – leading to more engagement and satisfaction amongst your team.
- The mitigating of key persons’ risks
Typically, you’ll have one or two resources that are critical to your finance function. But what happens if they decide to leave? With our hybrid approach, you’ll enjoy the support of a full team with a few main points of contact. These will be your key personnel, but you’ll never be left short if one of them leaves, as Dexterous takes care of replacing these individuals for you.
- Fewer headaches
Recruiting and managing staff can be extremely frustrating and time-consuming, especially if there are performance issues at play. With our approach, Dexterous will manage any resourcing challenges and identify the right resources that you need for your team every time, leaving you more time to focus on business growth.
In traditional approaches, you may find that your resources can be easily stretched and unable to support your business growth. With Dexterous, however, we always have additional resources available at different levels ready to support you – meaning you can simply tap into higher levels of resourcing as you need it.
It’s time to open your mind (and business) to this win-win approach
The global business landscape is changing at a rapid pace. You need to ensure that your finance department is future-proofed, agile and capable of scaling as you need it to.
You also need a way to address the recruitment and resourcing challenges of the current workforce shortages so you can focus more on your business and profitability.
This is what our Finance Department as a Service (FDaaS) solution offers you.
At Dexterous, we don’t simply encourage you to switch to a new approach. We take the time to show you what is possible for your business using the Dexterous model and guide you through step by step.
Dexterous is more than just a set-and-forget external solution. We are a managed service provider that plugs directly into your business and collaborates seamlessly with your existing internal model to provide you with the agility and scalability that you need to succeed.
Rethink your resourcing with Dexterous
Do you need greater business reporting, better financial insight or improved data accuracy? Or are you just tired of recruiting and training staff for your finance team?
If you’ve been continuing down the traditional path of recruitment but you’re still not getting the results you need from your finance team, why not try a fresh approach to an age-old business problem?
Get an instant and reliable finance department you can trust today
At Dexterous, we’re about identifying a solution that works for you through a financial, operating and growth lens. This means that we leverage all the latest tools including Robotic Process Automation (RPA), access global talent and manage your finance department with the local expertise of our Sydney team.