Finance shared services

Finance shared services | sharedserviceslink.com

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Finance shared services can have many benefits for businesses, particularly in times of economic uncertainty when administrative costs seem to rise and the burden of legislation appears to grow heavier.
Shared services is essentially the better-performing sibling of centralisation, involving full collaboration between different parts of a wider organisation or group of companies.
It differs from outsourcing, whereby processes that were previously carried out internally are handed over to an external third party. With shared services, a separate body within an organisation is established to do the work.
Within this shared services centre, processes are centralised, standardised, consolidated and automated so that they become streamlined, more efficient and less expensive, which is a win-win situation for all involved.
At sharedserviceslink.com we can help you understand the finance shared services options available to you and formulate an approach that works for your business.
We provide monthly webinars on shared services, as well as white papers and reports, video interviews, newsletters and interactive conferences, all designed to help you improve the performance of your finance shared services ventures and your business.

Benefits of shared services

Efficiency is the core benefit of finance shared services, which in turn can result in large cost savings. Business typically report cost reductions of around 50 per cent, although they can be as high as 70 per cent.
But adopting a shared services business model is about more than just cost cutting. Another big advantage is higher and consistent standards based on best practice norms, which can lead to more responsive dealings with customers.
Shared services can also free up time from routine processes that can be spent on value-added or customer-facing tasks, and it can help to ensure continuity and resilience of service as well as improved visibility.
Economies of scale can be created through shared services too, giving businesses greater influence with suppliers and helping them gain a competitive advantage over their rivals.
Of course shared services benefits will differ from organisation to organisation, and while cost reduction may be a major motivator for some, others may be more interested in improving service delivery for the benefit of customers.

Shared services obstacles

Adopting a successful shared services business model can be complex and there are several obstacles that could prevent your organisation from making the most of collaboration and consolidation.
For example, disputes may arise regarding ownership of certain processes and activities, so communication is key to make sure that all parties are on board and that transitions are made as smoothly as possible.
Not only is this important from a human resources standpoint, it is also essential to good customer service and can help to ensure that there are no gaps in service provision.
Other potential barriers may include a lack of trust, cultural and policy differences, perceived risks to competitive advantage, problems with the technical infrastructure and VAT liability.
You'll need to think about how a shared services centre will operate alongside other elements of your business model and how roles will be defined so that important processes are not overlooked.

Make the most of shared services with sharedserviceslink.com

Companies recognise that, when properly optimised, finance shared services can be a highly effective tool. However, it's important to get it right, as a poorly structured model will not bring the benefits you desire.
At sharedserviceslink.com we can educate your teams and help you with the process of sharing services, so that you can overcome any obstacles in your way and start to see the advantages.
We provide members with informative resources such as white papers, reports, video interviews and newsletters, and we hold regular events such as conferences, master classes and webinars with key industry speakers.
Joining sharedserviceslink.com is free. All you need to do is complete our online member registration form and you'll receive ten issues of our newsletter and free access to our downloadable content and presentations archive.
To find out more about finance shared services and how it can help your organisation, or to ask about our conferences, webinars and online resources, simply get in touch