What are CFOs doing to cut costs in the accounting/finance functions?
Are they looking at reducing cost for processing transactions, changing staffing models, leveraging technology more?
- Priyankar Baid, Managing Director/Finance Focus at Outsourcinghubindia.com,
- Ben Piccirillo, Accountant-Senior at Omgeo,
We looked at the things that we were spending a lot of time on - with little benefit. Specifically, we pay almost all our vendors via ACH - so we do not need to sign or stuff checks. In addition - no more postage. We also automated the e-mailing the payment details to suppliers.
We just started an electronic expense reporting system - which makes the accounting job easier and the sales people really like it.
We are relatively small - so we did not renew any of our postage meters. We were paying a couple thousand dollars every year for the machines - and now just buy stamps in bulk online. And spend less than the cost of the machines. Just a few things to consider.
- Mary Sullivan, CFO at Dunmore Corporation,