Question

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?

Missing
  • Priyankar Baid, Managing Director/Finance Focus at Outsourcinghubindia.com,

Answers

Two pieces of advice; if you want to cut down on accounting expenses or accounting fees simply ask your auditor or outside CPA. They will be more than willing to cut back fees(if it means they do not lose a client) by cutting back time, BUT it also means more work will be placed on your desk or your department in preparing for the outside accountant. Secondly, they may also have a unique position of being able to spot possible savings inside the company. You are not their only client so they have access to countless other payroll departments to tell if your staff is over/underpaid. They may also notice if you are overstaffed or offer other cost savings ideas they have.
Missing

[+] Agree [-] Disagree 1 agree

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.

Missing

[+] Agree [-] Disagree 0 agree

Popular Questions

Recent Questions

Innovation in Procure to Pay

Question asked by...

6959

Hyperion Financial Modeler needed - Hospital / Healthcare

Question asked by...

1776

Acquisition best practices

Question asked by...

8381
  • Robert Bufano, Financial Controller at Domain Computers Services,
Assync loading