Finance & Accounting Decision Matrix

January 22, 2020

Finance leaders today have two shortages they’re constantly required to contend with: TALENT and TIME. Scarcity and churn among qualified accounting professionals only serve to compound the overwhelming sense among CFOs and financial leadership that too much of their time is spent on transactional tasks while strategic initiatives are left to languish. Strategize and devise a plan to streamline your finance & accounting with our decision matrix.

In fact, according to Personiv's Finance and Accounting Talent Market Outlook, 88 percent of CFOs wish they had more time for strategic tasks. And our very own Megan Weis projects that this trend isn't likely to disappear any time soon.

That can turn into a frustrating feedback loop that too often slows potential growth and stalls profit gains. In this worksheet, you'll discover:

How to determine which tasks to outsource and what to keep in-house
How to use the process-strategy matrix to work through core competencies
Why finance leaders turn to outsourcing as a solution

finance & accounting decision matrix

Interested in why more and more finance leaders are going with finance and accounting outsourcing offshore? Download our Talent Market Leadership Survey Report HERE.

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Finance & Accounting Decision Matrix

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The future of finance is unquestionably upon us: between AI and robotic process automation (RPA) and rapid technology shifts, accounting teams are at the forefront of it.

When it comes down to it, deciding how you'll find bookkeeping talent to support your organization's transactional processes comes down to the goals, challenges and needs of your organization.

It's helpful to look at this in context, so let's use these talent frameworks to extrapolate a typical outcome for the hiring process, candidate journey and long-term result for each.

There is a war on for talent in finance. Anyone on the hunt for human capital in the accounting field knows too well - it's historic, ongoing and expensive. Compare all your options for hiring here.

Filling talent gaps in the finance department is tough, and leaders inevitably find themselves having to weigh accounting staffing vs. in-house teams when hard-to-fill positions open up again.

If you're thinking of using an accounting staffing firm – or any recruitment agency that promises to find you qualified accounting talent – chances are high that you aren't going with "plan A".

On this list, there are tasks in every area of accounting (AP, AR, Tax...you name it) that can be sent to a virtual accounting team. You'll see just how many hours your hard-won hires are wasting.

As more organizations prioritize support for accounting with virtual solutions, find how to successfully meet and overcome potential outsourced accounting and virtual accounting challenges.

There's a lot that we're happy to put behind us now that 2020 is over, but one thing seems destined to persist: going virtual with key work and office functions while leadership has had to pivot.

If you're looking at options to staff your team, don't overlook virtual accounting offshore as a viable (and cost-saving) solution. This video gives the basic steps of where to start with outsourcing.

It's easy to see how a future workforce of Zoomers is poised to be a gamechanger for the accounting industry by addressing two of the industry's biggest challenges: talent and technology.

Leaders going into 2021 with accounting success on their "must win" list will certainly go into the year with 2020's biggest lesson: be ready to pivot. But there's more to it than that. Find out here.

If you’re interested in learning more about Virtual Accounting Talent, here is a toolkit with 11 compiled resources to help you get started from our quick-start-guide to DDDM webinar-all in one place.

No matter which tasks you need to take off your plate in the New Year, your top question might be how to fit it into your 2021 budget. The good news is now you can find out your savings easily.

Turnover in accounting is 5X the national average. That's one expensive revolving door, with younger generations changing jobs more often (and fewer entering accounting in the first place).

The topic of accounting transparency is one that doesn't get a lot of play in the broader conversation of finance and accountancy unless it's a very hot topic.

This simple, end-to-end explanation of the outsourced accounting process guides you through from consideration to program execution for a first-time adopter of outsourced accounting.

Megan brings an exciting webinar session on the topic of "data-driven decision making" where she presents the blueprint to move your organization along the path to becoming more data-driven.

We've talked to several finance leaders and they've all given us their input on the topic. Learn how businesses must evolve their finance talent.

Our guest on this week’s episode of CFO Weekly is James Schleck, the Chief Financial Officer at Community Solutions Inc., which seeks to eliminate homelessness by using for-profit strategies.