The Benefits Of Outsourcing Finance And Accounting

Flaherty’s time as finance minister may be over, but any successor faces PM oversight

Consider how outsourcing can help a company get a better handle on its pay-to-procure process. Powerful analytics can help a company better understand their spending through the entire supply chain in order to control budgets and standardize procedures company-wide. This approach allows companies to identify cost savings through supplier consolidation and duplicate payment analysis. Automating the process can improve policy compliance and reduce order errors by ensuring employees around the world can order what they need when they need it, while enforcing business rules and limits that prevent employees from making costly mistakes. While CFOs of large companies are focused on outsourcing to improve far-flung global operations, smaller companies, who have typically eschewed outsourcing of F&A, are beginning to embrace it as well.

“Fiscal policy for him would not be a budget deficit number, it would be about growth, empowerment and human development,” said Ghanem, who served under four finance ministers until shortly before Mohamed Mursi was elected president in mid-2012. The army ousted Mursi, Egypt’s first freely elected leader, on July 3 after millions of Egyptians poured into the streets to protest against the Islamist president and his government. Galal received a doctorate in economics from Boston University in 1986 after graduating in business administration from Cairo University. During his 18 years as an economist at the World Bank he concentrated on the Middle East and North Africa. He later headed two Cairo-based think-tanks, the Egyptian Center for Economic Studies and the Economic Research Forum.

Egypt’s new finance minister faces daunting task

“From everything he says, he wants to go out with a balanced budget, but it’s … difficult to see how he’s going to pull that off (if he remains in finance),” said Mike Moffatt, a business and economics professor at Western University’s Ivey Business School. Flaherty has spent much of his time as minister trying to pull federal finances out of the red following a global economic downturn. He has presided over the Canadian economy during the largest crisis since the Great Depression, helped manage a spending splurge from the stimulus program, and then was forced to slash billions in expenditures in an effort to balance the books.

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