Executive Summary

The value proposition offered by finance departments to their organizations is undergoing a fundamental shift. A component of that new value proposition involves bringing new thinking to historical operating models. Increasingly, companies turn to finance and accounting outsourcing (FAO) as a management tool for maximizing the impact and value the finance organization drives.

However, in adopting FAO, finance organizations find a need to rethink how best to position their staff and competencies to optimize the full potential of FAO benefits. Talent management plays a key role in limiting the realization of the potential. The two main areas of missed opportunity relate specifically to: 1) understanding the skill sets required under this new model in managing and fully optimizing FAO engagements, and 2) designing and implementing change management plans targeting the talent management requirements of a retained FAO organization. 

This paper explores the types of skills and competencies that a finance organization will need for:

• Developing and managing the requirements and realities of FAO engagements
• Positioning the organization for successful adoption of the FAO model
• Positioning the organization for maximizing the potential gains outlined as the initial goals of the engagement

By fully leveraging the value levers that FAO offers, a finance organization can meet or even exceed the increasing pressure of adding value to the broader organization.