Expanding Into Asia Solutions

Expanding Into Asia

As an established overseas business, setting up in a new geography comes with challanges for establishing a regional finance function

1. Keeping The Costs Down

Maybe you want a more sales and marketing based office for the region? Or a regional distribution hub? Or similar. What you dont want to is to have to hire a high cost CFO or Controller (who will then envitably build a team around them). That cost isnt justified given the projected regional  revenue. But how then do you get the reporting and control required?

2. Finding The Right Talent and Managing It Remotely

If you do go the in house regionally based finance function route then how are you going to navigate finding the appropriate local talent in an unknown geography. Once hired you then have the issue of managing them from overseas and ensuring they dont go “local” (aligning with local teams rather than providing the head office required oversight)

3. Staying Compliant In An Unknown Geography

Setting up in a new geography with all the local regulatory requirements and different cultural approaches can be daunting. You need local partners who understand not just the local regulations but also your business to correctly apply. Finding that in house with all your other requirements is near impossible. Going external to a specialist provider is either expensive or a limiting service.

The Solution

Synecoe can offer you a full locally based finance function thats ready to go and one that understands all regional compliance requirements. At an initial low entry cost we scale  with you as your regional operations grow. Plus our singapore based centre of excellence keeps your functionality at the forefront of digital solutions.  Click here to start your Asia journey

 

Our Services

Synecoe Offers a Full Service Outsourced Finance Function

REPORTING

  • Management reporting
  • Forecasts
  • On demand dashboards
  • Financial statements
  • Foreign subsidiary accounts

MONTH END

  • Month end closing to tight deadlines
  • Daily G/L entries
  • Accruals and prepayments
  • Bank reconciliations
  • Full balance sheet rec.

COMPLIANCE

  • Local regulation and tax compliance
  • Audit liaison
  • Full segregation of duties
  • Stringent payment controls
  • Foreign subsidiary compliance

CASH OPTIMISATION

  • Accounts Receivable processing
  • Accounts Payable processing
  • FX hedging
  • Trade finance submissions
  • Cash flow reporting

CFO SERVICES

  • Reporting to shareholders/investors
  • Representation to banks/financiers
  • M&A support
  • Strategy support amd modelling
  • C-Suite partnering
Start your journey

client benefits

LEVERAGE DIGITAL

  • Synecoe stay at the forefront of digital developments bringing:
  • Automation
  • Business Intelligence reporting
  • Cloud based microservices
  • AI integration

COST SAVING

  • Estimated savings 40% of your current finance team spend
  • Benefit from a shared cost centre of excellence
  • Transfer programmable tasks to nearshored low cost transaction processing centre of excellence

NO TEAM MANAGEMENT

  • No day to day (remote) team management
  • You have one relationship with synecoe
  • No on boarding, no firing
  • You are freed up to run the business not the finance function

CLIENT SET DELIVERABLES

  • Client establishes all deliverables
  • Client receivables daily dashboard of synecoe performance
  • Synecoe will employ a number of your key staff for continuity
  • Dedicated locally based Account Manager

SYSTEM FLEXIBILITY

  • Synecoe will take over your existing systems
  • Or can provide our own ERP solution
  • Cloud based or on site
  • Centre of excellence security

FAQ’s

Q. Your team won’t understand my business. I’ll spend more time explaining things than I’ll save.

A. We typically take a number of your key finance staff onto our payroll and integrate them into our Centre of Excellence to provide understanding and continuity

A. Each business has its own complexities but the vast majority of transactions and processes are similar. We look to take these commoditised processes. If there is a specialised function that clients dont feel comfortable outsourcing then this can be excluded and stay in house, although we believe that once you see the benefits from outsourcing to us you will subsequent hand all processes over.

A. The initial handover will be managed by one of our senior consultants. These are highly experienced ex CFO’s with the intelligence and knowledge to just “get it”

Q. Finance is a strategic function. I need it in house to ensure continuity.

A. Synecoe’s sole business is to provide an out sourced finance function. This gives us total motivation to be your long term business partner and ensure you’d never go back to inhouse.

A. Our contracts require us to give a minimum of six months notice to any client and provide all reasonable assistance in any handover. This gives more than enough time to bring the function back in house. Clients are only required to give 3 months notice and the same level of handover responsibility is required.

Q. Doesn’t your cost saving model mean we have to lay people off

A. Yes unfortunately that is the case. But we will take your best people in house and  integrate them into the Synecoe team. With the incoming technological advances particularly regarding automation and real time reporting those job cuts are coming whether you instigate or your competition gets a competitive advantage by moving first. Better to get ahead of the curve and be the most efficient you can be to safeguard the strength of your operations

Get In Touch