Solutions

CFO

Our research shows that todays CFO’s face three material issues

1. How To Implement Digital Solutions With the Current Finance Team

As the CFO you see the benefit of the digital approach but cannot see how to implement given the lack of re-engineering and software development talent within your current team. Add to this that digitisation brings cost savings then the current team has a conflict of interest to buy into the process

2. Lack of Time Available for Business Partnering

As a CFO you want to be the finance partner that brings value throughout the business. working on better financing, M&A, pricing structures, strategy modelling, whatever it may be that your business and colleagues need from an engaged CFO. But how much time do you spend doing that? How much time is spent on personnel issues, day to day employee management (now remote employee management!), hiring, firing and coaching. Looking for better talent?

3. Pressure to Cut Finance Function Costs

The pre-covid economy is not coming back anytime soon even once covid restrictions are lifted. Times will continue to be tight and most companies are applying pressure to all functions to cut costs. As the CFO you need to lead by example and reduce the cost of your function

The Solution

Synecoe can provide the solution. Outsource your finance function, take away the day to day management and manage one relationship with us where you decide on all the deliverables. We then run the talent, the processes and the journey to digitalisation.

With our shared singapore based centre of excellence you get better results based on a digitalised approach, reduced costs and the time to be the value adding CFO that you want to be. Click here to start your journey.

Start Ups

As a start up your constant focus is not to spend too much, so for your accounting you go for the really low cost option. An outsourced bookeeper keeps you compliant and provides you with standard financials likely from Quickbooks or Xero

The Mistake Start Ups Make

The low cost approach is great until you reach a certain size (you are in it for growth right?) and your investors, banks and stakeholders want more sophistication in your finance function. More analysis, more forecasting, more risk control and more. Your low cost bookeeper  cant scale up, so now at a critical moment for your business when you should be focused on business development you have to think about a new finance system implementation which can be complex, time consuming and expensive

The Solution

Synecoe can provide the solution. We offer a low cost entry option comparable with other options available to you but we put you straight onto a cloud based ERP (Microsoft Business Central – the ERP for SME’s). This allows you to scale seamlessly as your business grows and you need more sophistication beyond the entry level. No new system implementation required and we’ve already embedded the digital solutions to give you enterprise level performance   Click here to start your low cost scalable journey.

 

SME's

SME’s finance function through their CFO, COO or CEO are facing unique challanges.

1. How To Not Get Left Behind With The Digitalisation Of the Finance Function

As a leader of the business you see the benefit of the digital approach but cannot see how to implement given the lack of re-engineering and software development talent within your current team. Most Controllers have little appreciation of the coming changes or whats required to put in place. Add to this that digitisation brings cost savings then your current team has a conflict of interest to buy into the process

2. Remote Team Challenges

Whether managers like it or not Work From Home is here to stay in one form or another. Business leaders will demand lower costs from reduced office space and the talent that you really want to hire wants the WFH lifestyle flexibility. This requires a completely different approach, a more complex more time consuming approach, to team management and new employee onboarding. A real challenge for SME’s without full service HR departments.

3. Pressure to Cut Costs

The pre-covid economy is not coming back anytime soon even once covid restrictions are lifted. Times will continue to be tight and most companies are applying pressure to all functions to cut costs. The finance function being no exception

The Solution

Synecoe can provide the solution. Outsource your finance function and take away the day to day team management. Manage one relationship with us where you decide on all the deliverables. We then run the talent, the processes and the journey to digitalisation.

With our singapore based shared  centre of excellence you get an efficient route to digitisation and a reduction in your day to day finance function running costs. Click here to start your journey.

Expanding Into Asia

As as 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

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