Finance Shared Services - What is it?

Today, the Bangalore chapter of ICWAI organised a Professional Development programme and the topic is Finance Shared Services. Mr.S.Rengarajan, Managing Director, Caterpillar India was the speaker.

Mr.Rengarajan explained what Finance Shared Services (FSS) means. He shared his experience in setting up an FSS and the benefits of FSS. He also touched upon the possible risks of an FSS or outsourcing.

He pointed out that efficiency can be built, if the systems are common. If the systems are different, achieving efficiency is bit difficult. Having an ERP environment will make it easy and help centralisation.

He explained how the invoices are settled using scanners, ERP and sitting in a remote place.

The programme was for an hour and it was interesting. Mr.Rengarajan answered the members questions during the Q&A session.

Mr.Rengarajan is an Engineer and a fellow member of the ICWAI. When I googled, I see that he belongs to the PGXPM VI batch of Great Lakes Institute of Management.

It was a great day with too many meetings in the morning and a good session in the evening. Thanks to Simhan for accompanying me.



Anonymous said...

Can you tell me more about this and how it is different from BPO.

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