What Is Finance Shared Services?


Author: Artie
Published: 24 Oct 2021

How to Get Buy-in from Decision Makers about Shared Services

Businesses can deliver operational efficiency and increased productivity by moving to a shared service model, even during challenging times, when finance shared services are often the focus. It can be difficult to get buy-in from decision-makers if the change impacts people and resources. The steps outlined are designed to help with the successful implementation of a finance shared services model, to increase efficiency, reduce costs, but perhaps most importantly to add value for the business and its clients.

Providing Shared Services to Internal Customers

Sharing services is similar to collaboration between different organizations such as a Hospital Trust or a Police Force. The HR or IT functions of adjacent trusts might be merged. The private sector has been moving towards shared services.

The large organizations that are operating them are doing well. More than 30% of US Fortune 500 companies have implemented a shared-service center, and are reporting cost savings of up to 46%. The IT departments of organizations that have centralized their functions are now looking at the technology services they provide to internal customers to see if it makes sense to provide specific technology components as a shared service.

The Role of Shared Services in Organizational Performance

The model of shared services allows resources to be used across an entire organization resulting in lower costs and better customer service. In many instances, a separate business unit called Shared Services is created within a company or agency to deliver a suite of services to both the operating business units and the corporate functions. Regardless of where the work is located and who the resources are employed by, it is critical that Shared Services maintain accountability for service delivery, cost, and overall process ownership and be the operating unit responsible for overall coordination and results.

Specifying Service Needs in the Data Center

Customers can specify their service needs. Providers can expect to have their performance evaluated using measurable criteria if they meet the requirements. The shared-services unit is perceived and managed as an outside vendor, with no choice but to be competitive on price and service level.

A Joint First and Second Pass Business Case for Technology One-Aurion Technologies

The Department of Industry, Science, Energy and Resources is working with the Department of the Prime Minister and Cabinet, The Treasury and the Department of Agriculture, Water and the Environment to develop a joint first and second pass business case for the adoption of TechnologyOne and Aurion technologies for small and medium

The Financial Services Group

Financial goods are not tasks. They are things. A mortgage loan is a product that lasts beyond the initial provision, which may seem like a service.

Financial goods include stocks, bonds, loans, commodity assets, real estate, and insurance policies. The financial services group is based on the banking industry. Direct saving and lending is the most important area of concern, while the financial services sector includes investments, insurance, redistribution of risk and other financial activities.

Large commercial banks, community banks, credit unions, and other entities provide banking services. Business banking deals with large corporations and small businesses. It provides account services and credit products that are tailored to the specific needs of businesses.

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