How a Singapore Logistics Enterprise Built a Finance Shared Services Center in India
- 45
- Finance and accounting hires
- 7 months
- To a running shared services centre
- 100%
- Statutory compliance handled
Consolidating a Scattered Finance Back Office Into India
This global logistics group ran finance and accounting out of several regional offices, and the problems were the familiar ones at that size: duplicated work, processes that differed from one country to the next, and costs that rose every time volumes did. India was the obvious place to pull it together into a single shared services center for accounts payable, accounts receivable, bookkeeping and reporting. The catch was that the group had no India presence to build it on.
A captive finance centre normally starts with incorporation, and a group this size does not incorporate quickly. Nor could it run a function that touches its own books through informal contractor arrangements. This was controlled, auditable work, and the people doing it had to be properly employed.
The group wanted a genuine shared services center in India, staffed with directly employed finance people, and it wanted it running in months rather than after a long entity build.
Building and Staffing a Compliant Finance Centre in India
Wisemonk set up and staffed the centre, recruiting finance and accounting people from AP and AR clerks to qualified accountants, and employing them in India as Employer of Record. The centre was live and compliant while its longer-term structure was still being arranged.
Each person joined on a compliant Indian contract, with provident fund, professional tax, TDS, gratuity and health benefits from the first cycle, and pay benchmarked to the market for finance talent in the chosen city. Hiring, onboarding, equipment and HR ran through one accountable team.
The group set the scope of work and the standards its auditors expected. Wisemonk carried recruitment, employment and compliance, and the centre reached forty-five people in seven months.
A 45-Person Finance Shared Services Centre, Fully Compliant
The group now runs a 45-person finance shared services center in India, consolidating back-office work that had been scattered across regions, with 100% of statutory obligations handled.
The finance staff are directly employed on compliant contracts rather than held at arm's length, which is what makes the centre safe to trust with the company's own books and clean for its auditors to sign off.
With the centre established, the group can keep moving finance processes into it and growing the team through the same model, turning a scattered back office into one controlled operation.
Our finance work was spread across regions and getting more expensive every year. Wisemonk built and staffed a single shared services centre in India for us, with everyone properly employed, which is exactly what our auditors needed to see.
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