The ongoing pandemic has brought about a crisis in the finance and banking sector as both banks and their clients struggle to keep up with payments or maintain a steady stream of capital in the wake of the economic downturn.
As small businesses struggle to survive while giant corporations collapse, it becomes more important than ever to build resilience in internal finance and accounting operations. As clients struggle to keep up with their payments, most banks are suffering from the loss of headcount and yet need more business insights to make smarter decisions.
The primary challenges faced by the banking sector include credit management, loss of revenue, the need to step up customer service to calm down panicking customers and implement optimized operating models to implement effective cost-control solutions.
Even as financial institutions suffer from budgeting measures, right now they need all hands on deck to keep operations running. This is exactly why building remote teams can assist with streamlining internal financial tasks.
Partnering with a trusted outsourcing partner can help you regulate your operations while reinventing your processes by employing automation and proven processes to drive smarter banking functions.
Here’s how ARDEM can be a strategic partner in building remote solutions for resilient financial functioning:
The ARDEM Advantage
Accurate Data Entry
ARDEM employs a proprietary methodology comprising double-key data entry alongside a series of programmed validation checks to deliver close to 100% accurate data.
When it comes to processing financial data, speed is of the essence for timely transactions and reporting. Our remote teams work in 3 round-the-clock shifts to process and deliver your data in real-time. With the aid of our expert project managers and trained analysts, we process and deliver your high-quality data in shorter time cycles.
Automation has changed the way the world functions and the banking sector is no different. From capturing data from banking documents to processing incoming checks and invoices, advanced machine learning and robotic process automation can accelerate banking processes for greater efficiency and timely business insights. ARDEM automates your processes using our range of proprietary ARDEM Bots that are coded to perform specialized finance and accounting services.
ARDEM stands for Automated Retrieval of Data in Electronic Media and we have been digitally converting documents to process and extract data for more than 16 years after starting as a US government contractor.
Security and Compliance
Keeping confidential data secure is a priority for us. We’re an ISO27001 certified data entry and business process outsourcing and company and know that with data security comes great responsibility.
We further follow GDPR and PCI compliances while processing confidential financial data and have stringent security measures in place to ensure that your data cannot be seen, edited or moved by unauthorized personnel.
Professional and Qualified Teams
At ARDEM, we believe in building a team of specialized professionals to offer specialized services. We offer you robust processes and optimized workflow put together by our team of financial experts. Additionally, all finance and accounting functions are performed using our proprietary bots and qualified analysts with degrees and certifications in finance and accounting.
With our team of experts, we promise to build remote teams that ensure resilience in your day-to-day finance function.
Cost-Savings and Scalability
Apart from ensuring uninterrupted finance services, ARDEM also reduces your day-to-day operating costs by an immediate 30% while optimizing your current workflow.
As we study and improve your financial processes, you simultaneously enjoy a higher return on your original investment. Our cost-effective solutions are further tailored to your fluctuating needs, scaling up or toning down our teams to ensure that your business keeps running.
Remote Collaboration Platform
Our proprietary digital workplace, the ARDEM Collaboration Platform, is a cloud-based workspace where you can work from home and manage remote teams while keeping an eye on the status of your projects in real-time.
After paying a nominal monthly subscription fee that is waived for contracts of 12 months or longer, you get access to a secure workspace on our cloud server. The cloud server itself is provided by Amazon Web Services with strict security protocols in place. Each user has a secure login protocol using the latest SSO protocols.
Once connected to the workspace you can drag and drop your documents for processing to secure folders, chat with your account representative to describe the work you want your team to do, interact with your team members, review the status of your project, leave new instructions, follow up on issues related to your assignment, and monitor progress on your personalized dashboard with customizable views.
Our Finance and Accounting Solutions
Accounts Payable Solutions
We build fully-managed AP solutions that manage your entire process from the time of receipt of invoice to approvals and payments within your current accounting system.
This eliminates repetitive tasks so that your team can focus on core competencies allowing your business to grow even further.
We handle the training and process management for accounts payable processing on your existing ERP and enable faster payments made electronically via ACH/Wire for efficiency and cost-savings.
Accounts Receivable Services
Our accounts receivable solutions aim to improve your knowledge of checks received and your reconciliation process.
We further manage your account collections, review aging reports, and credit limits and build and supervise your remote accounts receivable team.
The ARDEM Invoice Manager (AIM) is a digital platform that is specifically designed to enable remote collaboration for greater ease and faster invoice processing.
We start by identifying areas of inefficiency within your current workflow and utilize automation technologies to improve these labor and time-intensive functions.
Once the invoices are received, we upload them onto our secure cloud network to be approved before data is extracted. After the extracted data is verified and run through programmatic verification, it is sent to start the payment process.
We employ a team of qualified accounting bookkeepers who have previous experience in working with QuickBooks accounting software.
ARDEM’s QuickBooks Accounting Services combine the latest technology as well as diligent process control to perform QuickBooks processing for you.
All you need to do at your end is forward us your bills and orders along with time-sheets for service billing. We handle all the processing in QuickBooks and deliver the data as per a predefined frequency.
Financial and Accounting Services
Our financial services are devised to increase the visibility of your financial data to help you make data-driven decisions for smarter cash flow management.
ARDEM’s accounting services are specially structured to increase accuracy and decrease cycle times through automation for optimum management of essential and day-to-day accounting tasks.
If you are wondering about how ARDEM can build resilience in your everyday accounting and financial processes, then get in touch with us to schedule a free consultation today!