In the Q4 2021 Deloitte CFO Signals survey, 34% of Finance executives indicated that they expect to increase the use of outsourcing in their operations. Outsourcing the Account Payables process helps companies achieve cost optimization while ensuring operational efficiency and accurate invoice processing.
ARDEM provides Business Process Outsourcing for companies to enhance their efficiency and provide cost optimization. ARDEM offers end-to-end Accounts payable outsourcing solutions for its clients by providing structured solutions by automating the entire Accounts payable process. Here is a study on how Business Process Outsourcing companies can help companies transform their account payables process in 2023.
Cost Optimization
Outsourcing the accounts payable process can lead to significant cost savings for businesses. By delegating the task to a third party, the company is no longer required to maintain an entire department of staff and resources dedicated to the Accounts payable process. Outsourcing firms already have the adequate team and resources to work on the tasks.
Most outsourcing firms charge companies for the Accounts Payable process on an invoice basis rather than billing them at an hourly rate, leading to more considerable cost-cutting. ARDEM offers cost-efficient scalable solutions for its clients to maximize their efficiency.
Access to Skilled Resources
Outsourcing companies provide highly-trained staff to cater to delegated tasks. Companies typically have to manage resources such as purchasing the latest software, reviewing licenses, hiring trained professionals with the desired skills etc. Outsourcing the Accounts Payable activity frees the business from looking into these aspects.
Outsourcing companies use the latest technological tools and have a pool of highly trained professionals to cater to the delegated tasks. ARDEM provides highly-trained professionals to work on Accounts payable tasks.
Increased Efficiency
Since outsourcing firms use the latest technology to drive the processes, the tasks are typically more efficient than those performed manually. Moreover, delegating the accounts payable process frees the company’s resources to cater to other significant activities streamlined with their goals that can improve their productivity.
Therefore, outsourcing the Accounts payable process can increase the company’s overall business efficiency. ARDEM uses its advanced Data Capture platform and Accounts payable automation to increase the efficiency of businesses.
Enhanced Security
Hiring an accounting security team can spike the costs incurred by a company. Outsourcing firms have access to the latest security software to minimize cases of fraud and non-compliance and provide an enhanced security cover for the company’s Accounts payable process.
Outsourcing firms typically run extensive audits and eliminate issues such as duplicate payments. ARDEM is well-equipped with significant controls such as ISO 27001, SOC 2 Type 2 and SOX Compliance tools to ensure the client’s data remains secure and compliant.
Error Minimization
Companies may use enormous excel sheets to fill in numerous data fields relating to the Accounts payable process. The task can be quite hefty and riddled with errors. Moreover, slow Accounts payable processing can lead to delayed payments, which might result in vendors cutting ties with the company.
Outsourcing firms use advanced technology to ensure the process remains highly efficient and there is no room for errors, thereby helping the business build lasting relationships with vendors. ARDEM’s account payable automation platform helps maximize task efficiency and minimize errors.
Conclusion
Business Process Outsourcing companies use the latest technological tools to carry out tasks related to Accounts payable processing. Companies seeking to delegate the task to outsourcing firms can benefit from increased efficiency and security, error minimization, and highly-trained staff while also cutting costs for the business.
ARDEM provides Business Process Outsourcing and Business Process Automation Services to established companies to help them improve operational Efficiency and Reduce Costs. For more information please reach out to us at pricing@ardem.com or call us at 908-359-2600.
