Business Process OutsourcingFinancial Services

How to Transform and Shift Your Finance and Accounting Function

By September 11, 2020 No Comments
How to Transform and Shift Your Accounting Function

Whenever we talk of upgrading internal finance and accounting processes, outsourcing is considered to be low-hanging fruit for reducing costs. 

However, as outsourcing companies upgrade their services, the entire scope of business process outsourcing has expanded to incorporate business process improvement and business process automation as a part of a complete solution for operational excellence. 

Many times, companies may have been seeking a way to outsource their internal operations but have been held back by the fact that their processes are not yet ready to be lifted and shifted.

Yet to be held back by the philosophy of simply ‘lift and shift’ isn’t a viable course of action. Today’s outsourcing services aren’t limited to simply replicating your process in an offshore location at a lower cost.

Switching to the philosophy of ‘transform and shift’, outsourcing now starts with the improvement and analysis of your existing process. This is achieved by carefully studying the process to be outsourced, identifying and eliminating redundancies and finally, by proposing a new and improved workflow for operational efficiency. 

When it comes to finance and accounting outsourcing solutions, the procedure to transform and shift your entire internal function is no different.

The ARDEM Advantage:

Assured Accuracy

ARDEM ensures close to 100% accuracy while outsourcing your finance and accounting operations.

Finance and accounting operations handle a large amount of data that comes in daily from different departments, vendors, clients, etc. 

All this data needs to be sorted, categorized and organized as per different process requirements. 

When it comes to the data itself, it has to be entered with great care and accuracy for accurate transactions and balanced books. 

At ARDEM, we process all your finance and accounting data with utmost speed and efficiency. In order to achieve this, we employ a proprietary methodology that combines double-key data entry and multi-step verification to ensure close to 100% accuracy.

Additionally, our team works in 3 round-the-clock shifts to expedite processing for large volumes of data and ensure that you get your numbers right on time.

Cost-Savings and Efficiency

Our finance and accounting outsourcing services assure cost-savings and efficiency.

Cost-savings are a major factor to be considered while deciding to shift your finance and accounting operations. 

With our finance and accounting solutions, ARDEM implements new and improved processes that promise you an immediate reduction of 30% with additional savings as your project progresses. 

Apart from reducing your processing costs, our solutions also help you make smarter business decisions to expand operations, achieve growth and build long term partnerships for collaborative success. 

Customized Solutions

ARDEM builds customized solutions for finance and accounting solutions.

While ARDEM implements the standard operating procedures when performing your finance and accounting functions, it also backs them up with the latest robotic process automation technology and accounting software. 

Apart from following standard industry procedures, we also assess your specific requirements and tailor your solutions to your business needs. 

Every solution we build is unique and specially crafted to solve your existing problems and deliver increasingly positive returns.

Back-Office Support

ARDEM provides complete back-office support for your entire finance and accounting function.

ARDEM’s solutions further offer you complete back-office support with our team of qualified experts that comprises application engineers, database designers, workflow experts, process and quality engineers, trainers, and project managers who streamline your backend processes and implement strict quality control measures to generate high-quality output.

Our Back-Office Support Services Include:

Finance and Accounting Automation

ARDEM boosts savings and efficiency with our finance and accounting automation solutions.

ARDEM provides managed financial and accounting outsourcing services to a variety of clients nationwide. You can outsource all of your accounting department functions by utilizing teams of 1 to 10+ analysts.

You can even outsource the individual functions related to accounts payable outsourcing, auditing expense reports, general ledger reconciliation, accounts receivable, bookkeeping, and bank reconciliation and our financial outsourcing services further include financial statement analysis and spreading financial data.

Security and Scalability

Security and scalability are assured with ARDEM's finance and accounting outsourcing solutions.

One of the major concerns while outsourcing your finance and accounting processing is the fear of data breach.  We are equally serious about this threat and employ a series of security measures to protect your sensitive data. 

At ARDEM, we recognize that with data security comes great responsibility, and that’s exactly why we practice ISO27001 which addresses security at 3 primary levels: physical, network, and employee. 

Apart from our security compliances and protocols, we also expose your data with care. In terms of our finance and accounting data entry services, access to sensitive data is restricted, and we ensure that your data cannot be moved, saved, edited, or seen by unauthorized team members.

We started more than 16 years ago as a U.S. Federal Government contractor and throughout the lifetime of our company, there has never been a data breach of any kind. As your processing needs expand, we train analysts, allocate more bots and scale up your team in as little as 10 days. 

Here’s How It Works: 

Initial Discovery

ARDEM starts with studying your processes during initial discovery.

At ARDEM, we believe in working with our clients as a true partner. During the onboarding process, your dedicated Project Manager is there to guide you every step of the way. 

Your Project Manager will be in touch with you daily and will also act as the liaison between your processing team and your current finance and accounting team. 

The Project Manager will further update you about the status of your projects and understand your expectations and required services. As your project progresses, they will also share periodic reports and help convey any updated instructions or requirements to your ARDEM team. 

Proposed Workflow

ARDEM proposes an upgraded workflow for your internal operations.

Once our team has received the brief, we immediately get started on your project. Processing requirements are noted and existing processes are broken down and analyzed. 

After our team has thoroughly studied your current finance and accounting processes, it will layout a much more simplified and efficient workflow.  

The proposed project plan is then shared with your team and the received input is then further incorporated into our additional plans. 

Work Starts

Once the layout is approved, work starts.

Once the proposed workflow is approved, the next step is training your team. ARDEM uses an established virtual training regime to make sure that your team can perform the tasks to both your and our satisfaction. 

The web training session consists of a screen share or video, once it has been approved the team will be trained to perform the processes as per the specified quality standards. This is done by first instructing the team and then evaluating their performance while processing a smaller sample of regular data. 

Any lapses in performance mean that the concerned analysts are re-trained and only assigned to process data after re-evaluation. 

30-60-90 Day Transition Plan

ARDEM implements a strategic transition plan for an effective outsourcing solution.

Shifting your internal operations to a partner can lead to worries about disruptions and delays. However, while we are lifting and shifting your entire development, we develop and implement an effective plan to ensure a disruption-free transition. 

Our transition plan consists of three stages that are implemented across a 30-60-90 day period to get things running at full capacity and with full efficiency. 

Continuous Improvement

Our teams keeps improving your processes continuously.

Once your processing starts, we carefully monitor the results to implement any required improvements and also incorporate the feedback received to successfully run full production.

As your project progresses, we adopt the latest automation technologies and accounting software to ensure that your processes can match stride with the times. 

Our Finance and Accounting Solutions 

  • Accounts Payable Services: Managing your entire accounts payable cycle from the receipt of vendor bills through verification, approval and final payment.  
  • Accounts Receivable Services: Improving checks received and streamlining your bank reconciliation process.
  • Bookkeeping Services: Enjoy greater transparency in your data processing and make smarter data-driven decisions to reduce the high costs of accounting costs and management.
  • Invoice Processing Services: Using our proprietary, cloud-based platform, the ARDEM Invoice Manager (AIM), automates data collection from vendor invoices to improve your payment cycles and provides greater insights into your accounts payable process.   
  • Accounting Services: Our solutions help you increase accuracy and decrease cycle times via a combination of automation and effort-based processing to manage accounting tasks with greater speed and efficiency. 
  • Financial Services: Our dashboards and push-button reports increase the visibility of financial data to make data-driven decisions and expand business operations.

Accounting Systems We’re Experts In:

  • CONCUR
  • Microsoft Dynamics
  • Bill.com 
  • NetSuite
  • Sage
  • SAP Business Line 
  • Intuit Quickbooks 
  • Xero

If you are wondering about how we can help you improve your finance and accounting operations, you can get in touch with our team to schedule a free consultation today!

Let’s Get Started Today!

Transform Your Process and ROI