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Financial and AccountingBusiness Process Outsourcing

Why You Should Outsource Finance and Accounting Processes

By June 5, 2020March 13th, 2024No Comments
Why You Should Outsource Finance and Accounting Processes

Whether we talk about financial institutions, consulting firms or industry-specific business, they all need streamlined finance and accounting services to optimize cash flow management. However, this involves several complex processes and an ever-increasing volume of financial data that needs to be sorted, organized and aggregated for faster approvals and balanced books.

As your business operations expand, so does the volume of financial transactions and the corresponding data that needs to be processed. The decision to outsource finance and accounting processes is an increasingly popular choice among SMEs and high-growth companies to standardize finance and account functions.

However, you cannot entrust your finance and accounting processing to just any company, you need to partner up with a successful and experienced outsourcing company that offers fully outsourced solutions that match your needs.

ARDEM has considerable industry expertise in providing end-to-end solutions for both financial corporations and businesses with high-volume financial transactions.

Let us discuss further why the choice to outsource finance and accounting is a step in the right direction for your organization:

Hassle-free Invoice Processing

Enjoy faster invoice processing once you outsource finance and accounting.

Swift processing and approval of invoices results in shorter payment cycles and ensures optimum functioning. However, processing all invoices received by an enterprise or organization is no small feat. We are talking about invoices received from different vendors and suppliers in different formats with possible errors, duplicacy or even handwritten bills. All of this needs to be standardized, analyzed and cleaned before it can be submitted for approval. In-house processing can drive up your operating costs and can include a rather high percentage of manual errors. Automation of the process, on the other hand, requires you to acquire additional resources including both high-tech equipment and highly skilled workers to carry out all processes smoothly.

The right step is to partner up with an experienced finance and accounting BPO company that has specialized financial services that are adapted and customized to your company requirements and standards. We further employ double-key entry and a series of validation checks to ensure that you get high-quality data free from inaccuracies while eliminating redundancies like duplicate bills or incomplete data.

At ARDEM, we offer you advanced solutions with a digital invoice automation platform that offers you the combined advantage of bright, analytical minds, robust processes and proprietary technology for you to tackle your invoice processing challenges.

Accounts Payable and Receivable Processing

Outsource finance and accounting to experience streamline accounts payable and accounts receivable processing.

Some more examples of finance processes that may cause headaches and sleepless nights is handling accounts payable along with processing checks received and the bank reconciliation process.

When seen together accounts payable and accounts receivable are the most important processes for any business to run smoothly. Accounts payable needs to be processed accurately to get an exact picture of the company’s liabilities while accounts receivable help identify sources of revenue that can be used to reconcile said liabilities. We manage your entire accounts receivable process by entering received payments and deposits, bill payment, and processing and even entering payroll data from third-party software.

ARDEM employs a combination of high-speed scanning, data entry services and advanced automation to process and collate data from relevant accounting documents and checks for accurate data and better cash flow management with a quicker turnaround.

QuickBooks Bookkeeping Subscription

Outsource your bookkeeping processes to a trusted partner.

QuickBooks accounting software is the preferred tool for all accounting companies and other enterprises for efficient bookkeeping.

At ARDEM, we build you a custom team with a qualified Project Manager and analysts including FTEs with specialized accounting knowledge and previous experience. Your dedicated project manager acts as your direct line of contact and manages the team to ensure accuracy and efficiency. The goal is to ensure the process is fully understood, then train the team to execute accurate results and keep an open line of communication for any changes or forecasts.

We optimize your QuickBooks accounting and reduce your processing while upgrading your operations. Our methodology combines technology as well as process control steps to perform QuickBooks processing for all our clients. We even provide a secure workspace for collaboration where you can send us your vendor bills, customer orders, time sheets for service billing and more. Just tell us how soon you want the final results and we will manage the rest.

Financial Services

Enjoy streamlined finanacial operations as you outscource finance and accounting processes.

Outsourcing everyday financial services for accurate processing and detailed reporting is another smart decision that can help you improve your financial operations. Partnering with an experienced company that has worked with banks, financial corporations and accounting firms can ensure that you don’t have to worry about your financial processes ever.

Our extensive financial service offerings not only help you manage internal processes better but also increase the visibility of financial data to make data-driven decisions and increase growth.

Accounting Services

Outsource finance and accounting processes for high-quality data.

Accounting tasks can be both time-consuming and labour-intensive as it requires both accuracy and the agility to deal with a constant stream of numbers and data.
However, automating the very same processes with the assistance of an experienced and qualified team can increase accuracy and decrease cycle times considerably.

All you need to do is forward all relevant documents to the outsourcing partner and receive the high-quality processed data within a specified time period. At ARDEM, we offer high-speed scanning, document conversion and data capture services alongside both manual and automated data entry to build fully outsourced accounting solutions for our clients.

Quality and Confidentiality

Outsource finance and accounting processes to a trusted outsourcing partner.

While sharing your finance and accounting data, you need to be aware of and confident in your outsourcing partner’s previous reputation and data security practices. After all, you need to be extra careful and vigilant while sharing your and your client’s crucial information with a third party.

Rest assured, security and data confidentiality are at the forefront of every ARDEM contract and all of your financial and accounting data is processed in accordance with our ISO27001 certification. This addresses security at 3 main levels: Physical, Network, and Employee. The appropriate redundancies are in place at all 3 levels and standard practices for us include VPNs, SSLs, encryption protocols during file for transfer and at rest.

Apart from our security compliances and protocols, we are also extremely careful about who we expose your data to. Access to sensitive data is strictly on a need-to-know basis, and we have measures in place that ensure your data cannot be moved, saved, edited, or seen by unauthorized team member

We further abide by HIPAA, GDPR, PCI and PII compliances while processing your confidential data. We could go on (and on) about our data security but you get the idea, right? Get in touch with us and sign an NDA to learn more.

Focus on Core Business Growth

Outsource finance and accounting to focus on business growth.

Once you have managed to successfully outsource finance and accounting processes to a trusted partner, you can focus on expanding operations. Outsourcing these essential, yet repetitive processes can free up your internal resources.

Once your core team is no longer burdened by these cumbersome tasks, you can start working on your core competencies, growing operations and increasing your customer base. Really, it’s a win-win situation for everybody.

Cloud-Based Software Solutions

Enjoy fast and effective outsourcing services with cloud-based solutions.

Automation and digital collaboration are key to a successful working relationship. At ARDEM, we have always been at the forefront of technological innovation and smart working.

Our cloud-based digital space, the ARDEM Collaboration Platform offers advanced remote working solutions. With our online platform, you can share data by simply uploading files into a specified folder or even a simple drag and drop will do. The same goes for the final output which can be downloaded with a simple click of the button.

Apart from our collaboration platform, we also offer our clients advanced invoice management with the ARDEM Invoice Manager that is a one-stop solution for all your invoice processing problems. Simply upload raw data for processing or forward emails with relevant data and we will sort, aggregate and process for you. The next evolution in financial management is here and you can avail it ahead of all others by collaborating with ARDEM today!

Detailed Reports and Metrics to Define Performance 

Receive regulars reports to measure performance against defined metrics.

Simply making the decision to outsource finance and accounting processes is not enough, once you have selected your partner, you need to view progress reports on a regular basis to discuss the status of your project, the scope for improvement and the need to update standing work instructions or incorporate any new requirements.

It also helps you compare the progress achieved against the predefined metric and judge for yourself whether you have a trustworthy and efficient outsourcing partner or not.

At ARDEM, we share periodic reports with our clients as per a predefined-schedule and discuss the best way to increase efficiency as we proceed further. Our customer support team is known for its responsiveness and any requested changes are incorporated in the shortest possible time.

We digitally transform your finance and accounting processes for the better. Get in touch with us and see how we combine intelligent people, robust processes, and automation tools to provide fully managed and customized finance and accounting solutions to our clients.

Transforming your repetitive and time-consuming processes such as financial data entry and comparative analysis, our data scientists, engineers, and developers create intelligent automation solutions to increase efficiency, accuracy, and productivity. Complex validation processes are also employed using proprietary machine learning and artificial intelligence systems to ensure the highest possible accuracy.

Come, experience the ARDEM advantage and witness a transformation when you outsource finance and accounting processes today!