Businesses are relying on outsourcing to provide a more cost-effective and efficient solution for the wide-ranging tasks of Finance and Accounting. For many businesses, finance-related tasks, such as accounts payable, are time-consuming and repetitive. Quite often, these tasks require an entire team to manage and ensure accuracy of the cash flow. The benefits of outsourcing these processes is the ability to scale, abundant process knowledge, and a large talent pool. Here are the top 4 finance and accounting processes businesses outsource:
1. Accounts Payable Services
Invoices are received as an electronic document or sent physically through mail. One of the biggest challenges is centralizing all invoices to increase visibility. Invoices need to be PO matched, approved, and then processed to initiate payment.
2. Accounts Receivables
Experienced outsourcing partners will provide the daily due diligence required for accounts receivables. Maintaining visibility and constant communication is important to ensure that the cash flow of your business is maintained.
3. Invoice Automation
Automating invoice extraction significantly decreases the cycle time for an invoice. Through automation, data is quickly digitized for PO matching, GL coding and approval providing value to businesses with high-volumes. Once reviewed, invoices are sent to initiate payment.
4. Auditing and Reconciliation
In finance, it is important to perform daily/weekly/monthly auditing and reconciliation to ensure accuracy. This analysis of data allows businesses to predict future costs and adjust any errors in billing to provide more visibility into cash flow.
The solutions ARDEM, Inc. provides can be customized to cover all of these processes or only a portion, depending on the need, allowing for the streamlining of these central business functions.
About the Author
Sara Yi holds a role as Client Support at ARDEM Incorporated, New Jersey. She holds a degree in Psychology from Rutgers University. She has worked in Project Ownership, Marketing, and Sales for over 3 years and has a passion for problem solving. She likes to write thoughtful articles on business process outsourcing and business process automation.