Business Process Outsourcing for finance & accounting can no longer be ignored
Business Process Outsourcing (BPO) has become a standard management technique in the majority of businesses and sectors. This implies that the bar for what your business may expect from its BPO providers is being increased. Until recently, businesses were seeking something simple, such as cheaper costs, more efficiency, and smoother operations.
However, the BPO market is transitioning to a “cost-plus” value model that is centered on achieving strategic business impact. In a nutshell, extracting value that goes beyond cost savings.
In years to come, strategic areas BPO is expected to create the biggest impact in are creating a more customer-centric environment, enabling organizational agility and competitive strategy development, and increasing business growth with the power of analytics. Therefore, when choosing a BPO provider, it is imperative for organizations to ensure their provider-of-choice at least meets the minimum requirements, such as meeting financial & service level objectives and delivering consistent & predictable service.
Other important aspects to look for in a potential provider are the taking on of an end-to-end approach, offering collaborative BPO governance, managing change, and delivering value beyond cost. This means that a reliable and high-performing BPO provider takes a holistic approach to manage the scope of your relationship, has a ‘partnership attitude’, manages the effects of change before, during, and beyond transition, and has a strong focus on benefits beyond cost reduction.
Examples of these benefits ‘beyond’, are providing flexibility for changing volumes, preparing for changing business conditions, improving general processes, and increasing top-line performance.
BPO for finance and accounting on a tactical level
What does all this mean for the finance and accounting departments of an organization? Can these functions be outsourced as well? The main objective for you as a CFO in today’s global economy is to shape and evolve the optimal finance model to increase your business’ performance. And with the CFO’s office now taking on a more strategic role when it comes to vision and growth, your responsibilities are also expanding.
Your team, for example, is not only expected to control cost and manage risks but to also drive business strategy and revenue growth.
In addition, you and your team must contend with complex legacy systems, data silos, internal controls and risks, and technologies such as social media, analytics, and cloud (SMAC). This broader mandate implies that finance and accounting operations need to align with the support strategy and growth plans of the enterprise.
Taking all these developments into account, it comes as no surprise that finance and accounting delivery through shared services and outsourcing is becoming increasingly important for the optimization of the structure of the finance function.
Rydoo as your BPO provider on an operational level
Not too long ago, it was unheard of to carry over various finance and/or accounting functions to outsourcing providers. Because of its confidential nature, some companies believed (and still do) that these roles should have been kept locally, to mitigate security risks and data loss. However, as BPO evolved, outsourcing has shown that companies can effectively and safely outsource their key financial roles to become and stay more competitive in our fast-paced business environment.
Finance and accounting functions that are successfully being outsourced nowadays, vary from bookkeeping, payroll processing, accounts payable & receivable, to financial administration and travel & expense management.
Of course, it is imperative that your business processes are handled efficiently and with the utmost care by your BPO provider. At Rydoo, we take pride in the fact that we do just that: taking care of your business as if it were ours. As a competent and experienced outsourcing provider, not only do we help you streamline the way processes are being implemented, we also help you boost internal productivity and enhance your competitiveness.
Other advantages that working with Rydoo offers to include:
Reduction of operational cost;
No more errors and delays;
Sound advice from experts;
Compliance with relevant rules & regulations;
Increased employee satisfaction;
No more (frustrating) paper reporting and spreadsheets.
According to our customers, Rydoo is a highly reliable BPO provider and business partner. With our integrated, mobile T&E solution, we strive to always deliver the “cost-plus” value proposition and help you capture your ‘value beyond’.