BPOs and Increasing the Competitive Edge
If you’re running a business today, doubtless you’re aware of the hyper-focus on efficiency. Running fundamental processes smoothly, thoroughly, and quickly can save your company time, labor, and money.
This is especially true for back office processes such as accounting, where disciplines such as bookkeeping automation and digital payments (ACH transfers, EFTs, etc.) can significantly streamline once-cumbersome tasks for staff members. Many companies acknowledge the need for more back office efficiency but lack the knowledge or ability to accomplish this internally. After all, you focus on the big picture and products/services your company specializes in and not necessarily the intricacies of back office procedures.
Business process outsourcing companies help you streamline your back office.
Business process outsourcing (BPO) companies offer an intriguing opportunity for companies to diminish the hassles of accounting and bookkeeping. They take over back office responsibilities and apply their expertise and technology to create efficient, transparent, and secure processes. In return, your company gains valuable time back to re-invest in its core products and services.
BPOs reduce risk.
Every company faces risk when it comes to accounting and bookkeeping. For example, if it doesn’t follow the separation of duties, it can lead to employee fraud. A BPO company, however, provides a specialist point-of-view that reduces risks. They add technology such as the digital payments and bookkeeping automation provided. These technologies significantly reduce risks associated with AP and AR through automation, permissions-based access, and bank-level security measures.
For example, Bill.com security includes:
Network protections such as firewalls and intrusion-detection devices prevent unauthorized electronic access to servers.
- Data in transit is encrypted using industry-standard Transport Layer Security (TLS).
- No bank account information is shared in order to facilitate payments via Bill.com.
- All payments are made through the Bill.com account to limit exposure of bank account and routing numbers.
- Digital payments like the ones enabled by Bill.com offer positive pay (an anti-fraud service).
BPOs increase transparency and collaboration (which means greater efficiency for you).
BPOs and Bill.com provide an information-rich experience. Should you have questions about bill payment or invoicing, you can login to Bill.com and discover the status in a few clicks or taps. You have the ability to get the information you need immediately.
With bookkeeping automation provided by the BPO, you always know the status of AP and AR. You can view a dashboard of activities that show what’s paid, what’s scheduled, what’s due and what’s pending. With a few taps or clicks, you can dig deeper into details (if you are so inclined) such as bill payment history, vendor contracts, recurring invoices, and auto-payments.
On the AR side, bookkeeping automation lets you set up recurring invoices and payments, keeping a positive cash flow for your clients.
A BPO and Bill.com also elevates collaboration. Automated workflows deliver each bill through the entire approval process. You can customize the workflow to fit company guidelines. (For example, each bill that amounts to more than $1500 needs to include CEO review.) It even reminds reviewers when they are slow to review a bill. Reviewers can add notes or questions to each invoice. The system stores a history of payments, contracts, documents and more that are vital to the process. It’s all in the cloud and infinitely easier for both you and your BPO to access. Only authorized users can release payment.
Even better—the cloud-based nature of Bill.com and its bookkeeping automation and digital payments enables mobile access. Through your BPO, you can review or approve bills, send and check on invoices and exchange notes via a mobile app.
BPO = Expertise
Your BPO company will offer a wealth of expertise and it’s absolutely essential to take advantage of it.
Start with a digital payments and bookkeeping automation system that they will recommend. It provides standardization, quality control, and automation. There’s no need to reinvent the wheel and you can ensure that the information flowing through is accurate since it enters and leaves the system in digital format.
Next, allow your BPO to integrate your accounting system (QuickBooks Online, Xero, NetSuite, Intacct) with other vital solutions like Bill.com, Expensify, Tallie, and Hubdoc. Information will be automatically synced, meaning it’s timely, accurate and devoid of error-prone tasks such as double data entry.
These technologies, integrations, standardization, and automation allow your BPO to do what it ultimately does best: provide you with high-level consultation and insight. The conversation with your BPO won’t be “Did you pay that bill?” Instead, it will move to strategic undertakings such as product pricing, forecasting, and expansion.
Interested in learning more about the competitive edge digital payments and bookkeeping automation enables?