Traits of a Great Finance and Accounting BPO

Strategy and planning are crucial in ensuring that your corporate accounting firm can operate without any hiccups. The formula for fruitfully navigating a business towards success is by effectively managing income and expenses and having a great finance and accounting team. As a result, unexpected financial downturns can be easily circumvented because, without a strategy, it would be like leaving the performance of your company to chance. Generating business strategies and contingency plans can also be designed more effectively through a well-established F&A process and skilled domain experts team.

Many businesses are now outsourcing finance and accounting making the industry huge and growing bigger every year. Because there are many outsourcing companies out there, knowing the best traits to look for before partnering is one way to ensure that you invest in the right company and the right collaboration. Allying with a third-party vendor should be done carefully because it is an investment that will define the course of your business. We listed 3 traits an F&A BPO should look for:

1. Access to talent

There is a shortage of finance and accounting professionals like Bookkeepers, CPAs, Data Entry Specialists, etc in the F&A industry. 38% of finance and accounting professionals say there is a general shortage of professional skills.  This means, as a firm that wants to hire only the best F&A accounting professionals. But a reputed finance & accounting BPO has an A+ recruitment team and process that gives them access to the best talent in the F&A industry. 

This allows them to add the best talent to your workforce and build you a great team of F&A experts which in return can scale your operations on an immediate basis because their industry network allows them to source new talent quickly and effectively. A great BPO has a well-established hiring process to allow them to filter the best people for your company and make sure that they have the proper certifications and skills. 

2. Adaptability in technological advancement

Process optimization is another factor to consider because through stricter controls, checks and balances and the use of advanced technology you are assured that your company’s fiscal requirements are met. The use of Six Sigma, Kaizen and lean management techniques ensures not only are outsourcing processes continuously improved but also that the benefit is transferred to their clients. 

Outdated tools and technology may be ineffective in the long run making it difficult to report numbers after the facts, let alone in real time. Without updated tools and F&A technologies, your business is prone to miss deadlines, commit mistakes, devise ineffective strategies, and remain in business stagnation. Having updated software (i.e. Quickbooks, Geneva, etc) fills up any finance and accounting requirements needed for your business to grow. Make sure to get the tools that have features fit for your current business needs.

This is another trait to look for in an outsourcing company because technology and processes are ever-changing and evolving. A great partner understands this need and is responsible for making sure that their clients are updated and not outdated.

3. Established Information Security

Simple firewalls and antivirus software as your company’s sole security measure may not be enough to outmaneuver data risks and security threats. Underestimating the importance of information security, especially in this digital age can put your business in jeopardy, especially your financial information. One of the most important and private data that should be kept secure is a company’s financial and accounting records; those that contain business assets, budget, and revenue. A compromised book allows hackers to take advantage of your business’s financial assets.

A great F&A BPO is ISO 27001:2013 and ISO 9001:2015 certified and General Data Protection Regulation (GDPR) compliant because they know the importance of data security. Aside from that, they also have internal Information Security in place to ensure that their team members and their internal processes are adhering to protecting their clients’ records and books.

4. Cost Savings

One major advantage of outsourcing is its cost-saving opportunities. You can cut down operational costs in recruitment and hiring, training, office space, utilities, and even hardware and software needs of your business because your outsourcing partner will take care of those things at a more affordable cost with efficiency and quality in the work. After all, they are already experts in that trade.

Despite the cost savings, the right outsourcing partner can still build you a great team of experts because they have access to world-class talents at a more cost-effective rate.

5. High Net Promoter Score

Net promoter score helps businesses gauge the quality of the customer service offered by outsourcing companies. Organizations can use NPS to assess which outsourcing service is best to partner with because this score shows loyalty trends and growth revenue outputs.

In a way, NPS represents the primary way customers survey their experience because it means that their clients are happy which results in customer loyalty and retention, making this a critical trait a BPO company should have. When used correctly, NPS (of at least 60%) can tell you how well the BPO is performing, how often they resolve issues, and if their clients are satisfied with their experience.

All these qualities and more can be found with the right outsourcing partner who can provide customized, high-quality F&A business solutions that can promise the following:

• Operational excellence
• Build a great F&A team specifically designed for your unique needs
• Operational cost savings of up to 70%
• Accuracy and quality
• Timeliness in submission
• Information and data security
• Sense of security and peace of mind

Infinit-O is the trusted customer-centric and sustainable leader in Business Process Optimization to Small and Medium businesses in the Financial Services, Healthcare and Technology sectors by delivering continuous improvement through technology, data and people.