Key F&A teams to Outsource in the New Normal

As the global economy continues to reel from the impacts of the COVID-19 pandemic, business owners had to make important decisions including what measures to take to guarantee the safety of their employees while still maintaining business continuity for their customers, and the overall financial health of the company.

In doing so, it is best to be guided by a team of finance and accounting professionals that will make sure to help put the company in the best position to overcome the current situation and prepare for what’s more to come in the future. While building an F&A team inhouse is an option, outsourcing these functions weigh more when it comes to added benefits, which includes cost-efficiency, scalability, and access to expert talent and the latest industry technology.

In outsourcing your F&A services, here are 4 functions you should prioritize:

Financial Risk Management

The unpredictability of the current economic environment brought about a shift in priorities when it comes to finance functions. According to a global study conducted by the Institute of Management Accountants, the largest increase in finance function priorities is seen in risk management, with nearly half (43.7%) of companies spending more time in this area.

Having a risk management team can provide useful advice on the potential risks to a company’s sustainability and profitability in the new normal. And in the case of finance and accounting challenges (i.e. error in computation, invalid bookkeeping, wrong calculations), they already have a plan of action to reduce and mitigate risk, and avoid bigger losses.

Accounting

Financial issues are surely one of the problems business owners are currently facing in line of the pandemic. A company can benefit from the expertise of a competent accountant such as CPAs, Fund Accountants, etc is to analyze and evaluate its financial situation and recommend the right set of tools and solutions to recover business operations during and after a business crisis. Moreover, accountants just like risk managers, can guide you in creating a clear financial plan for the future to drive success to your company.

Bookkeeping

As companies work to increase their revenues after incurring losses in the past few months, bookkeepers are essential to keep a record of all receipts, payments, and other financial transactions as well as to prepare cash flow statements and financial reports. Bookkeepers are also responsible for issuing invoices, paying accounts on behalf of the company, performing payroll administration duties, and filing tax returns. These responsibilities make bookkeepers essential in business recovery as they ensure that your employees are getting paid on time and that your expenses and income are on track amid crises.

CFO Services

Lastly, companies that are looking to not just survive but thrive in the new normal can use the help of outsourced CFO services. An outsourced CFO gives expert assistance to business owners who are having issues on cash flow, raising capital, solving tight margins, and implementing more efficient systems among others.

Now that you have an idea what F&A services to outsource, it’s time to look for an outsourcing partner that can cater to the unique needs of your company.

Partner with a company with >60 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.

Look for a trusted outsourcing company that can help you build a dedicated F&A team that has: