Have you ever heard of BPO? Or better, of Financial BPO? Do you know what it is? In today's blog we will not only answer the above questions, but also list a number of benefits that this service can bring to your company. So, read on to find out how to boost your business with GAAP.
What is Financial BPO?
BPO stands for Business Process Outsourcing. In English, this means outsourcing the management of a certain process. In other words, BPO is about hiring an outsourced company to manage any system of the company in question. Therefore, Financial BPO is about the outsourced financial management and accounting activities of a business.
What is a Financial BPO for?
Hiring a Financial BPO adds the necessary experience to perform the financial management of a company that has a reduced team or does not have a specific person responsible for this sector.
In cases like this, employees are often driven to perform time-consuming and manual labor-intensive activities, which ends up hindering their focus on other development strategies for the team and the enterprise as a whole.
The job of Financial BPO is to identify which activities have outsourcing potential in order to meet the customized needs of each company.
Thus, among the main activities of a Financial BPO we can list:Daily reconciliation of all business inputs and outputs;
- Management of supplier payments;
- Posting of accounts payable on the financial management platform;
- Payment scheduling;
- Cash flow elaboration
- Indicator management;
- Credit analysis;
- Document management;
- Issuance of invoices;
- Performing the payroll of the employees.
Even more, an excellent Financial BPO can help with indicators of the company's development and points that deserve attention.
Who can outsource this service?
Especially for small businesses it is common for financial management to be the responsibility of one of the partners. Financial BPO can be interesting in this scenario, since occupying one of the most important people in the company with financial issues can impact the company's growth.
If you run a startup and are still in the product or service validation phase, it may be that your team is still small and each new hire involves a lot of bureaucracy and impacts the business.
In the meantime, outsourcing the financial sector can be a cheaper and much more efficient alternative, counting on a team of specialists with vast knowledge at your disposal, who can also help with metrics and information needed for meetings with potential investors.
Benefits of Financial BPO
As seen above, the advantages of hiring a Financial BPO are many. Among its activities, it is surprising how beneficial outsourcing your company's financial management can become. So, if we haven't convinced you to get this service yet, here's a pretty convincing summary of the reasons why to do so:Increased productivity;
- Cost reduction;
- Specialized team;
- Best practices for financial processes;
- Support for strategic business management.
GAAP Auditores & Consultores works with the best in the market in technology for Financial BPO, including reduction of expenses with software and personnel, qualified system and with security before LGPD, agility in the processes and automatic integration with the accounting and tax process.
With a team of experienced professionals, trained and dedicated to assisting companies in improving their management controls, GAAP is one of the national and international references of efficiency and quality in the segment of outsourcing accounting, tax, personnel department and corporate services.
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