What Do You Gain From Outsourcing Your Procure To Pay Processes?

Posted on 02/02/2017

One of the most popular and favorite segment that is Outsourcing Your Procure To Pay Processes or Accounts Payable processes. It’s pretty simple, why companies do that- P2P processes are completely a transnational one, hence most of the companies would like to free up the time and resources engaged in the P2P process and engage them more in strategic planning for their growth and development. Not only do the companies benefit from the labor arbitrage but also the accessibility to technology, reduced costs, and improved controls.

Accounts Payable - Velan Bookkeeping Services

In the below section we can go through each benefit extensively:

Data digitization & indexing

The need for paper based records have gone down exponentially. Yet there are firms that still operate based on the paper records. BPO companies help you in not just going paperless, but also gain access to your records easily and if you and the BPO have any time difference, you may also have the availability of the records all day every day. BPO companies will extract and index the information of the P2P process and make it available to you.

 

Improved control

When companies decide to outsource there’s this doubt that every business owner gets at some point in time. Companies are usually skeptical about how they can access their data and check how the service provider performs. Firstly, it is totally up to you to decide the processes to be outsourced. Secondly, BPO companies today employ the advanced technology available to maintain all the operations online. In case something is amiss, the parent company can always raise the issue with the concerned managers. This lets them have complete control over the processes outsourced.

 

Leverage labor and technology

A good BPO company will ensure that they employ professionals who are proficient in the given field. This gives the parent company a labor arbitrage. Not just employees, outsourcing companies also ensure that they are up-to-date with the latest technology and this gives the parent company to access all the technology available and stay ahead of their competitor companies. They have employees and technology in hand, which often happens to be the go-to point for the parent companies and the benefit the parent company reaps is enormous.

 

Increased operational efficiency

On one hand, most organizations involving P2P or Accounts Payable deal are the standardization and efficiency lack. On the other, there are these outsourcing companies who focus solely on increasing the operational efficiency of the clients by standardizing and continual improvement of their processes. They will observe your Accounts Payable metrics and revert to you with the report on Key Performance Indicator, which includes the accuracy of the job done, and the time of payments. With these data, you will be able to reduce the problems and exploit opportunities.

Note: It is sensible to outsource to companies that abide by any quality standards like ISO just to ensure that you are delivered with quality work.

 

Concentrate on core competencies

Basically, when you outsource your Accounts Payable or Procure to Pay processes, you will have ample time to concentrate on your core competencies. The skilled professional, who were initially frittering away time doing some data processing work can devote their talent and time on their core competencies that can develop the business and ensure the growth of your organization.

 

Should you wish to outsource your Procure to Pay / Accounts Payable processes with the above said qualities, visit www.velan-bookkeeping.com or contact Joyce at +1-516-717-2049.

Topics: Accounts Payables

7 thoughts on “What Do You Gain From Outsourcing Your Procure To Pay Processes?

  1. I just couldn’t depart your web site prior to suggesting that I really loved the usual information a person supply on your guests? Is gonna be back ceaselessly in order to investigate cross-check new posts

  2. Hey! This is my first comment here so I just wanted to give a quick shout out and say I really enjoy reading your articles. Can you suggest any other blogs/websites/forums that cover the same topics? Thank you!|

  3. Hello there! I know this is kinda off topic however I’d figured I’d ask. Would you be interested in trading links or maybe guest writing a blog post or vice-versa? My website goes over a lot of the same subjects as yours and I believe we could greatly benefit from each other. If you happen to be interested feel free to shoot me an e-mail. I look forward to hearing from you! Terrific blog by the way!

  4. I’m not sure where you’re getting your info, but great topic. I needs to spend some time learning much more or understanding more. Thanks for fantastic information I was looking for this information for my mission.

Leave a Reply

Your email address will not be published. Required fields are marked *