The COVID-19 outbreak has had deep implications on businesses & economies around the world. The frequent supply chain disruptions & movement restrictions have affected businesses of all sizes & types.
As the world returns to a new normal, business owners also face a whole new set of challenges and post-COVID business recovery finds the top spot in the list of current priorities. Let us explore some of the key ways in which finance & accounting business process outsourcing can help your business achieve post-COVID business recovery.
1) Cost savings: Reducing the cost of operations has traditionally been one of the key reasons for businesses to take the outsourcing route. The business disruption caused by COVID-19 has made cost savings more important than ever before, especially for businesses that have seen their revenue drop significantly during this period.
Finance leaders are now looking to tackle the high costs involved in F&A functions business process outsourcing. A successful outsourcing project can help companies achieve 30-50% cost savings, resulting in additional funds that can be invested in core activities.
2) Access to skilled professionals: Finance & accounting involves highly specialised functions that require specific skillsets. As a result, the entire industry has long been dealing with high costs & talent pool limitations, making it prone to staffing issues. The COVID-19 outbreak has only added to the troubles, exposing the vulnerabilities further.
Finance & accounting business process outsourcing allows businesses to add resilience to their organisation and future-proof their operations with a global team of highly skilled professionals. The fluid nature of teams established through outsourcing also allows businesses to sail through business peaks & troughs.
3) Smart automation solutions: Technology has long been seen as a key component in defining the future of finance & accounting. At a time when businesses are left with no other option but to think outside of the box, the role of technology takes the centerstage.
The expertise F&A BPO providers can go a long way in helping companies identify the scope of modernisation, based on their specific business scenario & challenges. An experienced BPO partner can also play a critical role in building customised tech stacks & ensuing seamless migration to new systems.
4) Process optimisation & reengineering: Many organisations, across industries, continue to rel on age-old, legacy F&A systems practices. Not only does this make F&A a task the required a lot of manual effort and high cost of operations, but also puts companies at the risk of costly inefficiencies & discrepancies. In the post-COVID world, businesses will look at making their finance teams a lot more agile and that is exactly where finance & accounting business process outsourcing can play a key role.
An experienced F&A BPO partner can help a business transition from age-old to modern methods through process optimisation & best practices implementation. This reengineering of processes can bring about finance transformation by leading to increased efficiency & improved accuracy.
5) Effective business insights & reporting: Owing to time & resource constraints, many financial teams often end up wasting the potential of financial data altogether. Modern business owners, on the other hand, expect these teams to leverage financial data to generate insightful business reports & drive growth.
As businesses look to navigate through post-COVID recovery, accurate & timely reporting has become more important than ever before. A reliable finance & accounting business process outsourcing partner provides on-time financial reports through interactive dashboards. This financial data can help onshore teams take better informed strategic decisions & drive organisational growth.
As businesses gear up to face an array of challenges in the post-COVID world, a company’s finance & accounting function can go a long way in determining business performance. An experienced finance & accounting business process outsourcing partner can provide companies with much-needed support through this transformation phase.
QX is a UK-based company with more than 17 years of industry expertise in serving clients across industries like recruitment, student accommodation, healthcare, breweries and manufacturing, amongst others. We offer a range of highly customisable P2P, R2R & O2C services that can help your company achieve your post-COVID business recovery goals. Contact us to know more about our services & set up a free, no-obligation consultation now.