With the ongoing success of remote work environments, organizations have begun to capitalize on the fact that they no longer need in-house teams to handle their month-end financial close. This is leading to an increase in the adoption of business process outsourcing (BPO).
BPO was a $60 billion industry in 2019 and is expected to grow by another $40 billion by 2025. With that much potential, BPOs like yours must be prepared to meet the challenges that could hinder your ability to scale.
There are four primary challenges to any financial BPO or consulting organization:
- The ability to quickly respond to the needs of their customers
- Selecting the right technology that allows you to communicate effectively
- Collecting and aggregating customer data quickly and accurately
- Keeping costs at a minimum
In addition, organizations that outsource their accounting have certain expectations when it comes to working with a BPO:
- They expect security to be at the same level as their organization.
- They want to maintain visibility, especially if they’re giving away all their data.
- They want reassurance that the BPO can perform the month-end financial close more efficiently than they can in-house.
With the Adra® Suite by Trintech, not only do we help you exceed these expectations, but we help you face your financial challenges head-on so you can deliver exceptional month-end close solutions to all of your clients.
1. Responding to Clients’ Financial Close Needs
In today’s global economy, your potential clientele isn’t just across town. They can be anywhere in the world which means you have to be capable of delivering your accounting services to a variety of markets and industries.
With Adra’s localization functionality, you can set your solution to reflect any ISO currencies for reconciliation so you can maintain foreign accounts in any currency. Plus, Adra offers software versions and local support in Norwegian, Swedish, and Japanese so overseas markets are easier to break into.
With financial close automation, your business process outsourcing organization can more easily and accurately adapt to clients, regardless of their changing needs. Learn how one of our BPO clients, Auxis, gained more transparency into their clients’ close process here.
2. The Right Accounting Software Technology
Omnichannel communication — the ability to connect with clients seamlessly regardless of the channel they use — guarantees that no matter what technology solutions your clients choose to utilize or how many clients you have, you still have the ability to receive and process accounting data.
Adra supports connectivity with more than 95 different ERP solutions. This means your business processing outsourcing organization is agnostic when it comes to your customer’s choice of the financial software solution.
Regardless of the originating source, their data can be exported into Adra and converted into .csv or .xls files so you can process their financial close more efficiently.
Additionally, every time you import data into Adra, you can create an exportable journal entry that goes back to your client. You can also provide them with viewable access to your dashboards so they maintain real-time visibility into their close while you’re still processing their data.
3. Collecting and Aggregating Client Financial Close Data
If an organization commits to a manual month-end financial close, the reality of their cycle time is 15-20 days. This doesn’t give them any time to work on value-added tasks as the next cycle begins as soon as they check off the last box on their clipboard.
When a client brings your BPO in to handle month-end close, it’s assumed you can do it faster and cheaper than they can. By utilizing Adra, you can import the data sets directly from the source so that there are no mistakes with data entry.
BPOs typically have individuals working with different organizations simultaneously. Adra keeps the data sets separated into their specific accounts while allowing team leads or controllers the visibility to review all the accounts for roadblocks that might delay any closes.
If the time saved collecting and aggregating data doesn’t sell financial close automation to your business process outsourcing organization, tune into our webinar to uncover how you can build a more robust business case for an automated accounting solution.
4. Cost Containment of Accounting Activities
While CFOs generally don’t focus on care about the day-to-day operations of their finance and accounting teams, they do prioritize care about one thing: – keeping costs down. BPOs solve that challenge by providing the organization with an alternative accounting solution. By outsourcing their accounting, they reduce the need to increase payroll or benefits to bring on additional staff.
For the accounting business process outsourcer, Adra’s financial software features many solutions specifically designed to reduce time to close, and therefore, cost to close.
- Adra Task Manager streamlines internal processes and reduces risks.
- Adra Balancer reduces errors by eliminating repetitive tasks.
- Adra Matcher automates your transactions for more accurate and reliable data.
- Adra Analytics gives you real-time visibility into various accounts.
By utilizing Adra, BPOs can also review their internal processes to locate areas in need of improvement. This helps prevent bottlenecks before they occur and streamlines internal processes from month to month so they complete each client’s month-end financial close more efficiently and quickly.
Reach out to schedule a free demo so you can see firsthand how Adra can help your business process outsourcing organization scale through more efficient financial close processes.