What finance and accounting processes are commonly outsourced?

OABPO Blog Team Published on May 13, 2014

finance-accounting-staff-collaborating-ideas
All-around outsourcing firms like Open Access BPO expand by penetrating new markets such as the finance and accounting industry. Clients planning to outsource services under this trade must know the main end-to-end processes that offshore companies can help them handle.

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The financial services industry is one of the biggest markets that Philippine-based business process outsourcing (BPO) firms cater to. In fact, a large portion of customer service and technical support outsourcing services today are under financial service accounts.

This only goes to show that the finance and accounting market shapes the country into a finance BPO hub, especially because this market holds a significant share of the local outsourcing sector.
Services under this market are subcategorized under these three end-to-end main processes:

โ€ข Order-to-cash process

Also known as OTC or O2C, order-to-cash services involve receiving and processing customers’ requests to purchase products or services. The orders are commonly received through voice or non-voice channels (e-commerce store, email, fax), as well as via direct transactions with a sales person. Usually completed through sales representatives, order-to-cash is classified under the customer care branch of business process outsourcing.

โ€ข Record-to-report process

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Firms with record-to-report or R2R solutions provide financial, strategic, and operational feedback to help a business understand how it is performing. R2R involves the steps needed in preparing and reporting a company’s overall accounts, which are stored in a ledger.

โ€ข Procure-to-pay process

Procure-to-pay or P2P is the automated process of gathering and managing the raw materials needed for providing services or producing goods. It makes use of the transactional flow of information sent to the outsourcing client and other bits of information needed to fulfill the customers’ requests to process an order. Since P2P activities must be seamless, this process largely relies on technology for accuracy.

Under these main processes are more specific finance and accounting services that businesses of any size and industry can outsource to top offshore destinations like the Philippines. In the coming days, we will enumerate some of those services and explore their benefits to the industries they serve.

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Open Access BPO 7 days ago
For global businesses, #outsourcing has evolved beyond a cost-saving measure into a strategic pillar for building true business resilience.

๐—” ๐—ฟ๐—ฒ๐˜€๐—ถ๐—น๐—ถ๐—ฒ๐—ป๐˜ ๐—ผ๐—ฟ๐—ด๐—ฎ๐—ป๐—ถ๐˜‡๐—ฎ๐˜๐—ถ๐—ผ๐—ป ๐—ถ๐˜€ ๐—ผ๐—ป๐—ฒ ๐˜๐—ต๐—ฎ๐˜ ๐—ป๐—ผ๐˜ ๐—ผ๐—ป๐—น๐˜† ๐˜„๐—ฒ๐—ฎ๐˜๐—ต๐—ฒ๐—ฟ๐˜€ ๐—ฑ๐—ถ๐˜€๐—ฟ๐˜‚๐—ฝ๐˜๐—ถ๐—ผ๐—ป๐˜€ ๐—ฏ๐˜‚๐˜ ๐—ฎ๐—น๐˜€๐—ผ ๐—ฎ๐—ฑ๐—ฎ๐—ฝ๐˜๐˜€ ๐—ฎ๐—ป๐—ฑ ๐—ฒ๐—บ๐—ฒ๐—ฟ๐—ด๐—ฒ๐˜€ ๐˜€๐˜๐—ฟ๐—ผ๐—ป๐—ด๐—ฒ๐—ฟ.

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Open Access BPO 22 days ago
Disasters can happen at any time. So, if you're thinking about #outsourcing to a #CallCenter.

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Open Access BPO 25 days ago
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Open Access BPO 26 days ago
Boosting agent #productivity and #satisfaction is a critical strategy for increasing efficiency in #CallCenters.

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Open Access BPO 27 days ago
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Open Access BPO 28 days ago
๐—ข๐—ฝ๐—ฒ๐—ป ๐—”๐—ฐ๐—ฐ๐—ฒ๐˜€๐˜€ ๐—•๐—ฃ๐—ข ๐—ฃ๐—ฟ๐—ถ๐—ผ๐—ฟ๐—ถ๐˜๐—ถ๐˜‡๐—ฒ๐˜€ ๐—˜๐—บ๐—ฝ๐—น๐—ผ๐˜†๐—ฒ๐—ฒ ๐—ช๐—ฒ๐—น๐—น๐—ป๐—ฒ๐˜€๐˜€ ๐˜„๐—ถ๐˜๐—ต ๐—ก๐—ฒ๐˜„ ๐—Ÿ๐—ถ๐—ณ๐—ฒ๐˜€๐˜๐˜†๐—น๐—ฒ ๐— ๐—ผ๐—ฑ๐—ถ๐—ณ๐—ถ๐—ฐ๐—ฎ๐˜๐—ถ๐—ผ๐—ป ๐—œ๐—ป๐—ถ๐˜๐—ถ๐—ฎ๐˜๐—ถ๐˜ƒ๐—ฒ

Multilingual call center ๐Ž๐ฉ๐ž๐ง ๐€๐œ๐œ๐ž๐ฌ๐ฌ ๐๐๐Ž has launched its largest employee wellness program, ๐—ฆ๐—›๐—œ๐—™๐—ง: ๐—”๐—ป ๐—ข๐—”๐—•๐—ฃ๐—ข ๐—Ÿ๐—ถ๐—ณ๐—ฒ๐˜€๐˜๐˜†๐—น๐—ฒ ๐— ๐—ผ๐—ฑ๐—ถ๐—ณ๐—ถ๐—ฐ๐—ฎ๐˜๐—ถ๐—ผ๐—ป ๐—ฃ๐—ฟ๐—ผ๐—ด๐—ฟ๐—ฎ๐—บ.

The three-month program was launched July 30 at the company's Robinsons Summit Center HQ in Makati, with a live stream to its Davao and work-from-home teams. According to Senior Director Nate Martinez, SHIFT focuses on a holistic approach to fitness and nutrition to promote lasting lifestyle changes.

The initiative, which stands for ๐’๐˜‚๐˜€๐˜๐—ฎ๐—ถ๐—ป๐—ฎ๐—ฏ๐—น๐—ฒ ๐‡๐—ฒ๐—ฎ๐—น๐˜๐—ต ๐—ฎ๐—ป๐—ฑ ๐ˆ๐—ป๐˜๐—ฒ๐—ด๐—ฟ๐—ฎ๐˜๐—ฒ๐—ฑ ๐…๐—ถ๐˜๐—ป๐—ฒ๐˜€๐˜€ ๐“๐—ฟ๐—ฎ๐—ป๐˜€๐—ณ๐—ผ๐—ฟ๐—บ๐—ฎ๐˜๐—ถ๐—ผ๐—ป, aims to help employees in the business process outsourcing (BPO) industry build healthier, sustainable habits.

Company Nurse Princess Ann Louisse Pascual provided a detailed overview of the program, emphasizing its goal of long-term wellness rather than just short-term fitness goals. Nurse Supervisor Shania Semper also highlighted the importance of health and wellness within the BPO industry.

The company anticipates this investment in wellness will lead to a more productive, engaged, and healthier workforce.

This initiative is a testament to the company's commitment to building a supportive, people-first culture, with the goal of fostering improved employee well-being, morale, and overall performance.

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