How to improve the efficiency of financial processes



How to improve the efficiency of financial processes

BPO - Business Process Outsourcing can be an important support for business by proposing an expert perspective on finances

By Fernanda Bilbáo

In a scenario like this current one, in which everyone is immersed in economic uncertainties and doubts about the possible consequences of the pandemic, companies face pressure to optimize processes and costs. The financial organization and the ability to analyze opportunities, more than ever, represent competitive differentials.

The data from the Ministry of Economy show that in the second quarter of 2020, 1,114,233 companies were opened, while other 331,569 were closed. Many are the reasons for the closure, whether by the impacts of the pandemic or by management issues. In this context, BPO - Business Process Outsourcing can be an important support by offering an expert perspective at finance.

Implementing improvements to financial management

Something common and that occurs in companies of various sizes is a lack in the organization of the financial routine. Many of them are unaware of essential practices for the dynamics of the area, which influence the control of deadlines, schedules, projections and, in general, the performance of finances.

Some processes in which it is usually possible to implement improvements based on the performance of BPO are as follows.

Control of company and project’s cash flow

It is utmost to map cash inputs and outputs to understand the origin and destination of funds and the deadlines that must be met to avoid penalties and interest. This analysis can lead to identification of expenses to be eliminated, highlight the existence of a balance intended for investments, or indicate the need to improve the planning.

Experience has shown that many clients have difficulties in scheduling the receivables, for example. This is usually an issue that may be improved with confidence in the agents who will support the company in the financial processes.

Aging report

As this report lists what each client has payable or what is payable to each supplier, all deadlines are easier to track and consequently optimize controls and improve planning.

Monitoring of banking operations

Having accurate information is a key factor in assessing the financial picture. Net assets need to be monitored so that they can meet more immediate commitments or allocate resources for applications.

Technology and digital document management

Currently, the financial control is also based on technology for more dynamism and information security. DPC, for example, has been adopting exclusively the digital medium to ensure more agility, traceability, and efficiency in the client’s operations, who can always count on objective and updated data, in a practical and safe way.

In order to respond to the fastest rhythm of demands, it is also important to rely on software, process automation and platforms that facilitate the integration of financial and banking data.

Multidisciplinary work

At DPC, this is one of the differentials. Professionals from the financial, accounting and fiscal areas act in an integrated way, being at the client's disposition to guide the management in these points, in accordance with the business objectives.

Indicators’ management

The evaluation of results must be measured by indicators established according to the strategies of each business, which reflect the reality and assist in decision-making. In this sense, financial reports are important to supply the company with reliable information that will contribute to reaffirming attitudes or changing directions.

Why considering the Financial BPO?

The financial control routine requires specific knowledge and requires excessive hours from the internal team. This is where the outsourcing of business processes presents itself as a good option for companies interested in counting on specialized support to increase operational efficiency and optimize costs.

    Among the BPO benefits, the following can be listed:

    • Relying on updated experts to adopt financial practices adjusted to corporate objectives;

    • Adjustment of costs and investments to business strategies;

    • Increased efficiency of financial processes for more agility and performance;

    • Employment of high technology and the best practices for information security;

    • Access to financial data and reliable indicators for insights and decision-making.

Initial diagnosis and development of BPO work

When starting the BPO, the specialized partner must propose a complete diagnosis to identify the needs of the service provision, of eventual failures in the process and of bottlenecks that may be compromising the performance. Based on this mapping, the team working in the BPO prepares a plan to indicate practices that lead the client to increaser in efficiency.

The development of this work is related to the management activities. Therefore, on a day-to-day basis, it will be necessary to establish a strong partnership and interaction between internal agents and outsourced agents, who will need to remain in tune to achieve the business objectives.

Support for all phases of the business

DPC works side by side with the client, comprehending their moment, projects and needs to outline appropriate solutions. The financial BPO presents proposals that always meet the advised demands, according to the objectives and the level of development of the business, whether in opening processes, supporting economic growth and expansion or in overcoming challenges imposed by the market and economic scenario.

How DPC may help your company?

Domingues e Pinho Contadores has specialized team ready to assist your company.
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