If you have doubts about how to choose a system for financial BPO , know that this is common for those who are starting to offer financial outsourcing services.
After all, faced with several options, it is difficult to know which one is the most suitable and advantageous for your business. However, knowing the criteria that you can use in your choice will make it easier to make that decision.
So, we prepared this content with tips on how to choose the best system for financial BPO, in addition to talking about the main functions and advantages of this type of tool.
What is financial BPO, anyway?
BPO is the acronym for Business Process Outsourcing , which means is Business Process Outsourcing.
In the financial context, this refers to the outsourcing of a company’s financial activities to a specialized service provider. Thus, the tasks that financial BPO can perform include:
- Management of accounts payable and receivable;
- Cash flow control ;
- Issuance of invoices;
- Generation of collection slips;
- Bank reconciliation .
What is the difference between financial BPO and accounting?
Although accounting firms can also offer financial BPO, there are differences between the two services.
Traditional accounting focuses on ensuring compliance with the business’s tax and fiscal obligations. In practice, this occurs by keeping accounting records and calculating taxes in accordance with the legislation.
The BPO service absorbs tasks from the financial sector, eliminating the need for the company to hire internal labor.
But, as we mentioned, the same company or professional can offer both services. In other words, it is possible to take care of accounting and provide financial BPO for the same client.
What is a system for financial BPO?
A financial BPO system refers to a platform, application or program which facilitates BPO firms to take care of the financial dealings of their clients.
It is meant to automate functions, eliminate errors, boost productivity, and give extensive information about customer finances.
Therefore, the features of a BPO system may include:
- Scheduling accounts payable;
- Accounts receivable control;
- Automated issuance of bills and invoices;
- Cash flow management;
- Generation of management reports;
- Integration with other systems (ERPs and accounting software, for example).
Benefits of the financial outsourcing system
We can mention the main benefits of using a system for financial BPO:
- Increased productivity : process automation reduces time spent on manual tasks;
- Error reduction : automation and integration with other systems reduce the chance of human error;
- Clear view of finances : Detailed reporting and centralized dashboards provide a clear, up-to-date view of client finances;
- Improved decision-making : With accurate and up-to-date information, it is easier to make strategic decisions for customers.
How to choose the best system for financial BPO?
Now you can check out the criteria that will help you decide which financial BPO system is best for your business:
Features
Evaluate which features are essential in a financial BPO system. To do this, consider the profile of the customers you serve and their specific needs.
In general, you should analyze what features the system has to automate tasks and processes. Also evaluate how easy it is to consult indicators and generate reports.
Cost
After making an initial selection based on features, it’s time to compare prices. So, evaluate the cost of the subscription or license, while also considering the advantages of each option.
Usability
A system with an easy-to-use interface improves staff adoption and eliminates lengthy training.
Also check whether the company providing the financial BPO system offers quality technical support and informative content.
Reputation and Customer Support
Study other customers’ views on the system and the supplier company. To accomplish this, you can search for customer reviews on consumer websites and social media. The same applies to the quality of customer service, which needs to be flexible, effective and humanized.
Integration
See if the financial BPO system allows integration with other tools and systems, considering the solutions already used by you and your clients.