Have you ever heard of BPO Financier? Before we talk more about BPO, we can say that the care and attention that every company, regardless of its size, needs to pay to its finances seems to be essential for the health of the business. However, especially for small businesses, ensuring efficient financial management is not that simple.
Even because these entrepreneurs, in the rush of everyday life, are unable to carry out this management satisfactorily or even are not properly prepared to carry it out and because they do not have a financial administrative structure focused on the issue, they run the serious risk of compromising their business.
But the solution to the problem is closer than you think. Did you, an entrepreneur, know that it is possible to outsource all of your company’s financial management? It’s BPO Financeiro . This is the subject of this post, where you will discover how this outsourcing works and how to hire it.
What is Financial BPO?
Maybe think about the ideal solution to your financial management problems: that’s more or less what Financial BPO is. The acronym itself comes from English and stands for “Business Process Outsourcing”. Translated literally, it would be Business Process Outsourcing or Process Management Outsourcing.
And that’s it, Financial BPO means outsourcing your company’s financial management. In short, he will be responsible for all financial management of your business and can also absorb all accounting activities, since they are, in a certain way, interconnected.
This BPO Financier solution is mainly recommended for small and medium-sized companies, where work teams could even be freed up for other more strategic business functions.
By using BPO, the entrepreneurial manager would be free to guarantee the effective management of his business, knowing that the financial aspects would be properly handled and thus guaranteeing the health of his company’s finances.
Financial BPO: meaning
The idea is to outsource everything that is directly, or even indirectly, related to the company’s finances. Thus, control of accounts payable and receivable, cash flow management, issuing invoices, among others, are now outsourced through offices focused on financial management.
From there, the manager will receive reports to analyze indicators and in this way will be able to monitor, in due time, the entire financial health of his company: costs, expenses, payments, receipts, cash and much more.
It is worth noting here that this entire outsourced process is not done manually. BPO Financier makes use of specialized software and systems that automate the entire process. Seen from this side, it is more reliability in the processed data.
Reliable data is also more accurate data, which favors decision-making by the company manager.
In practice: how to do Financial BPO?
Every company has its own identity. Along with this identity, there are different processes and needs and the financial BPO needs to understand and adapt to these services that will be effectively outsourced.
Briefly speaking, how to do Financial BPO is very simple: it will reconcile all the inflows and outflows of the company’s financial values more effectively. This means that the BPO will be managing all supplier payments, tracking accounts payable and much more, through an appropriate financial management system.
Payroll, for example. It is, without a doubt, a demand that takes up a lot of the company manager’s time. The BPO will also operate in this segment, in addition to issuing invoices.
Check below what can be outsourced through BPO in practice:
- Bills to pay and receive;
• Management of employee payroll;
• Bank reconciliation;
• Company billing routines;
• Management of accounting reports and analyses.
• Tax and tax monitoring, among others.
It is also important to mention that you should not confuse BPO Financeiro with an accounting office, as both have different functions and provide different results for your business. BPO can even help your company to react financially in times of crisis, increasing and/or maintaining its revenue.
And it operates well beyond an accounting office, as it presents itself as a service with strategic advantages for your business, carrying out processes such as management accounting, budgeting, forecasts, financial and even accounting analyses.
The Benefits of having a Financial BPO
There are many benefits of having a Financial BPO and we will mention 3 of them. However, the most important thing about implementing this solution is the fact that it allows managers the possibility of focusing exclusively on what really matters to the company: the best development of their products/services and good relationships with their customers.
Benefits:
- Possibility of increasing productivity
The manager, by concentrating his efforts on approving payments, cash analysis, etc., in just 1 or 2 moments a week, will have all his work optimized and, with this, he will save a lot of time reduce workload.
With this, the entire team will have a significant increase in productivity, that is, less bureaucracy and better final results. Focus on what really matters. - Cost reduction
this is what every manager likes to hear. And the cost-benefit ratio here is very easy to understand. The entire investment put into hiring a Financial BPO will be immensely smaller than, for example, assembling, training and managing a team that is specifically focused on the company’s finances. - Zero absences. 100% dedicated team
it’s a problem that every manager faces, in different sectors of the company: what to do when an employee goes on vacation, for example, and causes staff to be absent? Not only on vacation, this person can get sick, disconnect and many other reasons for absence.
Furthermore, imagine losing an employee, for whatever reason, who has already been trained and qualified for that role. Replacing it, quite simply, is not enough. Yes, every manager faces this type of problem in various sectors of the company, but in the financial sector, this can create a serious imbalance in finances.
With financial BPO you will not run this risk, quite the opposite, as the contracted company will be 100% focused on your business’s finances.
The Disadvantages of BPO
While there are many advantages of BPO, there are also disadvantages. A company that outsources its financial processes may be subject to data leaks or have communication issues that delay project completion, and these companies may underestimate the operational costs of BPO providers.
Special Considerations
Companies are often attracted to BPO because it gives them greater operational flexibility. By outsourcing non-core functions, companies can reallocate time and resources to core competencies such as customer relations and product development, ultimately resulting in advantages over competing companies in their industry.
BPO gives companies access to innovative technology resources that they would not otherwise have exposure to. BPO partners and enterprises constantly strive to improve their processes by adopting the latest technologies and practices.
BPO also offers businesses the benefits of fast and accurate reporting, improved productivity, and the ability to quickly allocate their resources when needed.