Financial BPO: what it is and the advantages of adopting it in your business

In an increasingly competitive market, those who are better prepared will achieve a different level in relation to their competitors. Attention is doubled in this current scenario that we are living in, with an economic crisis generated by the health crisis experienced by the world. And we know that the external environment has a direct impact on the internal results of companies. Whether it is through reduced sales, difficulties in payments due to the high cost of suppliers and charges.

And because of this situation, companies need to reinvent themselves and look for alternatives that help them achieve results, whether through cost reduction or commercial alternatives to boost sales. We have seen countless companies adapting their way of working, such as restaurants, which started working with a delivery system, companies seeking to reduce costs with charges, outsourcing areas of the company, directing teams to work from home.

So, let's talk about Financial BPO . An alternative that has generated many results for countless companies and is already a common practice in the market, but now being carried out in a slightly different way. Let's go!?

What is Financial BPO?

It's a common and not so new practice, but it has taken on a different look, combining experience, standard processes and the famous “home office”.

This way, you can count on a team of professionals with extensive know-how to help you with your financial decisions, allowing the entrepreneur to have time to dedicate to their business.

So Financial BPO means having a team of professionals who will handle my financial tasks without needing to be here at my company?

That's right!

How does Financial BPO work?

The financial BPO routine is very humanized, with processes in full communication and in a dynamic manner with those responsible for the company or the professionals assigned to monitor the financial activities. This is because there is no need for close contact without being close to the company on site.

And how will the activities work?

With broad dynamic communication, a standard process of financial activities is created based on the segment and the reality of the company. This standard is only possible with the completion of a business diagnosis, in which it is possible to map current financial operations.

Once this is done, it's time to get to work, the Billing process (invoices and payment slips), with the entries in the Financial Management solution, once this is done, it's time to carry out the confirmation, through a bank and card reconciliation.

When we talk about paying, the process occurs through scheduling and confirmation by the company, followed by confirmation of these with the entries scheduled in the Financial Management solution, also through bank reconciliation.

And best of all, each transaction is linked to a tax document, which is managed by the Financial BPO team, precisely to create a connection with accounting, so that the entire accounting, tax and corporate process occurs in the best possible way. This enables the transmission of reliable information for decision-making.

Differences between BPO - advisory - consultancy - controlling

Understanding a trend, an alternative in the midst of the situation we are experiencing and being able to visualize how Financial BPO works, we now need to disassociate any belief you have in relation to Financial BPO with advisory services, consultancies and controlling.

And the difference is very simple:

Financial BPO executes the company's Financial operations, committing to daily delivery and scheduling obligations, to propose a better standard of operational process, in order to generate reliable and secure financial information for company managers.

Consulting is the practical but not constant monitoring of the company's operations, not necessarily in what is referred to as finance, but may act in other areas and fronts. In other words, the role of consulting is to monitor the operational processes for the best direction.

Consulting is something advisory, as its name suggests. Consulting provides guidance, serves to be consulted, to verify and guide the company's strategies, and is positioned in a more tactical and strategic way in the business chain.

Controllership is an area that applies internal controls in companies to the emergence of the MIS (Management Information System), for the smooth flow of information comparing for the best resolution and visualization of the company, so that it is possible to generate the SAD (Decision Support System) for managers, directors and the board of directors. It makes a complete apparatus of the external and internal situation and analyzes the impacts on the economic and financial results of the company.

They are different things, but they complement each other to better solve problems and significantly increase results.

Main Advantages of Financial Outsourcing

And by understanding the difference between Financial BPO and other activities, we can visualize and measure the advantages of Financial BPO work:

1- Financial BPO carries out the department's activities, thus allowing the company to reduce up to 60% in charges, payroll and benefits.

2- It creates enough time for partners to think calmly about the company and focus on what they are really good at.

3- It makes it possible to have professionals with extensive professional experience at the forefront, thus professionalizing financial processes.

4- With competent professionals with know-how in charge of finance, the partners' decision-making is more assertive.

Main services of financial outsourcing

Financial BPO focuses on the day-to-day operational activities of the finance department. Activities of:

• Accounts receivable;
• Accounts Payable;
• Bank Reconciliation;
• Card Reconciliation;
• Document Management;
• Reports;
• And others