We all know the answer to the question: What can potentially be outsourced? Those processes and tasks that do not add value to the company or are not aligned with the main business objective the Company are likely to be delegated to third parties. Business Process Outsourcing (BPO) is being the choice of more and more companies nowadays.
What is BPO?
Business Process Outsourcing (BPO) is a method of subcontracting various business-related operations to third party vendors.
Business Process Outsourcing in Accounting services
Among others, one of the processes that meets this definition is the process of Accounts Payable, also taking into account that the tasks of processing (receipt, assigning responsibility, troubleshooting, coding, conformation, archiving ...) and supplier invoice accounting require a high volume of administrative staff as on average a resource is used for every 10,000 invoices.
With this clear, why is it that 100% of the Top 100 US companies have outsourced their Accounts Payable process *, while in Spain only 17% of IBEX 35 companies have outsourced some of the tasks of supplier invoices process ?
Business Process Outsourcing: Outsourcing Accounts Payable
With our 16 years of experience in externalizing the process, we have identified the main reason why CFOs maintain personnel dedicated to supplier invoice accounting within the departmental structure, "My bills are very complicated. Who knows better than us how to register them?"
As a result of this conviction, internal improvement projects are launched to automate tasks as they are currently performed, undertaking digitization projects, electronic invoicing, etc. These projects ultimately become never-ending, requiring high investment, demanding significant IT resources, and failing to deliver the expected productivity and economic improvements. In addition, once automated, the process itself quickly becomes obsolete due to regulatory and technological changes (changes in legal requirements for electronic invoicing, changes in OCR software, document management systems, changes in ERP, etc.).
On the contrary when we want to send documents, confidential or not, to clients or branch offices we never question if it should be carried out internally. We hire a courier company with which we have approved price agreements and guaranteed delivery periods.
This same service outsourcing model is possible for the supplier invoice process. Outsourcing the entire process, rather than partial tasks such as digitization or data entry, is a recommended solution. Knowing the cost in advance and having a guaranteed accounting time regardless of volume or seasonality is achievable.
Here at easyap we can assure our customers of the cost and processing time of each of your invoices and ensure that, as we are dedicated solely to invoice processing, we know how to deal with your invoices better than your own company.
*(Source: IAPP International Accounts Payables Professionals)
