Finance and Accounting Outsourcing Service Provider
Using Headway BPO Solutions as a strategic Outsourcing partner for Finance and Accounting services provides you with the expertise and useful, accurate financial and accounting information to help run your business. Our services include Account Payables Process, Account Receivables Process, Bank, Land, Vendor and other Reconciliation reports, Domestic and International Taxes compilations and reports. All this included with an MIS Dashboard to know where you are heading with the business relationship.
Moreover, in any service providing clients form partnerships with multiple vendors, distributors and enablers who support the client in delivering optimal services to the customers. Ensuring these links perform optimally requires active management and innovation of business processes. Partnering with a dedicated and capable service provider for Finance & Accounting functions can enable organizations to achieve best in class performance while focusing on service delivery.
Headway BPO Solutions has been managing and re-engineering F&A services for clients across industries for years, building domain expertise and a highly skilled workforce to deliver transformation with change and help CFO’s achieve best in class practices and performance.
Automating Manual Processes
Headway BPO Solutions deployed lean methodology and robotics to simplify process workflow, reduce manual steps involved in contract rate disagreement, missing payments, remittance advice and general information queues, thus automating vendor helpdesk, in turn, resulting in improved productivity.
Finance & Accounting functions need to be well administered to ensure vendor networks proliferate, and service commitment is maintained. Headway BPO Solutions supports this function by leveraging our people, processes and tools to ensure productive and cost-effective resource utilization.
Procure to Pay and T&E
Invoice receipt and matching, Resolving unmatched items, Vendors query management, Purchase order amendments, Travel & Expenses claims
35% reduction of queries on T&E and Vendor invoices
Denial of T&E claims reduced to 3%
Order to Cash
Invoicing & billing administration, Debt chase & collections, Cash application, Customer query resolution & Credit notes processing
Reduction in Invoicing Process for Travel Intermediary from 30 days to 2 days
Query resolution TAT reduced from 8 days to < 2 days
Record to Report
Journal processing, Bank & GL reconciliation, Management & statutory reporting, Balance sheet schedules & Fixed assets and inter-company
Deployed in-house tool which reduced reconciliation TAT from 8 days to 3 day, in-turn reducing headcount by 50%
Processing documents at an accuracy of 99% resulting in improved audit ratings
Payroll processing, Statutory compliance & Tax filing
Mapped process and moved payroll interface forward through upstream efficiencies across HR & Payroll process, thus improved close cycle by 3 days
Decision Support and FP&A
Budgeting and forecasting, Product and channel profitability, Flash reports & P&L/ Cash flow analysis
Improved FPR from 98% to 90%
85% invoices processed within 3 days
Process design review, SOX/Internal controls, Risk and control metric, Access controls & IT controls
The assessed and fixed upstream process to deliver 10%-30% cost savings within reporting space
Our solutions leverage over 50+ workforce experienced Finance & Accounting procedures, compliances and regulations across US, UK, EU, Middle East and India regions.
All processes are strengthened with Lean, Six Sigma & transformation capabilities, as well as supported by over 10+ tools spanning finance & accounting lifecycle.
Financial Services and Accounts Overall Scope
BPO / KPOs
– Financial Data
– Management Information System
– Accounts Payable
– Accounts Receivable
– Bank Statement & Reconciliation