A Better Way to Outsource
How BPaaS can provide the efficiency you need & simplicity you crave
If you’re like most finance and accounting leaders, you have to strike a balance between your available resources and your to-do list.
To make it worse, as your responsibilities increase, efficiency almost always wanes. In addition, you’re constantly up against the month-end clock.
As you know, efficient processes are a vital element for any businesses, but especially as it relates to finance and accounting. And although some may already have an established finance and accounting infrastructure that corresponds to growth projections, many F&A departments are struggling with reporting issues, pricing models, disparate systems and disorganized data and talent shortages.
For both mid-market firms and larger enterprise organizations, acquisitions will throw another wrench into the process, attaching new reporting requirements with little optimization & process automation, leading to a great deal of manual reporting and data entry. In this and many other scenarios, outsourcing is a great solution, but what if there was something that added even more efficiency than traditional outsourcing?
Business-Process-as-a-Service (BPaaS) solutions directly address these needs, giving organizations immediate access to standardized data processing and reporting capabilities, and providing a stable foundation for scalable growth.
BPaaS solutions offer a leaner, integration-ready outsourcing method using multi-tenant cloud computing to generate value. Learn how the BPaaS model is different than traditional outsourcing and how it can be the key to enhanced visibility into the growth of any business.
What Is BPaaS?
Cyber Security approach is aiming to preserve “Confidentiality”, “Integrity” and “Availability” of critically sensitive information that includes IT hardware, software, databases sourced from the cloud, and information so that it remains secured and accessible for processing by authorized personnel when required.
BPaaS uses cloud-based computing as a service model for business processes. It provides key deliverables in high-volume data processing environments, such as finance and accounting, by giving businesses access to exactly the amount of processing resources they need at any given moment.
The service combines cloud computing with human expertise to allow organizations to outsource entire business processes to third-parties. Rather than hiring individuals, the organization entrusts a reputable vendor to complete the entire process from the human capital to the tech, while producing essential reports and generating high-value visibility.
BPaaS allows for profound efficiencies, especially for organizations that suffer from disparate financial systems, inadequate reporting, and over- reliance on manual processes. A relatively new offering, BPaaS is a growing field. In fact, the global BPaaS market is set to grow by 21% by 2023— a prime indicator of its utility in the mid-market and enterprise sectors.
BPaaS solutions offer the best in people and technology to provide key benefits and efficiencies to enterprises oriented toward acquisitions. BPaaS is especially helpful in this area, as it:
- Eliminates the need for enterprises to perform costly integrations of disparate financial systems.
- Immediately implements a standardized reporting format for all acquisitions.
- Bypasses migration costs and downtime by offering plug-and-play integration.
- Instantly establishes industry-standard security and data regulation compliance.
BPaaS vs. Traditional Outsourcing: How Are They Different?
The core value proposition of BPaaS is similar to that of traditional outsourcing. Instead of hiring in-house employees to use on-premises resources for high-volume, low-impact tasks, organizations engage a provider and receive the final deliverables at a far lower cost. The difference between traditional business process outsourcing (bpo) methods and BPaaS surround one thing: technology.
By combining outsourcing (people power) with technology, BPaaS offers a lean, efficient and affordable option for meeting financing and accounting needs. In fact, many F&A departments find that adding cloud computing to traditional outsourcing methods provide them with an even more efficient and effective model.
As a multi-tenant, plug-and-play system, BPaaS services that are sourced are uniquely valuable for immediate integrations of highly regulated processes like finance and accounting tasks. From a BPaaS standpoint, there is no difference between plugging in a team of five finance report analysts or an entire finance department. The process scales to meet client needs, ensuring that organizations pay only for the services they receive.
By establishing an automated infrastructure for common business processes that every organization has to perform – payroll, account reconciliations, AP/AR, preparation of financial statements, etc. – BPaaS is able to operate with optimal efficiency.
Best-in-class cloud and constructed workflows ensure that BPaaS clients enjoy the following benefits that traditional outsourcing doesn’t always offer:
INSTANT REPORTING: State-of-the-art automated reporting capabilities give executives real-time access to data as it is being entered. Rather than waiting for employees or outsource partners to perform analysis, the BPaaS platform makes data immediately available.
IN-DEPTH ANALYTICS: With automated processes handling data entry and reporting, in-depth analytics are at your fingertips. Clients enjoy access to a streamlined user interface that provides multiple tiers of data – from department-wide oversight all the way down to individual transactions.
AUTOMATED PROCESSES: A BPaaS cloud solution is often backed by best-in-class technology for automated workflows. ERPs such as NetSuite establish a single platform for complete control over finance and accounting processes, offering clients automatic workflow options for approvals, purchases, account reconciliations and more.
ENHANCED DATA SECURITY: Enterprise-level cloud solutions give data greater structural security than all but the most comprehensive on-premises solutions. BPaaS levels the playing field when it comes to the trade-off between infrastructural investment and security benefits.
BPaaS combines the best elements of cloud computing with the flexibility and expertise professional outsourcing offers, generating cost savings that traditional outsourcing can’t match. The same level of talent and scalability is available with a significantly reduced price in one technology plus talent package.
BPaaS: The Effective Approach to Acquisition Accounting
BPaaS is uniquely suited to meet the needs of enterprise finance and accounting departments. In the acquisition environment particularly, it offers a risk-free, cost-effective way to immediately migrate the most important and time-consuming elements of the finance and accounting business unit.
Companies that grow through acquisitions typically allow those acquisitions to operate the same way as they did prior to being acquired, but layer on additional reporting requirements. This is easy to accomplish when a single acquisition needs to produce reports for the larger enterprise, but quickly becomes unmanageable as growth continues.
Unify disparate financial platforms with plug-and-play implementation
If a single company purchases six or seven mid-market companies, it quickly encounters significant production bottlenecks when it comes to producing financial data. Each company may be using a unique accounting system to produce reports that are not compatible, producing a need for intensely high-volume work manually reconfiguring accounting reports.
Quickly outsource repeatable low-impact processes and analyses
BPaaS solutions offer an immediate solution to complex accounting frameworks. With full integration possible in a single week, enterprises can almost immediately streamline disparate financial and accounting systems using a single plug-and-play accounting platform that produces all of the reporting and data analysis deliverables they desire, ensuring delivery of business process.
Use economy of scale to your advantage
BPaaS lets enterprises benefit from economy of scale rather than suffer from it. Instead of forcing accounting employees to implement complex workarounds for uniting multiple financial systems, it establishes a unified, scalable system constructed for multitenancy that produces immediate results.
What to Consider When Choosing BPaaS for Accounting
The ability to lower cost while scaling talent in multiple accounting departments is a major benefit for acquisition-oriented enterprises. It gives large organizations an immediate solution for getting off of Excel and into the cloud.
In order to ensure interoperability and ease of use, enterprises need to choose an experienced, reputable provider of BPaaS services. The following elements are crucial to a successful BPaaS deployment:
PROVIDER EXPERIENCE: BPaaS relies heavily on automation, but it is still essentially an outsourcing solution. Enterprises need to place priority on vendors with experience outsourcing. While any vendor may have the technological expertise needed for BPaaS, only highly qualified vendors can demonstrate proven outsourcing results with case studies.
KEY TECHNOLOGY PARTNERSHIPS: BPaaS relies on cloud computing power to automate repeatable low-impact tasks to generate cost savings. In order to get the best results, enterprises need to place their trust in vendors that depend on best-in-class technology to streamline these tasks. Look for reputable cloud service providers like NetSuite, the world’s number-one cloud ERP provider.
SECURITY: As with any business process management, outsourced or otherwise, security is a chief concern. Place priority on BPaaS providers with tiered, multi-layered security policies. Find out how your prospective vendor prevents leaks and what solutions it has in place for access control and surveillance. Complete audit logs and tracking capabilities are both important security elements and a good place to start when choosing a trusted provider.
FLEXIBILITY: While BPaaS reduces and compensates configurability for fast and reliable integration, any professional solution should offer flexibility for meeting client needs. Look for programs that are customizable based on your specific goals. Software as a service programs should offer a meaningful degree of versatility to work within your organizational structure.
Fulfill Your BPaaS Needs With Personiv
Personiv has 35+ years of experience providing top-tier outsourcing solutions to businesses throughout all industries and sectors. With dedicated account management and market-leading security standards in place, we are uniquely qualified to offer value through BPaaS implementation.
Our partnership with NetSuite gives our team best-in-class cloud computing and security capabilities while enabling our employees to work efficiently towards meeting client financing and accounting needs.
As experts in process outsourcing bpo services, we have access to top accounting talent and leverage it to meet our BPaaS clients’ needs.
With personiv performing your business processes, you can enjoy immediate results prepared on-demand at a price point that traditional outsourcing cannot match.