To succeed in the Accounts Payable Business Process Outsourcing (BPO) industry is challenging. Outsourcers must continually look to preserve client confidence through the rigorous maintenance of financial controls and best practice procedures. As invoice management technology has improved, additional pressures are felt in commercial requirements to reduce costs whilst improving efficiency and service levels.
Conversely, consideration of outsourcing internal purchasing and payables functions requires a detailed review of current processes to inform and enable the outsourcing transformation.
After the transformation, ongoing review against well specified service level indicators will be crucial in acheiving the predicted returns on investment.
Our staff have achieved significant cash recoveries for a large provider of Accounts Payable services and delivered an independent review of performance, accuracy and efficiency of payment functions against best practice.
As a result of the work performed, the outsourcer was able to improve processing efficiency, strengthen controls whilst recovering over £1million in overpayments and missed credits. The outsourcer was also able to report enhanced processing and error statistics together with recommendations to improve supplier management and payment authorisation.