Your finance team works daily managing your business cash flow. While it is smart to keep this in-house for security purposes, there are tasks related, mostly administrative, that can be easily outsourced to a third party to complete projects without affecting the day to day activity of your core staff. Examples of projects undertaken by our team in the past include:
Data Entry and Invoice Management
If your company uses a paper-based approach to manage invoices, then the amount of information that needs to be digital every year can be tremendous. While every day there are more businesses opting to use e-invoices, our team still works with a number of customers that require data entry services at the end of their financial year for taxes purposes. This includes scanning and recording invoice information to a spreadsheet for financial review.
Here are a few tips to improve your data entry speed and accuracy (otherwise, you can just outsource this work to us!)
Payments and Reconciliations
There is nothing more tedious than having to chase up clients for payment. You can delegate this job to us. Every now and then, some clients just need a gentle reminder to ensure that payment is done in a timely manner. Allow us to support your finance team and your cash flow.
Management of Suppliers and Payees information
Your finance team will manage suppliers and payees information on a weekly or monthly basis. This information is extremely important for the payment of bills and the appropriate management of cash flow balance. While your team is on top of their game on a monthly basis, the volume of work can increase by changes in processes or systems. For instance, one of our clients decided to set up a new system to manage their suppliers’ invoices payments. Therefore, they required all their existing supplier to register into a new portal and submit electronically their invoices. They opted to hire our team to support the implementation of the system by engaging with the suppliers and guiding them through the process. The following case study describes a project supported by our team that required the review and update of a Suppliers and Payees Database.
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