Accounting
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Hainesbpo back office’s complete accounting Outsourcing Services provide significant benefits |
25% to 50% annual cost savings without capital investment
Hainesbpo’s use of our shared service centers, proprietary best practice business processes, advanced workflow and imaging technology, and high levels of quality ensure that we manage every client’s accounting function efficiently and accurately. And because our service platform sits on top of our client’s accounting systems, we can leverage your existing infrastructure, without any capital investment on your part.
Greater "control" over the business and the finance and accounting function
Many Executives are under the impression that outsourcing reduces "control" over the accounting function. In fact, outsourcing greatly increases "control". Why? Because management has better control when it can spend time analyzing business information instead of simply trying to process transactions and manage the daily aspects of an accounting department. Control is understanding revenue, costs and profits generated by individual products/ services, offices, salespeople, departments, and customers. Hainesbpo works with our clients to enable the accounting function to deliver useful, real-time management information so management can focus on managing the business, not an accounting staff.
Accurate, timely and useful financial and operational reporting
HAINESBPO can provide its clients with best practice management reports. Instead of the typical financial statements, HAINESBPO believes that real value comes from understanding revenue, costs and profits generated by individual products/services, offices, salespeople, departments, and customers. We work with clients to put best practice processes and technologies in place to gather and reports on each pertinent dimension of the business in real-time.
Real-time tracking and reporting of all financial transactions
HAINESBPO tracks and reports on the status of each and every financial transaction. For Accounts Payable, for example, from the moment we scan an invoice we start tracking its status and date and time stamp it at each step of the process, providing immediate and complete visibility of all payables using our web-based reporting system. The system reports to client management any information on the invoice (dollar amount, vendor, date, etc..), step in the process, who approved it and when, any exceptions by line item and type (price discrepancy, quantity discrepancy, etc.), inbox status (so you can see which managers are “sitting” on their invoices), and sums all outstanding liabilities for the company. This system is secure yet accessible over the web by all client employees and vendors when approved by our clients.
Automated routing of transactions for approval by business unit managers irrespective of location, enhancing control and manager productivity
Any payable, bill, or other financial transaction processed can be routed electronically to any employee’s “InBox”. Employees can log into their inbox over the web securely, view the transaction image (if there is a document associated with the transaction), change the account coding as necessary, and approve or reject it. If approved, it is automatically routed to the next manager for approval based on the business rules identified at the start of the engagement. This method provides for superior control over the process by management while dramatically reducing effort in approving and tracking transactions.
Elimination of the headache of recruiting, hiring and managing clerical staff
Managing a clerical staff that typically has high turnover and requires extensive training is generally a headache for most financial managers and takes time away from other priorities more important to the business.
The ability to focus on strategic, pertinent finance issues instead of non-value added activities
One of the most significant benefits our clients report is the increased focus on important issues affecting the business instead of spending valuable time managing the accounting department and the clerical staff.
No Risk
Hainesbpo’s Accounting Outsourcing services can be piloted for a single process, such as Accounts Payable, in one location or for one vendor before being rolled out across the enterprise.