Finance Outsourcing Services

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Finance Solutions & Outsourcing Services

The finance process outsourcing has a varied and wide meaning and differs from organization to organization depending upon the volume of financial transactions. Some companies, specifically startups, consider Invoicing, purchase, expense processing, MIS reporting, accounts payable and receivable as a single finance process whereas, medium and large companies due to complexities and transactional volume consider all finance functions as a standalone process.
Spectra provides finance solutions including but not limited to AR services, outsource AP (accounts payable and receivable) among other services to startups, small, medium, and large organisation. Some Finance outsourcing services are:


Accounts Receivable

To manage cash flow for meeting the company’s working capital requirement is always a prime focus for every startup & SME for seamless finance operations. To forecast the future working cash flow, it is important to know at any given point of time the status of receivable and payable along with the time lag. Most of the time, the reason for negative cash flow is due to unsystematic coordination and the non-understanding customer process of Invoice processing.
Spectra manages your AR process (Accounts Receivable process) effectively through dedicated process experts who work in close coordination with the client’s payable team by creating SOPs for each customer to minimize time taking in resolving queries at the very first level.
A full-fledged AR process cycle and a related subset of processes help easy workflow and improved core functional assistance.
Accounts Receivable Process: From coordination to assistance in a full-fledged AR process cycle

Accounts Payable

In every company, the vendor Invoice processing process / Accounts payable process has to pass through various stakeholders for approvals before it is finally paid. In the entire process, the vendor has no visibility of the status of an outstanding invoice. In the whole process, vendor and company both spend a lot of energy in follow-up / explaining the exact status of the invoice and payment schedule.
For any finance department, tracking each and every vendor invoice status in real-time is difficult because it travels through different departments in the company for approvals. To overcome this challenge, Spectra has developed a mechanism with the help of technology, process mapping and manual interface to track down or monitor the invoice status through Vendor Help Desk services.
Accounts Payable Processing: From Receiving & Recording Invoices to Preparing MIS Reports
  • Initiative on regarding receipt of Invoices through Centralized Vendor Help Desk by electronic mode.
  • Forward Invoice to respective department or departments for approval as per the approval hierarchy.
  • Inform invoice-related discrepancies to vendor and seek clarification.
  • Forward vendor clarification and resolve query with the concerned department.
  • Ask the vendor to re-submit the discrepant invoice.
  • Forward approved invoice to finance department for cheque preparation / online transfer.
  • Inform the vendor about the payment schedule.
  • Monitor turnaround time for payment as per SLA.
  • Keep record of correspondence with vendors.
  • MIS reporting at regular intervals.
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