Finance Outsourcing Services

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The finance process outsourcing has varied and wide meaning and differs from organisation to organisation depending upon the volume of financial transaction. Some companies specifically startup consider Invoicing, purchase, expense processing, accounts receivable, accounts payable and MIS reporting as a single finance process, whereas the medium and large companies due to complexities and transactional volume consider all finance function as a standalone process.
 
Spectra provides finance process outsourcing services to starups, small, medium and large organisation. Some of Finance process outsourcing are:

 

Accounts Receivable

To manage cash flow for meeting the company’s working capital requirement is always prime focus for every startup & SME’s 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 non-understanding customer process of Invoice processing.
 
Spectra manages your AR process (Accounts Receivable process) effectively through dedicated process experts who works in close coordination with the client’s payable team by creating a SOPs for each customer so as to minimize time taking in resolving queries at very first level.
 
A full-fledged AR process cycle and related subset of processes help easy work flow and improved core functional assistance.

Accounts Payable

In every company vendor Invoice processing process / Accounts payable process has to pass through various stakeholders for approvals before it is finally paid. In the entire process vendor has no visibility of the status of outstanding invoice. In the whole process vendor and company both spend a lot of energy in follow-up / explaining the exact status of invoice and payment schedule.
 
For any finance department, tracking each and every vendor invoice status on 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.
  • Initiati 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 concerned department.
  • Ask vendor to re-submit the discrepant invoice.
  • Forward approved invoice to finance department for cheque preparation / online transfer.
  • Inform vendor about 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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