Business Process Outsourcing (BPO) involves outsourcing any the accounting data entry processes. This work may traditionally be done by an in-house bookkeeper. Depending on the transaction volume and industry, it may make sense to outsource some of the business processes. These processes include both the sales and expense sides. In addition, payroll and sales tax filing may also fall under the realm of BPO services. The quality of the business process entries greatly impacts the financial statement output.
Examples of Business Process Outsourcing Services
- Accounts Payable and Expense Entries and Payments
- Accounts Receivable and Sales Entries
- Payroll Processing & Filing
- Sales & Use Tax Filing
- General Ledger Entries
Meet Ben. Ben just started his business a couple of years ago. His wife, Amy, had been handling the accounting entries on the side of working a full-time job as a teacher. But the entries have become too much for her to handle.
Ben has been debating about hiring a full-time bookkeeper. But he doesn’t think the workload would warrant hiring a full-time employee. Ben is a good candidate for an Outsourced BPO Services engagement.
By outsourcing the business processes, Ben optimizes his resources. He only pays for the time needed to do the entries (not for a full-time employee). Amy is also thrilled to have more of her free time back.