BPO within the Financial Services

Outsourcing particular business functions or processes has become an increasingly important function for many businesses. Business Process Outsourcing or BPO, enables a business to upscale or downscale their operations very quickly, efficiently and cost effectively when required, without using their own resources. There are many advantages to outsourcing, perhaps the main one being that businesses can outsource time-consuming and tedious financial tasks such as receipt recording so that they can devote more time to their core business. Within the financial sector, receipt data entry is another popular process to outsource as it can be time consuming and tedious for busy professionals to accurately record receipts. However, for HMRC tax and VAT purposes it is a very necessary process which must be carried out to ensure compliance. The solution of outsourcing then, is the perfect one, because it removes the problem of this time-consuming and detailed process and provides peace of mind for the business that it is being carried out professionally and accurately.

When an outsourcing company is chosen, they are generally chosen because they specialise in data entry and provide a range of services around this function. It is because their raison d’etre is data entry and they have expertise in the area of data entry or audio transcription that they are by default efficient and effective in delivering this service. Services provided by outsourcing companies have built their reputation on fulfilling their specialism on time and accurately. Another highlight of outsourcing is that businesses can decide when and how to use outsourcing at key times of their business year when there is a high volume of work which requires urgent processing such as just before the end of the tax year.

Compliance regulations often require organisations to keep detailed records of receipts and by outsourcing this function to a specialist company, businesses can ensure that they remain compliant with all financial regulations. Outsourcing data entry and transcription can deliver high quality results to tight deadlines supporting the business with administrative functions which it doesn’t directly need to do itself. BPO can help to ensure that a business is compliant with VAT and HMRC regulations in terms of receipt keeping and filing accounts. This is something that is increasingly important with the Making Tax Digital initiative. This will eventually mean that all business accounts will need to be submitted online. Therefore, a digital recording of receipts and tax records will not only ensure future compliance by providing a full digital footprint, but will also enable the business to use these digital records to improve their business performance overall by highlighting areas of wastage and loss and providing end to end traceability.

Outsourcing digital receipt transcription will also help records to be integrated across software platforms and will provide a panoramic view of the business’s performance enabling better business reporting and implementation of management controls. Overall, business process outsourcing is a win-win scenario for every business enabling them to concentrate on their core business operation safe in the knowledge that they have the process in place which ensures their compliance and enables tighter management controls.

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