3 Ways Outsourcing Finance & Accounting Reduces Complexity
Invoice volume rarely arrives at a steady pace. Some variance is predictable — month-end, quarter close, a seasonal buying cycle — but plenty of it isn’t. That leaves finance leaders with an uncomfortable staffing choice. Hire for the busiest weeks, and you carry that cost through the slow ones with too little work to go around. Hire for the average, as most companies do, and every surge buries your team in invoices instead of the work you hired them for.
The staffing problem can be exacerbated by processes that, for many organizations, are often still largely manual. Finance teams can spend about 40% of their time on transaction processing, according to APQC.
With more than half of employers expecting benefits administration to grow more complicated in the coming years, it’s no surprise that many organizations choose to outsource it. Among midsized and large companies alike, ensuring compliance is the most common reason for making this move, but the operational payoff extends well beyond that.
But by outsourcing manual finance and accounting tasks, you can:
- Absorb the swings in volume without adding permanent headcount
- Free your internal team to focus on risk management, cost analysis, and complex problem resolution
- Improve data accuracy through automation that reduces human error, and get analysis you can act on with confidence
For Workday customers, a Workday-native service partner like OneSource Virtual (OSV) is the ideal choice. We deliver up to 99.6% accuracy in invoice scanning and coding, and your finance and accounting data goes directly to your Workday tenant, so it remains your system of record. For your finance department, the process feels like working with an extension of your own team.
View the infographic to learn more about how end-to-end finance and accounting outsourcing with OSV can help you reduce complexity and work more efficiently.
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