Grow Your Business
Outsourcing and offshoring of business processes enhance operational efficiency and reduces the operating cost of an organization. Businesses also outsource their routine process to focus on the strategic objective and its execution. Signity Consultancy act as a strategic outsourcing partner to strengthen enterprise finance and accounts department for better cash flow management, enhanced collections, reduced reconciliation efforts, improved receivables, accurate & timely reporting and accelerated revenue cycle.
Our services encompass the entire finance and account value chain and provide customized outsourcing services.
We examine what organizations are doing to stay relevant and competitive in this fast-paced world, and which ones are doing it best. We then strategize using smart tools and global resources in order to understand the implications of every choice our clients can make. Get in touch to learn more about how this service can help you.
PROCURE TO PAY (PTP) SERVICES
Procure to Pay (PTP) services
Procure-to-pay (PTP) is the process of integrating purchasing and accounts payable systems to create greater efficiencies in the organization. PTP mainly includes the issue of purchase requisition, the process of the purchase order, receipt of goods or services, record of supplier invoices, and process the payments for outstanding invoices.
PTP process can be divided into three broad phases:
The Purchase Order Process, during which:
Purchase requisitions are created and approved
Vendors are evaluated and carefully selected
Purchase orders are issued for the required goods and services
The Receiving of Goods or Services Process, during which:
Goods are received in store or warehouse or Services are rendered to the orgnaisation
For goods, receiving documents are reviewed and logged
For services, receiving department confirms that services are provided
The Supplier Invoice Approval process, during which:
Invoices are received
Invoices are reconciled and cross-checked with related documents
Errors are recorded and corrected
Approved Invoices are paid
Key activities in the PTP domain
Vendor setup as per the organization policy and practice
Prepare purchase requisition
Create purchase orders
Verify, record and pay vendor invoices
Prepare payment plan and payment intimation
Recording of payments
Monthly reconciliation of suppliers balance
Employee claims – verification and payment assistance
Key benefits for outsourcing the PTP process
Improves Efficiency of Accounts Payable team - The team can focus on their core operations and adherence of internal control. Skilled personnel can be utilized for vital roles, rather than devoting time for repetitive data processing work. The Company can also reduce their recruitments to reduce fixed costs.
Leverage Technology - Workflow automation minimizes the time spent on manual process. Usually invoicing process is done manually, which is time-consuming and prone to errors. By configuring the PTP flow appropriately, the organization can eliminate the need for manual reporting and achieve faster cycle time.
Cost-Effective – Outsourcing ensures scalability resulting in cost savings and improves profitability.
Minimizes Business Risk – Outsourcing strictly works on maker & checker concept, which reduces the possibility of payment fraud.
Adherence to Service Level Agreement & measurement of Key Performance Indicators - Accounts payable outsourcing partner adheres to service level agreements. The outsourcing partner also measures the agreed key performance indicators. The organizations are in a position to ensures strict implementation of internal control and timely reporting of key performance results.
ORDER TO CASH (OTC) SERVICES
Order to Cash refers to the set of business processes for receiving and processing customer sales orders for goods and services and recording of collections from the customers. These processes are the heart of all businesses and unless they are managed efficiently and accurately, organizations would not only face financial problems, but also reputational issues.
Activities in OTC domain
Customer account setup as per the organization policy and practice
Prepare sales order
Prepare delivery notes and customer invoices
Review – un-invoiced services provided/goods delivered
Prepare collection forecast
Follow up of amounts due from customers
Cash application to customer account
Daily reporting on unreconciled cash
Customer balance reconciliation
Debtors ageing and reconciliation
Benefits for outsourcing the OTC process
Improves efficiency of the Accounts Receivable department
Reduces the average collection period
Improves working capital
Supports collection and receivable management
Ensures strict compliance of credit risk management
Reduces key employee focus on repetitive processes
RECORD TO REPORT (RTR) SERVICES
Record to Report (RTR) is a Finance and Accounting (F&A) set of management process which involves collecting information or documents, recording and processing transactions, providing timely and accurate reports. Generate strategic, financial and operational reporting as per the management requirement. RTR supports the monthly closing and periodic reporting process.
Key activities in RTR domain
Review and finalize trial balance with the Company
Prepare and present monthly management reports
Variance Analysis with budget/comparative period
Assist management with preparation of budget
Prepare cash flow statements and forecasted cash flow
Benefits for outsourcing the RTR process to Signity Consultancy
Reduces month-end closing cycle resulting in timely reporting to management
Standardization of process in different verticals across geographical locations
Establishes financial controls
A strategy for Business Continuity Planning
FIXED ASSETS (FA) SERVICES
Key activities in FA domain:
Create the purchase order for capital expenditure
Record fixed assets as per the organization policy
Maintain the fixed asset register
Prepare capital expenditure report
Variance analysis of actual capital expenditure vs budget
Perform depreciation run and prepare a depreciation schedule
Preparation of fixed assets schedule
HUMAN RESOURCE OUTSOURCING (HRO) SERVICES
Organizations are putting their best efforts to acquire and retain the right talent. HRO services help clients to focus on strategic talent initiatives and outsource all transaction services. Our solutions include solution from the hiring of an employee to the retirement of the employee. These services encompass talent acquisition, staffing services, retention management through the industry-leading HR best practices, payroll management and reimbursement services.
Sourcing screening and selection
Pre-screening and final screening
Service offer management
Background reference check
People Management Services
Staffing services with people deployment as per client requirement
Employee records management
Leave record management
Dedicated employee help desk
Employee reimbursements and incentives payment
GOSI filling activities