Companies looking to slash overhead costs by outsourcing A/P functions should be careful to avoid making these common mistakes.
If you’re seeking to outsource A/P, you probably have very specific needs in mind. The more specific the needs, the shorter the list of suitable providers is likely to become.
However, many firms waste more time, energy and resources than necessary sending out requests for proposals (RFPs) to outsourcing providers that aren’t equipped to handle their specific requests.
Experts recommend whittling down the list of possible providers as much as possible through careful research.
Once a few provider candidates are determined, make sure that the prospective provider can support all of your needs to ensure a seamless transition.
Example: Are you expected to input billing data after scanning and imaging or will the outsourcing provider take care of that?
Safe bet: Put together a role and responsibility model that clarifies the aspects of the A/P process that the provider will handle, as well as the areas that are your company’s responsibility.
Still not sure about outsourcing A/P functions and want to see what your peers are doing in this area of finance? Check out the survey results from PayStream Advisors here.