Elements of Finance and Accounting BPO

Finance and accounting outsourcing typically involves managing procedure-driven functions such as accounts payable, general ledger, fixed assets, accounts receivable, billing, payroll, and benefits administration, among others.

A detailed breakdown of each function is provided below.

Accounts Receivable

• Bank advice clearance
• Client billing
• Suspense clearance
• Encoding errors
• Client settlement

Accounts Payable

• Cash application and allocation
• Credit balance refunds
• Payment research
• Third-party settlement
• Bookkeeping
• Journal entries
• Cash and bank payment entries
• Credit card accounting entries
• Statutory dues

Reporting and Analysis

• Statutory reporting
• Financial statement analysis

Accounts Reconciliation

• Bank
• General ledger
• Third-party settlement
• Assets and liabilities
• Branch accounting

Payroll Processing

• General ledger posting report
• Quarterly local tax return
• Quarterly state unemployment tax return
• Next day processing
• Form 941 federal tax return
• W-2 forms for all employees
• W-2 state withholding recap
• W-3 federal withholding recap
• Year-end local tax reconciliation
• Form 940 federal unemployment tax return