Offshore Finance and Accounting: Optimizing Efficiency and Costs

Overview

A leading human capital solutions provider sought to improve internal Finance and Accounting processes to support growth. ADEC Workforce was chosen as a strategic outsourcing partner to deliver services spanning reconciliation, accounts processing, reporting and more out of the Philippines.

Forn over 20 years, ADEC Workforce has provided reliable services and flexibility to match workload requirements, including increased demand post-acquisition. We’ve continuously exceeded productivity targets, maintaining over 99.8% quality and 100% delivery on agreed turnaround times. This long-standing partnership is characterized by proactive collaboration with our team, contributing to the client’s business success.

The challenge

The client, a US-based human capital solutions provider servicing hundreds of corporate customers, was seeking to enhance efficiency and streamline internal accounting processes.  They chose ADEC Workforce as a strategic partner to deliver core functions crucial for supporting business growth and customer success.

The solution

To meet the client’s requirements for cost-effective Finance and Accounting processing, we delivered our outsourcing solution at our offshore site in the Philippines. Our highly skilled and dedicated team offers a comprehensive suite of services via the client’s internal systems, encompassing:

• Bank reconciliation
• General ledger reconciliation
• Account receivables and payables processing
• Journal entries
• Cash sheet updates
• Internal payroll and billing
• Customizable reporting including gross profit analysis

Over the 20-year relationship, we’ve built a strategic partnership. Senior members of our operations team travel to the client’s US offices, actively supporting the implementation of cutting-edge technology and system upgrades, while receiving training and providing hands-on guidance in a live operational setting. The client team also conducts annual visits to our delivery centre in the Philippines.

Our team has maintained a high level of expertise with selective recruitment and thorough training of new team members. The raining  includes an intensive 4-week training program covering:

• Education on the client’s company
• Specialized training in financial tasks
• Dedicated training on company systems
• Extended work shadowing period

This comprehensive training equips team members to meet ambitious performance targets. ADEC Workforce also continuously assesses our team’s work against quality and time metrics, and if needed, provides retraining to ensure excellence.

In the past three years, the client has undergone an acquisition which resulted in an increased workload. To tackle the integration of new business and additional workload requirements into existing operations. Our Philippines-based team took proactive steps providing strategic recommendations on automations to manage the workload without adding substantial additional costs to the client.

The results

• 99.8% quality compliance, consistent overachievement of productivity targets
• 100% delivery on agreed turnaround times
• A dedicated team with 64% having over 3 years of experience, adapting to the client’s growth through recruitment and training.
• Rigorous 4-week training program for new staff, including company insights, financial tasks, and system training, backed by work shadowing and ongoing evaluation.
• Flexibility and scalability to handle increased workload due
• A strategic 20-year partnership, with the with ADEC Workforce team acting as core partners.
• Consistent quality maintained through weekly calls between the delivery team and the client’s US-based head office.