Is Outsourcing Accounts Payable Profitable?
Many professional services firms ask, “Is outsourcing accounts payable profitable?” The simple answer to this question is yes. However, as with any service, it depends on which provider you choose.
Every year, professional services get more competitive. To remain competitive, many firms are turning to outsourcing to reduce costs, improve profit margins and become more efficient.
So, how can you benefit from accounts payable outsourcing and how much can you save?
Solve staffing issues
Managing an in-house accounts payable team can often be a lot of work. The more your firm grows, the more challenging it can be to ensure the accounts payable team is able to keep up, resulting in a high turnover of staff. Not only that, but an in-house team in any department can be rather costly. For some of our clients, solving staffing issues is their main motivation for outsourcing accounts payable.
When firms outsource their accounts payable with APT, they gain access to automated processes as well as a wealth of experience in their offshore team. This means your invoice copies and statements will be processed more efficiently, more accurately and faster than possible with an in-house team.
Not only is paying the wages of an in-house accounts payable team expensive but it can also be very costly to buy and maintain the equipment and programs necessary. By outsourcing your accounts payable, all of these overheads are included in your contract as well as reduced staffing costs.