To achieve SLAs, BPO providers will also regularly monitor a wider range of SLA-related key performance indicators (KPIs) and ensure the quality of the work done. KPIs are quantifiable measures that have been agreed in advance and reflect critical success factors for a company, department or project. Critical success factors are the elements required for a positive outcome. And perhaps most importantly, they pave the way for a strong working relationship between a company and its BPO provider by reducing the potential for conflict. When the goals are clear to both parties, people spend less time debating and more time solving problems. SLAs also ensure that customers understand their role in supporting SLAs, e.B and timely approval of pending items. Not surprisingly, the most common SLAs in BPO for financial and accounting services rely on accuracy and speed. How these broader categories are addressed depends on the company`s priorities. And in a customer service SLA, KPIs can measure the following: an AP SLA can require the BPO provider to achieve a 98% accuracy rate when processing invoices, significantly minimizing the number of errors.
Another customer can prioritize the processing speed so that no residue accumulates. Rapid responses to supplier requests are another common goal of AP service level agreement measures to maintain strong relationships. Which SLA turns out to be a priority depends on what makes the most sense for the company, its customers, and its specific business model. SLAs also facilitate communication through monthly service level reviews (SLRs), which allow stakeholders to get to the bottom of issues so they can be easily resolved. For example, significantly increasing the length of customer service calls can help uncover product issues before they damage the company`s reputation. The Record to Report (R2R) or R2R process cycle is a financial and accounting (Q&A) management process that collects, processes and provides relevant, timely and accurate information used for strategic, financial and operational feedback, which helps to understand whether a company is like a well-oiled machine or an amazing one, squeaky relics, which take their last breath. If you could snap your fingers like they do in the movies, and have a fully trained and experienced staff that is up to date with the latest rules and regulations, use the latest software, run on secure servers and networks, and do the best of anything that costs you about 40% of what hiring an in-house staff would do, or? Back-office operations in financial and accounting services are essential to “keep the lights on” in an organization – paying suppliers, billing customers, and closing the books every month. But while these basic transactional tasks may seem to add little strategic value to the business, not performing them in a timely and accurate manner can cause irreparable damage. When customers provide specific levels of access to internal systems, outstanding BPO providers can even create dashboards that allow customers to visualize metric performance in real time.
For example, an accounts payable dashboard can show how many invoices are in progress, where they are in this process, and why some are waiting to be processed. If all this sounds incredibly complicated and a bit mysterious, you`re not alone. And since the goal is absolute accuracy – there`s nothing to be gained from making plans with inaccurate information – it stands to reason that deploying an experienced and well-trained team is the safest way. Ultimately, the key to exceptional customer service lies in customer satisfaction. But making customers happy while providing efficient service and controlling costs can seem like conflicting efforts. The most common CUSTOMER SERVICE SLAs in the BPO industry help balance and align these goals. Record to Report, or R2R, is a financial and accounting (Q&A) management process that collects, processes and provides relevant, timely and accurate information that is used for strategic, financial and operational feedback to understand how a business is evolving.  It also covers the steps involved in creating and reporting total accounts, which are typically stored in a general or nominal ledger and managed by a controller. The detailed steps are as follows: This is exactly what business process outsourcing (BPO) companies offer their customers day in and day out, year after year, around the world.
And indeed, Rely Services is at the forefront. It takes a team of qualified, qualified and experienced professionals to work on a successful Record to Report project. This is exactly what Rely Services can offer you. And all this at a price that significantly reduces your overhead and allows your key players to focus on making money. Because collecting information about a patient`s vital signs allows doctors to make the best decisions about their care and treatment, KPIs are important pieces of information that enable better business decisions. They help BPO providers analyze trends and areas of opportunity. They mark outliers and show where coaching, refresher training, and even possible process revisions are needed when tracking recurring bugs. When you use Rely Services as a Record to Report cycle partner, you save more than just time and money.
You continually refine your business methods, and an endless search for perfection will benefit your operational practices. Contact Rely Services today for a detailed assessment of the many ways they can make you perform better. SLAs that are kept on track by carefully selected KPIs outline the blueprint for a successful relationship between a company and its BPO provider. They establish a clear set of rules that keep everyone informed while analyzing where improvements can be made. With a well-structured SLA, customers and BPO providers can move forward with the certainty that both parties know exactly what has been agreed upon and what level of service needs to be provided. And the ongoing SLA and Service Level Reviews (SLRs) provide both organizations with an excellent forum to effectively communicate about operational performance and resolve issues that arise. Like SLAs, KPIs are tailored to business priorities. But let`s look at a few examples: SLAs in the BPO industry are ultimately determined by a company`s unique needs and the metrics that matter most to its success. There are no really “one-size-fits-all” measures.
However, in this blog, we`ll provide an overview of the valuable service-level agreement metrics that companies can consider as part of their BPO contracts. As mentioned above, the report registration process can be complicated and time-consuming. In the 21st century, companies rely on automated systems that make the entire chain more efficient and increase accuracy. Imagine doing the whole process with a pencil and paper! For accounting functions, timely and accurate book closing is essential to the preparation of financial statements and reports that lead to informed business decisions. There are several steps that a BPO provider must take to achieve its strict measures. Instead of choosing one or two to highlight, postpone them all with an SLA mandate to successfully close the books within a set amount of time to ensure that each step is completed on time and accurately along the way. The best BPO providers evaluate their team`s performance against agreed KPIs, which are monitored and reported weekly to ensure the quality of work during the month. These measures are monitored and reported in addition to the agreed service level agreement measures. The figures are communicated to the company via a real-time dashboard and/or a monthly balance sheet. When done correctly, BPO SLAs ensure that both parties understand their responsibilities and focus on the right areas while defining the metrics used to measure service.