Is Your Back Office Short-Staffed? Try MicroSourcing from CPRS
With 86% of finance and accounting leaders reporting hiring and retention challenges, back-office staffing shortages are creating major financial integrity risks at many companies. This lack of accountants and financial staff may even cause delayed reconciliations and material weaknesses in financial reporting.
Especially in high-cost labor markets (we’re looking at you, San Francisco, Seattle, NYC and Boston), many companies are taking a new approach to solve back-office staffing needs: MicroSourcing, or micro-outsourcing.
MicroSourcing BY CPRS provides companies with access to offshore Finance and Accounting talent THAT can
address smaller, repetitive tasks remotely. This reduces pressure on finance teams and trims staffing costs, without outsourcing the business process.
For example, a $3 billion company in California faced rising labor costs and increasing difficulty in hiring and retention for accounting and back-office roles. This caused significant issues, including:
- Key back-office tasks were not getting completed. Or they were being handled by more senior team members who had other duties, adding to their workload and stress and reducing their job satisfaction.
- Financial tasks were not being completed in a timely manner and getting backlogged. These included keying in PDF invoices, addressing process tickets, performing 2- and 3-way matching, reconciling statements, and aggregating and formatting data into API/ERP systems.
- Finding, keeping, or even affording skilled labor for back-office roles was difficult. This was especially true in the high-cost California market where the company is headquartered.
- Key back-office tasks were not getting completed. Or they were being handled by more senior team members who had other duties, adding to their workload and stress and reducing their job satisfaction.
Given prior experiences with traditional BPO models, the management team hadn’t considered offshore talent as they felt they needed to hire and train. The company already used CPRS for our well-regarded and AI-powered AP Recovery Audit services. We suggested CPRS MicroSourcing – which relies on our dedicated Analytics India Team trained in P2P systems and back-office processes.
CPRS MicroSourcing is now providing multiple, significant advantages for this company:
- Enhanced Financial Control. CPRS MicroSourcing frees management to take on more important tasks, without added equipment costs or benefits. CPRS scales small numbers of finance and accounting staff to remotely support different areas, rather than outsource entire departments.
- Expanded, Expert Team. Beyond improving headcount, CPRS MicroSourcing provides highly productive resources expertly trained in accounts payable and receivable processes that are integrated into the client’s teams for the long term. Our ready-to-go remote resources also eliminate recruiting and training pain points.
- Reduced Staffing Costs. Due to CPRS’ global approach, costs are streamlined while efficiency and productivity are increased. The CPRS Analytics India Team is laser-focused on P2P systems and continually trained to find errors in, and improve, back-office processes and tasks.
- Enhanced Financial Control. CPRS MicroSourcing frees management to take on more important tasks, without added equipment costs or benefits. CPRS scales small numbers of finance and accounting staff to remotely support different areas, rather than outsource entire departments.
The CPRS MicroSourcing solution delivers a finance and accounting staff augmentation model that drives immediate value. As with every client, CPRS tailored its solutions to align with this client’s specific needs and goals. Importantly, CPRS MicroSourcing delivers enhanced productivity and reduced downtime for finance and accounting teams, adding access to an ongoing labor pool as needs arise.
