Serco Global Services has been managing and re-engineering F&A services for clients across industries for years, building domain expertise and a highly skilled workforce to deliver transformational change and help CFO’s achieve best in class practices and performance.
Finance & Accounting functions need to be well administered to ensure vendor networks proliferate, and service commitment is maintained. Serco Global Services supports this function by leveraging our people, processes and tools to ensure productive and cost effective resource utilization.
Serco Global Services has been managing F&A services for clients across industries with dedicated teams of highly skilled resources, efficient systems, and streamlined workflows to support the client efficiently.
Success Story....Reduced Vendor Debit Balances by over 80%... Read
For a large client, we implemented a cost productive F&A service delivery model for managing Accounts Payable , Travel & Expenses, Electronic Invoice Processing and Mailroom processes ensuring 99.5 % Transaction Accuracy and reducing vendor debit balances by over 80% by maintained quick Turn-Around-Times through skilled and productive workforce management.
Our services are supported by our Digitization, and consulting capabilities to assess, base-line, design, and implement process & technological improvement initiatives to increase the client productivity and decrease the service cost.
Success Story....Reduced Turn-Around-Time from 5 to less than 3
For a large global client, we implemented deployed our quality and process workshops to assess, design and improvise operational metrics. Some of these included multiple Six Sigma, COPC and Digitization programs which increased accuracy to 99.5 % and reduced Turn-Around Time from 5 to less than 3 days.
Services provided include:
- Procurement Outsourcing (PO)
With over 10 years of experience in providing comprehensive Finance and Accounting outsourcing solutions to some 50+ global corporations, Serco Global Services has developed a unique value proposition that addresses unique challenges within the Procurement function:
Spend Management & Analysis
Spend analysis is the best starting point to identify opportunities for savings and optimization in an organization. Our spend analytics services provide spend data management, benchmarking and performance reporting to help organizations gain insights into where these opportunities lie. Our services go beyond just analyzing data. We provide end-to-end spend data management services which includes data digitization, extraction, transformation, classification, maintenance, analytics and reporting. Some of the benefits include
- Greater visibility and actionable insights into total direct and indirect spend
- Customized slice-and-dice reports on Spend categories, vendor performance, volume analysis etc.
- UNSPSC and customized classification for flexible reporting on spend across departments, and categories
- Identify opportunities for savings and strategic sourcing
- Vendor set-up & Compliance
Managing supplier compliance can often be a frustrating and time consuming activity. Our supplier compliance processes take the pain out of ensuring suppliers are aligned with customer procurement policies. Through our standardized practices and strong internal governance processes we provide a framework for establishing and maintaining supplier compliance. The benefits from this offering include
- Fully SAS-70 and Sox compliant vendor set-up process.
- Ensure vendor management processes are fully aligned with your Sourcing processes, systems and policies
- Provide complete visibility and reporting through customer-specific vendor portals
- Vendor performance reporting and rating based on historical performance
- Strategic sourcing & Rfx management
The ability to identify procurement opportunities across borders has become increasingly important to optimize cost. With our presence in multiple major markets, Serco Global Services can help customers establish the optimal sourcing value chain. Our strategic partnerships, specialized sourcing skills and knowledge of cross border trade agreements helps us identify the best values across geographies and offer the right services from the right locations.
- Managing non-core & maverick spends
Just based on the complex and non standard nature of non-core spend categories, most sourcing organizations are unable to fully control individual business buyers, who then are left to their own devices to procure such products and services. In most cases, this results in higher-than-average costs and time spent. Serco Global Services can help organizations get a handle on these spend categories through our procurement services to deliver greater insights into and drive standardization of non-core spend categories. Our specialized proprietary tools can further assist in standardizing and automating these spend categories by enabling
- Vendor portals
- RFx automation tools
- CRM for vender queries
- Analytics and reporting dashboards
In today’s environment, managing the procurement cycle efficiently and effectively is imperative to ensure optimal costs and performance. related to the procurement cycle. Serco Global Services‘s Procure-to-Pay services offer Customers the ability to leverage our capabilities to handle transactions, optimize processes and achieve best in class costs and performance. Our offerings include:
- Buyer desks & Vendor management
Our “Buyer Desks” offer specialized buying capabilities to our clients. We bring greater visibility and standardization to the buying process through product and service specific procurement expertise, processes and standards. Some of the benefits offered include
- Specialized buying skills
- Vendor setup and integration
- Standardization in Procurement processes to ensure vendor compliance
- Reduce Maverick Spend by leveraging existing Vendor contracts to procure ‘similar’ goods and services
- Improve service quality and relationship with vendors, thereby ensuring favorable terms for fulfillment
- PO & Invoice Management
Our focus on process efficiency through LEAN methodologies and controls along with industry best practices enables us to provide best in class performance for PO & Invoice Management services including
- Review & inquiry
- Invoice approval
- Payment authorization
- Payment processing & Reconciliation
Complementing our Buyer desks, vendor management and PO & Invoice Management practices, our payment processing & reconciliation offerings enables customers to leverage our process leadership and best practice capabilities to outsource the entire Procure-to-Pay service chain including
- Electronic integration
- ACH management
- Electronic payment via EFT
- Check printing
- Fraud management
A smooth and efficient Order-to-Cash cycle can enable organizations to optimize the cash cycle and improve customer satisfaction. However, associated processes tend to vary significantly across corporate functions and businesses. Our industry specific expertise in implementing best practices for the Order-to-Cash cycle can result in improved cash and working capital positions enabling customers to achieve better debt-to-equity ratios and reducing external financing needs while optimizing costs. Our services include
Invoice & Billing administration
The production and administration of transactional documents is one of the most important processes in the business cycle. It requires high accuracy to ensure that the customer receives the right advices at the right time where errors can impact cash cycle and customer satisfaction. Through our industry expertise, standardized practices and strong internal governance processes we provide a platform delivering confidence in accuracy and efficiency. The benefits from this offering include
- Streamlined processes for data handling, printing, mailing and distribution
- Optimized costs through process efficiencies, labor arbitrage and scale
- Guaranteed service levels ensuring accuracy and timeliness
- Collections calling
Successful collections calling require competent agents, careful handling of customer communication and customer data. We recognize that the key to maximizing liquidation levels is to tailor a collections strategy specific to the particular needs of a client and the debt they are trying to collect. We draw on our years of experience to tailor collections processes with the goal of recovering as much debt from as many accounts as possible allowing customers to focus on core activities. Benefits from our services include
- Improved recovery rates and call quality
- Extensive industry experience enabling us to customize call scripts and Dialer Strategies to fit the needs of the business.
- Focus on process excellence and monitoring and control mechanisms to ensure service quality and security and confidentiality.
- Cash application & Credit Note processing
Receiving, processing and reconciling payments can often be a cumbersome activity. However inaccuracies and inefficiencies can lead to delayed payments processing and inaccurate customer communication. Our Cash application & Credit Note processing services ensure efficiency and accuracy enabling customers to confidently outsource these services and focus on core activities.
With increased economic pressure and investor and regulatory scrutiny, fast and accurate accounting and reporting have become increasingly important for businesses. Our Record-to-Report capabilities along with our focus on quality and purpose built tools provide customers the ability to optimize the processes and costs related to accounting, reporting, compliance and decision support. Our services include
General Ledger maintenance
Maintaining accurate transactional information is essential to producing accurate financial statements. Our General Ledger Maintenance services take away the pain of data entry, account maintenance and reconciliation to allow customers to focus on core activities. Some of the benefits of our services include
- Improved ability to capture, validate, analyze and report relevant data
- Guaranteed SLAs to ensure accuracy and timeliness
- Improved process efficiencies and reduced paperwork
- Reduced costs and cycle times
Financial Planning & Analysis; Decision Support
In these turbulent times, CFOs need to explore innovative and transformational avenues to improve business financials. A key factor in effective planning and decision support is the ability to quickly analyze financial data and identify decision points for maximum impact to the organizations activities and finances. Our advanced Financial Planning & Analysis services leverage our deep industry and process knowledge to help CFOs document, standardize, analyze and report financial data in a consistent and relevant manner to aid in Planning and Decision Support. Benefits of our services include
- Industry specific models and metrics to ensure relevant results
- Process consulting to understand and document process knowledge
- Identification of data needs, KPIs and analytics to produce relevant and consistent reports
- Ensuring timely data collection, collation and analysis to present the right information, in the right format, at the right time
- Automation and alerts to reduce effort and identify exceptions
Fixed Assets accounting, Project accounting, Inter-Company accounting
As organizations spread their presence globally, disparate processes and accounting policies make Fixed Assets, Project and Inter-Company accounting an increasingly complex and cumbersome process. Businesses can partner with Serco Global Services to help consolidate and standardize accounting activities in these areas and leverage our knowledge of regulations, compliance requirements and accounting policies across businesses and geographies to ensure consistent, accurate and compliant results. Benefits include
- Purpose built tools to automate and formalize workflows and processes
- Global, skilled workforce with industry and policy knowledge to ensure compliance and consistency
- Ad-hoc and planned reporting to improve transparency and visibility of information
- Improved efficiencies and costs through our focus on process excellence and outsourcing advantages
Forecasting & Budgeting
Leveraging historical data to analyze and understand past performance is essential to generating forecasts, setting targets and aligning business activities to future plans. Serco Global Services with years of experience in the operations of organizations across geographies and industries, can help businesses accurately identify and capture relevant data and metrics for analytics and reporting to assist in effective forecasting and budgeting activities. Our services offer
- Process consulting to map and organize forecasting and budgeting needs to data and reporting requirements
- Automation and process workflows to improve efficiencies in data gathering, analysis and reporting
- Dynamic reporting to assist in rolling forecasts to better manage organizational performance
- Industry and process knowledge for relevant interpretation of historical data and decision support needs
In any service universe, clients form partnerships with multiple vendors, distributors and enablers who support the client in delivering optimal services to the customers. Ensuring these links perform optimally requires active management and innovation of business processes. Partnering with a dedicated and capable service provider for Finance & Accounting functions can enable organizations to achieve best in class performance while focusing on service delivery.
Now, more than ever, Finance & Accounting service innovation has become a key factor in the CFO’s toolkit for driving efficiencies and optimizing costs. Achieving these goals require transformational thinking and highly skilled resources in a dedicated environment.