The Financial Services Market segment is a huge contributor to the US GDP. The great recession of 2007 increased regulation impacting the profitability of banks. Offshore outsourcing managed by the right vehicle for an operating model supports efficiency, effectiveness, and cost optimization for utilities across business areas. Technology, standardization, and automation have long been enablers for gains in efficiency and productivity improvements. The combination of circumstances and trends in the banking industry favor a global business support model through deployment of outsourcing.
Premier BPO, a global outsourcing company is ready and able to provide customized solutions for the industry, especially for mid-sized and small banks. These solutions include building Private Label Cloud services, back office processing, conducting marketing campaigns, and providing back office customer service support.
Why Premier BPO:
Premier BPO Finance, Accounting, and Administration:
Premier BPO provides financial reporting that delivers information regarding financial position, performance, and the changes in financial condition of our clients, which are critical in making economic decisions and in the running of a company. This reporting function includes reporting of assets, liabilities, equity, and income and expenses that are directly related to the client’s financial position.
Premier BPO Fixed Asset Management Service:
The Premier BPO Fixed Asset Management service provides the client with the following standard functions:
- Review of items to be capitalized ensuring that they meet the standard accounting capitalization criteria;
- Posting of transactions in “Depreciation Solutions”;
- Review of fixed asset accounts, repair accounts, and supplier accounts to identify items requiring capitalization or vice versa; and
- Calculate depreciation and record data in the Financial System and post to relevant General Ledger codes.
Premier BPO Treasury Services:
The Premier BPO Treasury service provides the client with the following standard functions:
- Reconciling various bank account balances, on a daily basis, with books of account;
- Reviewing of upcoming payments to vendors;
- Preparing cash projection for the client;
- Identifying borrowing requirements;
- Investing surplus funds in the most appropriate investment vehicle; and
- Encasing investments to meet cash payment requirements of the company.
Premier BPO Financial Reporting:
The Premier BPO Financial Reporting Service provides the client with the following standard functions:
- Generating monthly financial statements (Balance sheet, Profit and Loss) for individual companies;
- Consolidating results of various companies and preparing Consolidated Financial Statements;
- Preparing and updating supporting schedules to various balance sheet and profit and loss assertions; and
- Preparing quarterly and annual returns, e.g. 10K and 10Q.