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Why You Should Outsource your AR and AP Process?

In research conducted by the Aberdeen Group found that companies that leverage outsourcing & automation can process invoices/transactions as much as 59% faster than companies that don’t outsource. Using an outsourcing provider enables companies to do more, with fewer internal resources. Businesses are able to offload transactional functions and gain the ability to focus on core aspects of the business.
Accounts payable and receivable outsourcing can transform manual, paper-intensive functions into a fully automated process. An outsourcing provider will have the resources necessary to customize and streamline accounts payable and receivable processes. Automating processes and reducing administrative work allows staff and management to concentrate more on growing the business.

Many businesses are turning a cost burden into an advantage through outsourcing accounts payable and accounts receivable activities. By offering customized and competitive services, outsourcing AP and AR activities can be a smart choice for any business. The following are a few main benefits of outsourcing your business’ accounting functions.

Transformation and Innovation
Outsourcing of Procure-to-Pay and Order-to-Cash processes can help organizations to improve these further as they no longer have to get involved in the web of documentation, planning, execution and auditing from different departments. Better decision making can be enabled and more focus can be given to the core compatibilities of the business.

Economies of Scale
Standardizing the processes and hence bring about the cost efficiency can be easily managed by organized service providers especially in the scenarios such as SSC (shared Service Centres) etc. where sync and symmetry play very crucial roles. As a result, the output quality is improved while reducing the cycle time and costs involved.

Companies that have high employee turnover or those that have seasonal or cyclical spikes in invoice volume, understand that hiring and training employees is an expensive and time-consuming task. In addition, temporary employees may not always live up to expectations. Even companies that do not fall under these categories have limited capital, human, and technical resources that need to be allocated appropriately. Hiring in-house accounts payable or receivable staff, as well as all the equipment and programs that are necessary for the process, can be very costly. Outsourcing is an appealing option as it allows companies to maintain steady internal staff levels and utilize experienced professionals doing the same job at a lower cost.

Technology Infusion
In-house technology options, especially licensed software models, have an upfront investment along with ongoing maintenance expenses. In contrast, outsourcing providers usually charge per transaction based on transaction volume, which is payable over the period of the contract. This not only enables organizations to convert fixed costs into variable costs but also allows them to defer costs over a longer period of time, freeing up capital for other purposes.

Service providers incorporate cloud-based technology and product upgrades, they even slot in cross-functional and regular training for their employees in order to manage workload during peak times. This makes the entire process transparent and accessible to all the relevant users from different locations.

Standardisation
Organized outsourcing companies or service providers have their processes standardised and compliant according to Service Level Agreement (SLA).  Their (Service Provider) sheer ability to design processes, deliver and control the output as per SLAs ensures that the desired objective is met with process optimization.

These are simply a few of the advantages of accounts payable and receivables outsourcing. Through outsourcing, companies improve compliance with internal controls and actually save money. A professional outsourced agency will have the resources necessary to streamline your accounts payable and receivables, leading to more efficient use of your resources towards other aspects of your business.

Considerations While Outsourcing
Outsourcing can bring a lot of benefit to the company, but in order to convert the enterprise’s finance department into a profit centre and to get the most out of outsourcing processes following points need to be considered before forming an alliance with any service provider.

  1. Selection of outsourcing partner plays a vital role. The partner chosen should have a scalable infrastructure, installed base with knowledgeable personnel to support the short, mid and long term requirement.
  2. State the objectives clearly to the service provider in order to get the best outcome of their services.
  3. Before selecting a service provider for it is advisable to check out their calibre in terms of expertise, latest technology and adaptability.
  4. Before going for outsourcing the company should streamline their business processes as it tends to reap more advantages of outsourcing services.
  5. Proper documentation should be done between the company and the service provider with transparency so that the focus is not deviated from the core purpose.

About Mynd Integrated Solutions

Mynd Integrated Solutions is a leading global service provider in business process and technology management, offering a broad spectrum of services in Finance and Accounting (FAO), Human Resource Outsourcing (HRO), Information Technology (IT) and Consulting. Our team of subject matter experts have the right blend of technology and effective business process experience to help you fully realize the benefits of process improvements. Mynd Integrated Solutions provides significant value beyond technology. We understand that BPM lies at the intersection between technology and process, and requires deeper business knowledge beyond system integration to succeed. We offer our platform as SaaS (Software as a Service) which complements the services delivered, to suit customers’ need across the globe.

Saurav Wadhwa

Co-founder & CEO

Saurav Wadhwa is the Co-founder and CEO of MYND Integrated Solutions. Saurav spearheads the company’s strategic vision—identifying new market opportunities, unfolding product and service catalogues, and driving business expansion across multiple geographies and functions. Saurav brings expertise in business process enablement and is a seasoned expert with over two decades of experience establishing and scaling Shared Services, Process Transformation, and Automation.

Saurav’s leadership and strategy expertise are backed by extensive hands-on involvement in Finance and HR Automation, People and Business Management and Client Relationship Management. Over his career, he has played a pivotal role in accelerating the growth of more than 800 businesses across diverse industries, leveraging innovative automation solutions to streamline operations and reduce costs.

Before becoming CEO, Saurav spent nearly a decade at MYND focusing on finance and accounting outsourcing. His background includes proficiency in major ERP systems like SAP, Oracle, and Great Plains, and he has a proven track record of optimizing global finance operations for domestic and multinational corporations.

Under Saurav’s leadership, MYND Integrated Solutions maintains a forward-thinking culture—prioritizing continuous learning, fostering ethical practices, and embracing next-generation technologies such as RPA and AI-driven analytics. He is committed to strategic partnerships, long-term business development, and stakeholder transparency, ensuring that MYND remains at the forefront of the BPM industry.

A firm believer that “Leadership and Learning are indispensable to each other,” Saurav consistently seeks new ways to evolve MYND’s capabilities and empower clients with best-in-class business process solutions.

Vivek Misra

Founder & Group MD

Vivek is the founder of MYND Integrated Solutions. He is a successful entrepreneur with a strong background in Accounts and Finance. An alumnus of Modern School and Delhi University, Vivek has also undertaken prestigious courses on accountancy with Becker and Business 360 management course with Columbia Business School, US.

Vivek is currently the Founder & Group MD of MYND Integrated Solutions. With over 22 years of experience setting up shared service centres and serving leading companies in the Manufacturing, Services, Retail and Telecom industries, his strong industry focus and client relationships have quickly enabled MYND to build credibility with 500+ clients. MYND has developed a niche in Shared services in India’s Finance and Accounting (FAO) and Human Resources (HR). MYND has also taken Solutions and services to the international space, offering multi-country services on a single platform under his leadership. Vivek has been instrumental in fostering mutually beneficial partnerships with global service providers, immensely benefiting MYND.

Mynd also forayed into a niche Fintech space with the setup of the M1xchange under the auspices of the RBI licence granted to only 3 companies across India. The exchange is changing the traditional field of bill discounting by bringing the entire process online along with the participation of banks through online auctioning.

Sundeep Mohindru

Founder Director

Sundeep initiated Mynd with a small team of just five people in 2002 and has been instrumental in steering it to evolve into a knowledge management company. He has brought about substantial improvements in growth, profitability, and performance, which has helped Mynd achieve remarkable customer, employee and stakeholder satisfaction. He has been involved in creating specialized service delivery models suitable for diverse client needs and has always created a new benchmark for Mynd and its team. Under his leadership, Mynd has developed niche products and implemented them on an all India scale for superior services. Mynd has been servicing a large number of multinational companies in India through its on-shore and off-shore model.

TReDS (Trade Receivable Discounting System) has been nurtured from a concept stage by Sundeep and the Mynd team. M1xchange, Mynd Online National Exchange for Receivables was successfully launched on April 7th, 2017. While spearheading the project, Sundeep and his team have built up the TReDS platform to meet RBI guidelines and enhance the transparency for all stakeholders. This platform and related service has the capability of transforming the way the receivable finance and other supply chain finance solutions are operating currently.

Sundeep is currently focused on providing strategic direction to the company and is working towards achieving high growth for Mynd, which will help in creating the products as per customer needs and increase its top line while maintaining the bottom line. He directly involves, develops, nurtures and manages all key client relationships of Mynd. He has also successfully acquired numerous preferred partners to support Mynd’s technology-based endeavors and scale up its business.

Sundeep has been the on the Board of Directors for many renowned companies. He has played a key role in planning the entry strategy and has set up subsidiaries for many multinational companies in India. In his leadership, Mynd has seen consistent growth at the rate of 20+ % CAGR from the year 2009 onwards. This was primarily because of investing into technology and bringing platform based offering in Accounting and HR domain for the customers.