Description of the specialty: Management of certain accounting processes.

In modern organizations, accounting processes are divided into several key areas so that it is possible to streamline the work of the accounting department and, at the same time, ensure high-quality services. The most important areas are:

Liabilities (AP – Accounts Payable; PTP – Procure To Pay) – working in this area/process is concentrated on verifying, entering and processing purchase invoices, matching them with orders, finding explanations for differences in amounts and values (usually in cooperation with warehouse and purchase management departments), ensuring proper approval for a particular purchase, posting the invoices and finally instructing payments of such invoices within the correct deadline (individually or in bundles generated in the system).

Receivables (AR – Accounts Receivable; OTC – Order To Cash) – working in this area/process involves issuing and posting sales and correction invoices and often is connected with collecting arrangements necessary for the proper settlement of the adjusted tax. The work may also include elements related to explaining overdue receivables or confirming balances for statutory or group purposes.

General Ledger (or RTR – Record To Report) – this area requires advanced accounting knowledge, taking into consideration the domestic and international regulations (e.g. IFRS). The work in this area is focused on carrying out more advanced postings (e.g. reserves, payrolls, production cost settlement), keeping a fixed assets register, as well as analyzing the accounting entries and preparing various types of reports and financial statements.

MDDP Outsourcing has long-term experience within the scope of comprehensive bookkeeping as well as individual accounting processes, including services for foreign companies.

Advantages for the customers.

Many organizations notice the significant benefits that come from separating tasks of the in-house accounting department to outsource them. The main advantages of such approach include:

1. Access to a team of specialists with a developed methodology that allows for taking over a selected accounting process, including solutions to optimize it.
2. Ensured work continuity regardless of the employee turnover, leaves or other absence of employees from the in-house accounting department, allowing for an uninterrupted, long-term cooperation without the need for periodic recruitment of accountants in the increasingly demanding market.
3. Flexibility of the service provided that, if needed, is able to quickly offer support of more workers or eagerly undertake additional labor-intensive services, including one-off tasks.
4. Lower costs – particularly in the case of foreign companies where the labor costs are incomparably higher than in Poland.
5. Better control over accounting data and stabilization of the processes which results, among others, in no disruptions in payments or reporting deadlines.

Safety.

Working for customers that are seated abroad must be carried out remotely, which makes it necessary to care for the security of the customer’s data. VPN tunnels have become a standard to ensure data confidentiality and integrity. In some cases, we use the equipment provided by the customer, if the organization has specific safety requirements.

We encourage you to familiarize yourself with the example case studies about the management of selected accounting processes for the customers of MDDP Outsourcing.