10 Essential Services SMEs Don’t Have That BPOs Can Provide

These are the 10 most important services for start-up businesses that BPO Philippines can provide.

A few years back, BPO Philippines was just the destination for inbound and outbound call centers. It is because of communication and interpersonal skills for Filipino agents.

But now, many companies that outsource to Philippines also have their eyes on their non-voice services.

In this article, we will discuss some unknown functions that SMEs can outsource to the business process outsourcing industry in the Philippines.

What Admin Function Tasks Your Start-up Business Should Have That BPO Companies Can Offer?

Let’s take a look at some of the admin and internal tasks that the outsourcing companies in BPO Manila Philippines can do for you.

We will also provide the benefits of having these kinds of services just in your business do not have it yet.

Staff Leasing Services

Staff leasing services or professional employer organization (PEO) is a BPO service wherein your outsourcing partner will assist you with various employee administration tasks.

Some of these tasks include HR-related functions and payroll systems. Outsourcing this function to BPO Philippines lay out some important benefits.

For starters, you can slash your labor costs by at least 50%. It is because hiring agents in outsourcing companies in the Philippines is more affordable than hiring internal teams.

Furthermore, outsourcing staff leasing service to a BPO company guarantees an average annual return on investment (ROI) of 27.2%.

Having this high rate of ROI has a business growth of 7% to 9% faster than those who do not outsource PEO.

Outsourcing this function also lifts some responsibilities for your internal admin team. Thus, making them more efficient and satisfied with their workloads.

As a result, you can see a 10% to 14% reduction in your turnover rate in your own employees. 

Not to mention that BPO Philippines also has the ability to maintain a good attrition rate for their own agents.

Accounts Receivable Services

Accounts receivable services involve tasks about invoice and receipt processing, customer accounts reconciliation, and general cash collection processes.

Most companies don’t know that they can outsource this specific function. Hence, they will just add this responsibility with their debt collector or accountant.

However, adding this up to their responsibility can cause a workload overload. They might not be able to focus on their main function.

Outsourcing account receivable services greatly contributes to the efficiency of your local financial team. They can easily manage everything related to the cash flow management.

On top of that, you will have faster day sales outstanding (DSO) by almost 65% compared to before you outsource accounts receivable services.

Having a faster DSO ensures that payment from customers will come in on time.

Additionally, BPO Philippines ensures the invoice will go to the right customer for approval. This will save you more time from verifying all the documents before collecting payment.

Accounts Payable Services

Accounts payable services assist businesses to maintain a systematic and organized financial books. 

While accounts receivable is all about payments due by your customers, account payable refers to documentation of all your business expenses.

You can hire a local Certified Public Accountant (CPA) to do this function.  However, you can get a 70% reduction in your budget if you choose to outsource to BPO Philippines.

Besides that, offshore BPO companies also have a fair assessment when it comes to your financial statement. 

There’s a less likely chance that an internal employee can influence their evaluation on your books. 

So, you can easily track and maintain your debiting and the credit of your liability accounts.

BPO Philippines’ Community Moderation Services

As of 2020, there are 4.48 billion social media users around the world. So, start-up businesses right now mostly relied on social media to advertise their products and services. 

Therefore, they need someone to moderate all their interactions with their target audience. 

Hence, having an outsourced community moderation service will surely help you optimize your social media presence.

Unlike online marketing, content moderation ensures that you will hear the voice of your intended audience. 

It means you can create a business model from the collective suggestions of other social media users.

In addition to that, BPO Philippines also has the latest software that will make social media interaction easier and more efficient.

They can also provide quality assurance agents that will monitor the reputation of your brand on different social media platforms. 

Data Management Services

Most start-up businesses do not have the ability to analyze large data that will help their operation. It is the reason why the majority outsourced their data management services.

Checking the accuracy of your data greatly improves the profitability of your business. According to IBM, US companies lost $3 trillion dollars per year because of bad data.

So, you need an organization where you can entrust all your data. This is where BPO Philippines can come in handy.

They have the top of the line technology to calculate all your data and analyze it as well. 

On top of that, they can protect this information as most of them acquire certification from different standardization bodies like ISO and GDPR.

Having a business partner that will provide you necessary numbers help with the development of your business. 

You can easily identify which part of your operation you need improvement.

Loan Processing BPO Philippines

During the pandemic, financial institutions recorded a 2.8% mortgage rate for their 30-year loans. This is the lowest recorded percentage since 1900.

As a result, many customers take advantage of it by sending loan applications to banks. Unfortunately, the surge of loan applicants caught these banks off guard.

That’s why most of them rely on BPO Philippines to give them a loan process call center service.

They were able to reduce the processing time to 14 days compared to the 3 months turnaround time they had before outsourcing.

Besides that, it guarantees them a better profit out of these applications despite the low monthly mortgage rate. 

It is because hiring an outsource loan processor is more affordable than an in-house team. They could also process more loans due to various CRM for easier compilation of all documents.

Debt Collection Services

According to a recent study, more than 30 million of Americans struggle to pay their debt and clock up outstanding bills and payments.

It might be hard to keep up with all your customers’ outstanding debt if you’re a start-up business. So, it will be in your best interest to outsource debt collection service.

In a usual set up, an in-house debt collection team can call up 50 people per day to discuss their due payment. 

On the other hand, BPO Philippines’ advanced technologies allows them to perform more than 100 calls per day for your debt collecting service.

Imagine how many customers you can cover in just a few days?

To top it all off, you can hire as many debt collectors as you want since they’re way more affordable compared to local collectors.

Outsource Form Processing Services

You know that check processing and verification involves a very time consuming and expensive process. 

Human errors can become unavoidable if you transact with numerous checks on a daily basis. 

You will still get complications no matter how much effort that goes into the verification process.

Therefore it is important to find an outsourcing partner that will give you a seamless process when it comes to form processing services.

Most organizations in BPO Philippines get an agent with experience in the financial industry. 

They will carefully integrate several technologies to lessen any errors that come from human interaction. Of course agents will still monitor the process just in case there’s any complication.

By outsourcing this function, you can get a faster turnaround of up to 8 to 24 hours. On top of that, you can also reduce your process fee by up to 40%.

Certificate Intelligent Document Processing

Most small and medium businesses find it hard to process a lot of paperwork for their organization. 

However, they need these documents in order to maintain the smooth operation of your business transaction.

Also, it might be hard to analyze some data if they were in unstructured and semi-structured format. 

Unfortunately, 80% of data you need for your business are in these formats such as images and PDF documents.

Therefore, you can outsource your intelligent document processing (IDP) solutions to the BPO Philippines. 

They will help your organization gather all those data embedded in unstructured documents.

Philippines call center organizations have various software to streamline and categorize all these documents so they can easily extract all information.

On top of that, they will use cloud-based technology to safely transfer all this information back to your company. This ensures that your data is protected against any data breaching.

Recruitment Process Outsourcing

Recruitment process outsourcing or RPO refers to offshoring your procedure in acquiring new internal employees.

Although your HR department can work this out for you, this is not the only thing they’re working on. 

They also need to work on other internal functions like taking care of your existing employees’ needs.

That’s why it’ll be better if you have another team for your hiring process. Many start-up businesses take advantage of recruitment process outsourcing in BPO Philippines.

Aside from taking off some workload for your HR department, having an outsourced recruitment team can also enhance your employment brand.

Improving your employment brand is important nowadays, especially since almost 79% of business owners think that the skills of their employees are no longer up to standard.

Most BPO companies in the Philippines will involve you in the recruitment process. They can give specific KPIs that you can monitor to see the improvement of your hiring procedure.

Which Outsourcing Partner Remains at the Top of BPO Companies in the Philippines for the Past 3 Years?

Let’s take a look at the top BPO companies in the Philippines from 2019 to 2021.

Conclusion on the Best in the BPO Manila Philippines

Top BPO companies in Philippines 2019 are a mixture of new and veteran call center firms. Helpware Inc., the top call center company at that time had only 5 years in the BPO industry. 

Meanwhile, the rest of the top 5 have been in the industry for more than a decade now. 

It is worth noting that Magellan Solutions has been expanding their business capability in 2019. 

They were able to add a bunch of BPO services to their arsenal while being exposed to several business conferences for additional experience.

During the first wave of COVID-19 pandemic, the top BPO companies in Philippines 2020 changed drastically. 

Besides Magellan Solutions, those in 2019’s top 5 are no longer at the top spot. They either go down a couple of spots or not on the list at all.

This goes to show that Magellan Solutions’ management can maintain the quality of their service despite some unexpected and unfortunate events.

They were able to shift almost instantly to remote work in order to continue the operation of their business partner.

As a result, they’re currently at the number 1 spot in top BPO companies in Philippines 2021. They’ve managed to continue their excellent response towards pandemic.

Something that other BPO companies were unable to resolve.

All in all, Magellan Solutions shows resiliency and credibility despite several changes in the business process outsourcing industry in the Philippines.

Ready to Develop Your Business with One of the Best Outsourcing Companies in the Philippines?

If you  are a small or medium business looking to outsource your call center and back office service then go to Magellan Solutions. 

We have more than 18 years of experience providing service for SMEs from different industries.

Aside from services we mentioned above, here are some contact support services we offer:

• 24 7 Answering Service
• Phone Answering Service
• Customer Support Outsourcing
• Outsourced Technical Support
• Multilingual Call Center Services
• Lead Generation Services
• Cold Calling Services
• Outsource Telesales

We are an ISO certified BPO company that strictly follows a high standard of service from recruitment to on-boarding process. 

Besides that, we guarantee a fortified protection for your data. Our tech support team has different security protocols to prevent online breaching.

Our Business Developers can help you in setting up your key performance indicators (KPI). KPIs will guide you and monitor the progress of your business with us.

We also offer guaranteed flexible pricing options based on several factors like service and number of agents you need. Magellan Solutions understands that start-up businesses have limited funds in outsourcing services.

Contact us today and get a free 60-minute business consultation. Please fill out the contact form below.

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