Shared Services refer to the processes, resources, and functions that are distributed across various business entities and combine into a strategic platform to provide defined services to external and internal customers. Shared services focus on the performance of the business units related to Finance and Accounting, Payroll procurement in Human Resources, Master data, Compliance, and IT, followed by customer service. Additionally, companies create shared services to improve process quality, productivity, compliance, and risk mitigation. A substantial number of organizations with different divisions and departments need ways to eliminate the costs involved in the non-core business operations, and the subsidiaries need to devote their time to the long-term vision and objectives. Shared services assist in balancing and consolidating multiple operations as an internal function of a business run by an efficient workforce to support centralized functioning and management responsibilities. This function is a corollary process to offshoring services to a remote overseas location. Shared services work to evolve through the benefits of the clientele, who are geographically spread across various parts of the globe, and integrate the methods of operation. This feature is crucial for various functional areas of an SAP system.
The process enables reducing labor costs and talent acquisition costs while providing qualitative and reliable practices for customer satisfaction and efficient time and resource management for the enterprise. Thus, a Shared service model indicates identifying the areas for improvement, managing and monitoring the performance, and reducing duplication of efforts in the process. A shared service delivery model ensures efficient performance by improving service levels and redefining processes deployed via advanced technology to meet the needs of the end user. The mode of delivery of the shared services aligns with the strategy, vision, and process to add value for the successful growth and scalability of the firms. Amidst the growing popularity of streamlined operations, to save time and money and deliver improved services, companies can outsource their non-core functions to a third party, which reduces costs while maintaining high levels of efficiency. It is where Key Users' team of functional consultants and business executives, can be a viable option. Our business executives offer insights into flexible business expansion and facilitate the simple and quick mode of processing operations in finance, legal, procurement, supply chain, master data, compliance, and IT. KeyUser(Key User).com serves your functional needs for sectors in Finance, HR, and global business through Purchase-to-Pay (PTP), Record-to-Report (RTR), and Order-to-Cash (OTC).
PTP entails the purchase of goods and the management of the supply chain through payment by the firm. At Key user.com, PTP entails
- Vendor Master Data Request
- Purchase Order
- Goods Receipt
- Approve Invoice
- Approve Payments
- Create and maintain Master data
- Invoice verification and processing
- Vendor payment processing
- Reconcile and Report
- Month-End process
OTC involves the management of the end-to-end process of the sales
order, starting with collecting the payment from the customer.
For
OTC we work on
- Credit Management
- Billing/Invoicing
- Collections and dispute management
- Reconciliation and Reporting
- Period end
Our proficiency in HR shared services includes day-to-day tasks of administration, recruitment, talent acquisition, payroll, reward, L&D, etc. We support global practices and processes in transactional, analytical, and consulting areas through an integrated shared service outsourcing model known as the GBS model that delivers high-value-added functions. We believe the framework leverages the value of businesses in diverse operational processes of various departments like HR, Finance, and IT. It extends to communication, marketing, facility management, and project management, which gear towards productivity and data-driven decision-making. Our shared service delivery model implements and ensures feasible data centralization in reporting and analytics. The team deploys flexible collaboration through sharing information between various departments and increasing compliance for better decision-making. Our consolidated shared services framework enhances the operational processes of your project. It facilitates cost efficiency and operational flexibility for your technology and business needs.