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DanmarkXledger BPO Partner and Director at S&W, Dom Gibbs, shares insights into the foundations of long-lasting tech partnerships, alongside Drew Murray, Xledger Partner Development Manager, and joined by Laura Jolly, Xledger Principal Solutions Consultant.
Historically, the relationship between business process outsourcing (BPOs) and their clients has been transactional, an exchange of money for time taken to process invoices, complete accounts payable, and produce core reports. Supported by technology, this relationship is changing.
Today, clients seek BPOs that deliver long-term advisory value, prompting BPOs to adapt. Firms that can adapt to this new advisory role can stay competitive in an ever-changing market.
Avoiding the rut of short-term or purely reactive technology partnerships
According to Dom Gibbs, clients now want outsourcing services that can advise, not just handle data. He notes, “Customers want long-term value — with a robust tech partnership, we can feed our clients’ wishes for the finance product back to the tech provider. A good tech partner will listen, adjust, and proactively engage to ensure our clients’ needs are being met.”
By partnering with a tech provider that prioritises the efficiency of a product, and the longevity and benefit for partners and clients, BPOs can build a trusting relationship. Laura added, “Ultimately, it’s about building a relationship that asks not just, ‘What do you need today?’, but ‘What do you need tomorrow?’”
Becoming a technology partner can be a lengthy process, but with commitment from both sides to clearly define short- and long-term goals, these partnerships can bring vast benefits.
Likewise, BPOs that operate as transactional accountants, using a small accounting system, may fail to provide the strategic insights that support growth when their client eventually scales. Dom emphasised, “If you constantly think about quick wins and quick sales, then you can get into a transactional rut and only build a basic relationship that doesn’t last the miles.”
“Software can do an awful lot of what we, as accountants, did twenty years ago.” Dom continued. “Automated software, artificial intelligence: it won’t steal your job — it will take it to the next level. When you provide a growth strategy to clients, it’s about making technology work harder for you so you can help clients achieve their organisational goals.”
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Why mid-market finance systems enable longer partner-client relationships
The panel discussed how mid-to-large finance solutions help BPOs perform their job specification. Dom recognised the efficiency that systems like Xledger bring: “Automation doesn’t go on annual leave, it doesn’t get sick. It’s always on and always working, eliminating data gaps. Before automated real-time data, we’d be reacting months later. Now, if we notice a cashflow problem, we can pick up the phone and act immediately.”
“Instead of finance leaders and partners being dragged into manual data entry, mid-market systems provide peripheral vision of all business areas, not just those directly in front of you. And, when the processing time is reduced, we can bill for worthwhile time, such as creating meaningful dashboards and reports, and offering skilled advice.”
“I totally agree,” said Laura. “Often, BPOs feel a sense of fear when it comes to highly automated mid-market accounting solutions. However, just because processing is quicker doesn’t mean you’ll lose money. In my experience, it’s actually the opposite. Your numbers increase because you’re adding value.”
To close the discussion, the panel unpacked how to identify a credible tech partner, agreeing that they should be proactive and engaged with the needs of both clients and BPO partners in mind.
“The best tech partners are those that actively listen to the suggestions of clients and customers, then offer a shortlist of considerations, or a product roadmap to show how the product is developing to meet a new need. Recognising and communicating a product’s horizon is a significant way to build positive, long-lasting partnerships,” observed Laura.
Dom added his closing comment: “It’s important to know that a sales cycle for tech partnerships is different to sales cycles for end clients. A sale to an end client might take longer for several reasons. Educating your clients early on about what they could achieve with a mid-market system like Xledger is crucial to this cycle. For example, the system is a great product for multi-entity and international group clients, but your clients may not be ready. Educating and waiting are the most important things to do.”
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