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Managing Your Finances: An Introduction To Outsourcing

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By Author: Milan
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Keeping track of business finances can be a pain. For most, this becomes a problem due to the frequency that assets have to be transferred. Larger companies can afford a proper financial department and will not need to worry about this, but small to mid-sized businesses often will need outside help or in some cases, a dedicated financial professional, in order to properly manage their finances. This is where outsourcing and full-service BPOs come into play. For a cheaper cost, you can hire financial professionals remotely. These remote staff bring benefits such as saved time, better organization, and control. Full-Service BPOs Business process outsourcing centers have helped connect businesses with professionals all over the world. The solutions they provide for businesses help to save time and money.

However, it's only recently that the barrier to entry has lowered. In the past, only companies of a certain size, namely the Fortune 500, have had access to outsourcing. Outsourcing is the acquisition of goods and/or services from a third party. In the cases of these giant companies, it could be any form of outsourcing, ...
... including the manufacturing of physical goods, financial services, call centers, etc. While there are specialized outsourcing service centers for industries such as marketing, finance, medical, etc, full-service BPOs cater to all of the above, all while keeping the same level of proficiency.

Image:- Financial Accounting Outsourcing - Narith Business services
The added benefit of partnering with a BPO is the different types of staff you can hire through them, should the need arise. Simplified Steps To Partnering With A BPO Initial Contact-- Questions are exchanged from both your company and the BPO Use this time to ask any clarifying questions and voice your concerns The BPO will ask you what you're hoping to create a proposal and achieve Proposal Meeting-- Based on information from the discovery call, you will be presented with a plan Go back and forth to get the plan that works best for you and your company Recruitment Started-- Interviewing and sourcing of applicants based on your requirements Shortlist Created-- The most qualified candidates are presented to you If you like someone, select them and set a start date A reset will happen if you don't like the candidates Staff Hired-- Hiring details finalized Staff onboarded The staff starts work/training Cost-Effective Solution Cost reduction is an explicit benefit of outsourcing and probably the one that gets more and more businesses to outsource. Depending on the specifications of the job and the location of the selected remote staff, savings could be higher than 60% when compared to hiring someone onsite for the same position. By partnering with a BPO, you get the professional support you're looking for at price points much lower than the talent pool in your immediate area.

For example, the average accountant makes $3,000 a month in the US, while in the Philippines they make between $700 and $1,500 a month. Time Saved There's a saying that "time is money", and in our society, it really is. We get paid by the hour, we clock in and out to mark exactly what time we end and start. That being said, when tasks like paperwork begin to pile up and people aren't allowed to do the primary function of their job, that time is lessened and the amount of money their time is worth also decreases. outsourced finance and accounting services
in Atlanta, GA

Having people specifically hired to do repetitive tasks such as administrative work frees up time for your core employees to do their primary duties, essentially giving them more time in the day to be productive with more impactful tasks. Organized Finances The whole purpose of having a finance department is to keep your finances manageable and in order. The cost is minimal compared to hiring onshore, but the cost of having financial errors, especially during tax season could cost you much more.

More About the Author

Narith provides highly differentiated process outsourcing and IT-enabled services. We combine process delivery competencies with technology, analytics and domain experience to deliver long term operational and financial gains to customers. We provide services across multiple industry segments and functional specializations.

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