OUTSOURCING ACCOUNTING SERVICES: STRENGTHENING BUSINESSES WORLDWIDE

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1 OUTSOURCING ACCOUNTING SERVICES: STRENGTHENING BUSINESSES WORLDWIDE

2 The outsourcing industry has reached a point where businesses consider it an effective means to enhance productivity and achieve financial goals. The time has come when small and big businesses should work on a customized outsourcing business model to compete in financially tough times. They need to study the model inside-out to know how they can reduce costs, maintain high quality standards and streamline processes. They can manage entire operations without taking a step out of the office. Define Goal, Purpose and Benefits of Outsourcing Accounting Processes You should focus on key components: brand image and customer service. Every single team is working to achieve individual targets. These teams also work in tandem to

3 achieve corporate goals. The role of a sales team is as important as that of the accounting team. Both front office and back office teams have specific roles in an organization. The front office team looks after the clientele and back office team ensures that employees get the right kind of working environment. The front office team is primarily responsible for implementing the policies. Core Front Office Team Should Focus on Key Business Areas The core executive team manages all the important decisions. They take an important part in decision-making policies at different levels. They re responsible for the failure or success of every single strategy created in the office. It tells us a lot about the kind of role they play in the overall performance of a company. There is a lot of scope for improvement in the back office section. Businesses want to outsource certain processes to offshore teams keeping high operation costs into account. The outsourcing industry has started providing customized services to handle business-specific projects effectively. It has given an extra sense of assurance to businesses. They can outsource the process knowing an expert and experienced team would work on the project. Businesses would not only be able to save money, but they can also provide exemplary service to clients. Earlier,

4 businesses either used to assign back-office work to some members of the core team or hire more people. In both the cases, they re on the losing side. They would not want the core team to perform tasks which require no expertise or experience at all. The costs involved with hiring and training new people also raises doubt over it. Offshore Accounting Teams Offer Expert Assistance and Enhance Productivity The problem begins as early as when a business starts looking for inexperienced or makeshift candidates to fill in the space of a big position like Chief Financial Officer (CFO). Even the most talented professionals would fall short due to lack of experience. They would not have required skills to handle day-to-day responsibilities associated with the job. Outsourcing accounting work to an offshore service provider would bring consistency and stability. Businesses do not have to look for temporary solutions, anymore. They can outsource back office processes to specialized teams and hire expert professionals at lower costs. How Outsourcing Would Streamline Accounting Process? Offshore accounting teams would have the best of talented and experienced professionals working on the project. The advantage stands with the business firm as they would get customized services to handle complex issues.

5 Reduce Overhead Costs: Businesses have an opportunity to reduce operational costs. They do not have to manage an on-site team to manage daily tasks. They can save a huge amount of time and money in the long run. Streamlining Different Processes: Outsourcing accounting work would streamline different processes. There is a better coordination and team-spirit to be seen among individuals. Enhances Performance: The core team would not have to divide time doing ten different things. They can focus on the primary list of activities and help the organization to add new clients to the list. Why Every Company Should Outsource Accounting Processes? The recession has put businesses under extreme pressure. Businesses have started working on innovative ways to

6 reduce costs as much as they can. They consider outsourcing an ideal business model to stay ahead of the competition. Outsourcing companies have started offering advanced solutions to businesses. They do not only operate under tight budget, but also maintain strict quality standards. There is no point in managing an in-house team. You can get the same work done at lower rates by outsourcing it to an offshore team. The biggest advantage is that a dedicated team would manage the operations, day and night. As a businessman, you would want undivided attention. You would not have to spend on hiring, training and infrastructure costs etc. You should go ahead and compare outsourcing to managing an in-house team. You should take all aspects into account and analyze the situation. You would soon realize that outsourcing accounting processes are a far better option.

7 The outsourcing company would be solely responsible for managing all the tasks. Businesses can specifically hire professionals who have ample experience in the field. They know that experienced professionals have better chances of retaining and attracting new customers than inexperienced or incompetent ones. Small Businesses have Access to Tailor-made Accounting Services Small and mid-sized businesses do not have the budget to appoint a Chief Financial Controller on a full-time basis. The end result is that it hampers the progress as they continue to distribute responsibilities among inexperienced professionals. They pay a heavy price for it and put the overall progress at risk. Businesses have found an ideal solution in the form of outsourcing accounting processes. They can appoint experienced professionals and pay them based on the quantity of work. The encouraging bit is that they can hire a limited number of people depending on the nature of work and save money in the process. The amount of money saved would be put back into business to strengthen the foundations. They can utilize time and focus on other important tasks. The outsourcing industry helps businesses to have complete control over the

8 operations and manage tasks, the way they would have managed an in-house team.