Every business has to perform various activities on a daily basis to run the company efficiently. Some activities can be done by the employees within the organization whereas some may have to be outsourced. Seeking outsourced solutions for tasks that you are not skilled at helps to improve the efficiency of the company. Besides, the employees will have more time for higher level activities that will ensure the growth of the business. Popular activities which can be outsourced are payroll processing, HR, data entry or processing, accounting and book keeping, social media marketing, and event management among others.
Some organizations are hesitant to outsource, fearing that it could compromise the efficiency of the organization. However, this concern needn’t be there if the outsourcing is done to a reputable BPO company with solid standing in the industry. Outsourcing makes sense because there comes a point in most organizations when senior business managers, leaders and others in lead positions may not have time to perform certain types of work themselves. It is important to understand that the right outsourcing model can reduce cost and improve quality across a broad range of business processes.
Let us consider the benefits of outsourcing from the point of view of an accounting firm.
- It is highly cost effective: Accounting firms can successfully outsource to reliable third party vendors. By outsourcing successfully, they would be paying less to operate when compared to their competitors. Besides, they can scale their operations much more quickly than others and also focus their team’s energy on important projects.
- Outsourcing helps ensure client satisfaction: The ultimate goal of every firm is to make their clients happy and financially successful. Accounting firms that can meet the needs of the clients are successful in the long run, and with outsourcing this is easily possible. It is a known fact that outsourcing can boost a firm’s capability to achieve its goals and that’s why many accounting firms are relying on it. Outsourcing allows you to utilize the services of professionals who have excellent experience and expertise in their chosen fields. You may receive a request from a client for which you may not have in-house expertise. When you have an outsourcing partner to take care of the same, you can easily accept challenging projects and ensure client satisfaction.
- Benefit from expertise and skill: Other companies may be better at delivering a product or service than your own firm could for the same cost. Outsourcing to a competent provider ensures you expertise in the specific field. Besides, you will have many people working for your firm for what would be the cost of one in-house employee.
- Operational control: You can outsource processes that are running out of control. A professional BPO company can bring excellent management skills to your company than would be otherwise available.
- Staffing flexibility: You can benefit from additional resources when you need them to handle operations that have seasonal/cyclical demands. You can release them when the work is done.
- Handle the challenge of high employee turnover: This can create uncertainty and inconsistency to your business operations. Outsourcing will provide a level of continuity to the company while reducing the risk that a substandard level of operation would bring to the company.
When outsourcing, do it right. In accounting firms, ethics are an important consideration. Therefore, before outsourcing, carefully evaluate your outsourcing partner ahead of time to ensure they uphold the same ethical and professional standards you would expect from someone in your own firm. Find out more about your prospective outsourcing company:
- Their daily operations
- Do they have a centralized location?
- Do they have sufficient trained and experienced employees?
Do not rush into outsourcing – consider many potential partners before choosing the right one for your purpose. Ensure that you regularly communicate with your outsourced solutions provider to ensure they understand your firm and brand, your mission, values, strategy and so on, and would provide customized solutions to meet your specific needs.