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excellence tech asked:


 

Business Process outsourcing is driving a business transformation spanning all industry sectors and finance and accounting outsourcing is emerging as a dominant process in the recent years. Accounting outsourcing enables to protect core employer base and take advantage of specialized services. From recording transactions to financial reporting to control and risk management, it is no longer limited to transaction management but full fledged F&A process outsourcing.

Cost savings is the major driving force and goes from 50% to 60%, the industry has realized that F&A outsourcing is indeed about much more than pure cost savings. The other benefits are finance efficiency, process excellence, access to specialized team, 24/7 information access, control mechanisms are strengthened, and so on. Improved and organized accounting helps handle business growth and explore new avenues. The biggest value from outsourcing is increasing customer value, shareholder value and business value.

When it comes to handling your accounting function, its all about accuracy, confidentiality, faster turnaround, finance efficiency and cost savings. ExcellenceTech, accounting firm based in India manages the accounting outsourcing services by combining the extensive accounting knowledge and experience and state-of-the-art technologies.

ExcellenceTech caters to CPA firms and business enterprises and manages all the functions from transaction processing to reconciliation management, Accounts Payable and Accounts Receivable, general ledger accounting, cash flow analysis to full finance health flow analysis. Outsourcing solutions includes individual tax returns, corporate tax returns, Partnership tax returns, Fiduciary Tax returns.

The process flow is very simple and executed in a very secured environment as confidentiality of client’s information is very critical to the company and all the measures are in place from software/hardware firewall, 24/7 monitoring, strict access controls, limited use of internet and paperless environment.

 



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John Ugoshowa asked:


Try to imagine that you need a business process to be finished. You hire a professional in your country that charges about a hundred dollars to get the job done. This can prove to be too expensive for your company. What if you can get the job done, with the same quality made by a person with the same qualifications as the person you hired before, to do the particular business process at half the price?

This can prove to be very attractive. However, how can you be able to find this person with the same qualification but charges half the price your professional charges? The answer to this question is to outsource your business process in developing countries full of talented professionals.

Since developing countries have lower minimum salary rates, outsourcing can prove to be a cheaper alternative to do a particular business process that you need. Not only that, if your company is burdened with heavy workloads, outsourcing can help your company ease the burden. This will mean more efficiency and productivity for your company while saving a lot of money in the process.

By outsourcing your business process, you can be sure that you will be able to get the job done at half the price. Developing countries, such as India, China, Philippines, and others can provide cheap labor compared to hiring professionals in the United States.

Outsourcing companies is considered as a major industry in developing countries. Governments of developing countries are welcoming outsourcing companies to provide top quality jobs for their professionals with high paying salary. Although the salary you will give to outsourcing companies in other countries may be considered high, in the United States it will be considered to be very low, the minimum wage in developing countries is far lower than you can imagine.

Outsourcing business processes in other countries will also mean saving a lot of money on company insurance, social security payments and other benefits that you will be required to pay for if you hire a regular employee in your company to do the job.

As you can see, outsourcing your business process’ main advantage is providing your company with cheap labor and at the same time quality and professionally done jobs. The bottom line for outsourcing is saving a lot of money for your company.

So, if you are looking for a way to get cheap labor for your company, you can consider looking outside your country for outsourcing companies that can tailor your needs for your company.

However, before hiring a particular outsourcing company, you have to make sure that the quality of their work meets your company’s standards. Outsourcing companies are now providing ways for you to evaluate their work first before you hire them. Because of this, you can be sure that you will be getting the best outsourcing company to get your business process done.

Outsourcing doesn’t only provide cheap labor for your company, but it can also ease the burden of heavy workload because of the growing demand for your company’s services. Through outsourcing, you will be able to increase productivity and efficiency of your company.

However, you should always remember that outsourcing is not for everybody. You have to determine if your company should outsource your business process or not. If you think your company can handle it, you should keep the work in your company. But if it proves to be very burdensome, you should consider outsourcing. So, instead of hiring additional regular employees in your company, you can outsource your business process and save a lot of money.



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Rasmus Nielsen asked:


What is BPO?

Business Process Outsourcing is hiring external businesses to deliver a task that you otherwise had to do inhouse and has been around for many years, but has with the introduction of the Internet and globalisation taken a new dimension. Many large businesses have chosen to outsource some of the activities, simply so they can focus on their core business. Companies such as Microsoft have outsourced not only much (if not nearly all) of their high end jobs such as software architecture and development to outsourcing companies in India, but also their customer service. Large companies that operate in Australia are also using BPO to a large extend. Hutchinson, Vodafone and Telstra have outsourced a great deal of their customer service to call centre locations in India and there are too many other examples to mention.

The trend is very clear, many if not all large companies choose when possible to outsource and they all have one thing in common. Cost of labour. No Australian, American or Western European call centre can compete with labour costs of less than $10 AUD an hour. Sure, the customer may experience an operator who speaks with an accent, but when you can save over 50% in costs, it is worth while.

Why should small business outsource

Clearly the large companies benefit from this, but why can’t medium and small businesses copy the large companies? They can, but for some reason they choose not to.

Business owners who have spend their life building their business may not see outsourcing as a viable option for their business, because it will not fit into their business model, which is very similar to the way many business owners were regarding the Internet and email some years ago. Outsourcing may not reach the same level of popularity as the Internet, but there is little doubt that the businesses, who chooses to focus on their core business and outsource the non core activities to experts will become more competitive, simply because they do not have to allocate time, money and dedication to activities that does not contribute to the bottom line.

The dangers of outsourcing

Outsourcing is not always the right answer and it is important to choose the right outsourcing provider with care. The biggest danger is if both parties expectation does not match each other. It is therefore essential that the processes are properly defined (and subsequently followed) or it is a recipe for disaster. It is important to find a BPO which knows what it is doing and a good indicator is to ask for references, (though these can be rigged as well).

A more reliable indication is to analyse the process documentation and ask for a testing period, prior to going live. This serves several purposes:

1) Process documentation indicates the level of quality, which can be expected

2) Testing period is always required as there will always be teething problems, when two organisations are starting to work together. Always allow for enough time to test and do not be afraid of asking for additional tests if you are not convinced.

En essence, outsourcing can be very beneficial for any business, small or large, but it is vital that proper research is done prior to commencing to outsourcing.



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Jasbir Singh asked:


BPO is the new buzz in town, a relatively new concept with strong economical and business fundamentals which IT firms are now reeling towards, which provides an amazingly new plethora of opportunities for what Information Technology Companies can provide for the old-economy firms and how strongly they can get themselves entrenched in their value chain. This would not only make them felt very important in terms of their contribution but also as a tool for their clients, guaranteeing them competitive survival and growth in the current business market place.

BPO conceptually allows an enterprise to just focus on its core Competency and by outsourcing all the other support based facets that generally consumes a substantial amount of a firm’s time and energy. Peripheral activity such as Payroll, Employee Health-Care, Employee benefits, System Support, internal IT division, Sales/Marketing, Inventory Management and the whole gamut of other things which hampers an organizations interest by not allowing it to focus on what it believes are its strategic area of expertise. A firm’s energy should be highly focussed around its core competency which is what ensures it a place in the market, earns revenue for it and keeps it going.

After having decided to outsource all of its business process baring its core competing area, an enterprise also has to plan and strategize of how it would actually outsource, to whom and how it would integrate this whole process which is equally crucial for maintaining its competitive edge of its competition. Any corporate house having debated on the various business processes that it wishes to outsource now needs to pick the right outsourcing firms/agencies by doing the necessary due-diligence in terms of researching and analysing a particular firms capability and credentials and its track record for having accomplished outsourcing activity for reputed clients. Equally essential to brainstorm is how would one be bringing all these different outsourcing firms together while integrating the different business components and ensuring this does not entail into complicated issues consuming more time and energy.

Once this outsourcing model is championed by any firm, having adapted and Integrated it into their business strategy, it can achieve substantial business altitude it terms of its competition by focussing on what is does best and leveraging the outsourced model to its maxim. Also these outsourced Business components can be bench marked as per the organizations quality requirements thus ensuring the qualitative benefits as well.

For the outsourcing firms, BPO presents enormous opportunity to provide more of such peripheral services and support thus making it more important and also allowing it to play a much higher value added role for its clients.



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Sharon Lepcha asked:


“Outsourcing is the wave of the future,” this is how a resource in the Internet tells about outsourcing. Initially, outsourcing started for data-processing industry, but the profitable outcome the process can provide is immediately realized by many business entrepreneurs of different sectors. They tried it, find it lucrative and this is how the process got unprecedented popularity.

The major reason of outsourcing is cost saving, but the numerous other factors associated with the process are quality of the product, professional touch, use of company resources to other development projects and time saving.

Let me discuss each factor in brief:

Cost Saving: Outsourcing and cost saving is directly related to each other, because getting work done by yourself definitely require qualified professionals, a good infrastructure equipped with necessary tools and techniques and good management to monitor them. It obviously involves the investment of huge amount. But you can cut the cost and get quality products by outsourcing your work to some offshore companies who are already in such profession.

Quality of the Product: Offshore companies do possess expert professionals who can instantly understand your business need, and give professional touch to their work. But you can not ensure quality of the product by giving training and getting work done by novice professionals.

Time Saving: By outsourcing your projects, you can save time required for training to professionals, infrastructure development and maintenance and shorten the possible final delivery time of the projects.

Use of Resources to Other Development Units: You can use available resources to other profitable units by outsourcing part of your business. This renders more business growth.

Apparently there are countable number of countries known for work outsourcing, among them India is the more preferred destination. Apart from business process outsourcing, popularity is gaining these days of Information Technology outsourcing to India. Internet experts have revealed that India exports software to more than 95 countries worldwide.

In order to gain better return on investment, outsourcing IT projects to India is definitely a better option, since there are quality IT infrastructure and qualified professionals having strong expertise, innovative ideas with capability of turning your business vision into reality.

In addition, India IT outsourcing development companies offer cost effective software solution without compromising in quality and stipulated time frame of the deliverables.

Professionals in India IT outsourcing companies are highly knowledgeable and many of them are linguistic experts. These professionals can act a perfect bridge between client having language barrier and the development source, thereby letting client breath easy as his work is done as he desires.

Apart from number of benefits, some risk factors like data or identity thefts are associated with outsourcing business or IT works anywhere. But there is nothing to worry about if you approach well recommended outsourcing companies in India.

At the end, I can say that your success lies in selecting right companies who can make your business endeavor a success. Neither you can deny the power of the Internet nor can you disown the process of outsourcing. Outsourcing process is likely to flourish more in near future.



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