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The word “OUTSOURCING” which typically refers to – getting some work done from third party subject experts has gained immense importance in today’s competitive business world across the globe.
Account Outsourcing today is being looked upon much more seriously by startups and growing business setups to strategise the planning, implementation and maintenance of their business processes in a way that the available resources can be employed in the most productive processes of the business cycle that directly contribute to the growth of the business enterprise.
Benefits of account outsourcing accrue to all levels of business set ups depending upon the dynamics of each business, the business environment, competition and other key variables that impact a business enterprise located in any part of the world.
The Book Keeping, Accounting & Finance process of an enterprise which can primarily be referred as a “control” function for assisting future “planning” is being strongly considered for Outsourcing as on one hand it has the least risk associated with it and on the other – it could be easily managed working from a offsite location.
If you agree on the fact that account outsourcing shall assist you get access to specialized skills from Day 1 and that it would result in savings in both time and costs (capital & ongoing), then you should definitely take a step ahead and strategise on account outsourcing to low cost developing nations like India with huge talent pool to take on the job with greater confidence and comfort.
Outsourcing of “Accounting & Finance” function is being increased substantially over last few years with business houses realising the benefits on account outsourcing book keeping and the increasing faith of the business enterprises on the contractors of an offshore location.
As “Accounting & Finance” function generally populates the financial results of the business transactions for analysis and future planning and do not necessarily get affected due to changing local market dynamics hence, it adds to its flexibility to be outsourced to an offshore location to be done by third party subject experts at a much lower cost.
- Cost Reduction Advantages
India being a developing nation with large pool of talent across business domains provides a cost effective solution to business owners for performing outsourced business functions. Accounts outsourcing is cost savings, both in terms of capital / infrastructure related costs and operating overheads could be deployed in the core business functions by enterprises which could thereupon help them achieve the business goals fast.
- Ease of access to Specialized skills
The fact that it’s difficult to employ / develop a team for all the individual business functions which are not the core competency of an enterprise necessitates the need to outsource such business functions to subject matter experts who can deliver and meet the quality and at the same time assist in reducing the cost burden associated to such non core business activities. Accounts Outsourcing helps growing enterprises achieve this objective in a Big way! This is the main reason why Book Keeping, Accounts & Finance function are being increasingly outsourced.
- More time for the Core Business activities
Accounts Outsourcing is one of the non core business activities that helps the management of the business enterprise concentrate more on the core business functions on which the growth of the business depends. Startups and growing business houses with little resources to deploy onto the business functions benefit greatly by outsourcing such non core functions like – Book keeping, Accounts outsourcing & Finance, Budgeting and other such activities.
- Improved turnaround time
Outsourcing a job to subject matter experts assists enterprises in getting the work done in lesser time as the experts can deploy the required resources with relevant experience who can perform the job with ease and confidence in relatively less time. This can help management take informed decisions at the correct time which can thereby translate into better managed business operations ultimately improving the quality of the final product / service provided by the business to its customers.
- Released Bandwidth
Outsourcing the non core business activities helps release of bandwidth in terms of savings in certain fixed recurring costs like fixed manpower costs, one time infrastructure and its maintenance; employee related training costs etc which thereby indirectly adds to the overall profitability of the business. These saving also leave management with better resource planning / deployment options which can be directed in a more productive manner.
- Time Zone benefits
Increasing Globalization, highest number of English speakers, favourable government regulations, huge talent pool, low manpower cost and strong research infrastructure has made INDIA a preferable destination to outsource business processes from across the globe!