THE EVOLUTION OF OUTSOURCING TODAY IN 2020 (PART 1 OF 4)
To outsource or not to outsource. That is the question?
When you think of the word ‘outsourcing’, what image does it conjure up in your mind? Typically a large room filled with rows and rows of chairs, desks, computers, headsets and half-eaten take-out?
Correct! this is where it all began, with global companies using the outsourcing model as a cost-saving advantage and thus offshoring high-end sales and support functions to handle massive volume enquiries, through huge call centres.
Today the game has changed somewhat. The cost-saving advantages are still a major pull factor but the accounting outsourcing services offered have evolved to include many highly specialized functions.
Macro has become micro with outsourcing companies now becoming a part of a firm’s business, most commonly through the offshoring of customized accounting functions, which alleviates the stress for business owners having to be customer-centric, yet still complete crucial admin tasks which take up a lot of time.
It has therefore become a business strategy for outsourced accounting services, to free up business owners who believe in devoting 100% of their efforts to growth strategies. It’s like an extra set of hands, or three.
In all manners, the key lies in a positive impact on the bottom line. Accounting and finance services models are also flexible, whether it be a work overflow model, for when work execution hours trumps staff available hours and you need someone to capture the extra work contingency or full end-to-end service.
In an already unstable economic climate, the pressure of an extra permanent employee is another compromise to accounting companies’ bottom line. It’s a risky move as new business is hard to come by, in order to fund an additional salary.
Outsourced accounting and bookkeeping services today have the capability to seamlessly maintain a firm’s full admin functions from anywhere in the world. Secure Cloud Sevices means the information is always kept under digital ‘lock and key’. The use of automation also means a fast, errorless process. It’s like one thousand heads are better than one, again, digitally speaking.
If ever one thinks they are paying peanuts, when it comes to international outsourced rates and concerned that peanuts attract monkeys, just remember that for the accounting outsourcing companies, often in a country with a weakened currency, it’s more like honey-dipped cashews!
The bottom line is the bottom line and the bottom line is that it’s a no-brainer.