May it be a startup or a multinational company, finance plays a vital and crucial role in any business. This is why companies allot time and resources to hire skilled accountants and provide them enough training to effectively manage the demands of their position. Before, building a Finance and Accounting team was usually done in-house, but with the rise of the outsourcing trend in F&A, more businesses are able to enjoy the advantages of outsourcing. In addition, outsourcing is one of the best methods to rebuild your F&A Team while your business recovers from the COVID pandemic.
In fact, accounting was the most commonly outsourced service among 195 businesses surveyed for Clutch’s 2019 Small Business BPO Survey with 37 percent followed by IT services and digital marketing. The F&A outsourcing market is also projected to reach over US$16.5 Billion by the year 2025, making it an essential part of the industry.
So, how can outsourcing your F&A team contribute to your business and become the future in finance?
One of the main reasons why businesses choose to outsource their F&A services is to save on resources especially financially. However, more than cutting on overhead costs and recruitment expenses, outsourcing also allows you to decide and choose the kind of services based on what your company currently requires. Whether it’s full-time or just selected functions, you pay only for the service that was rendered by the outsourcing provider. This enables you to direct your capital to other revenue-generating investments for your company by allowing you to save up to 70% on operational cost.
Access to best available F&A talent
While outsourcing may be considered more economical than in-house hiring, the quality of service is not compromised especially if you partner with a good outsourcing provider. With access to highly qualified F&A professionals, you are guaranteed minimal errors in your processes that otherwise can be time-consuming and costly to your business. These professionals also have up-to-date knowledge on accounting principles and tax regulations that provide the best service to your costumes and ensure company’s regulatory compliance.
Aside from a pool of world-class talent, outsourcing gives you access to F&A professionals who have expertise and proficiencies in using the latest accounting software and technologies, which are usually expensive to avail especially for small and medium enterprises.
Increase in the efficiency of business
With an outsourced F&A team, you and your staff no longer need to worry about carrying the burdens and complexities of accounting which allows you to focus on your core competencies while your outsourced team can execute F&A tasks. They will be the ones in charge of ensuring that all your accounting processes are managed properly. In turn, you can focus on running your business smoothly, give more time to value-adding tasks, and serve your customers better.
24/7 business operations
In the new normal, having round-the-clock operations is definitely beneficial for business. By outsourcing your F&A team, your outsourced team can have a schedule based on your company’s business hours to ensure high productivity and adjust to the US time-zone. Additionally, outsourcing also enables remote work, which is ideal with the current circumstances.
But overall, the right outsourcing partner not only has the points listed above but they also have an A+ recruitment process who can build you great, high-performing teams. It is also important to note that they should have a Net Promoter Score of >60.
Why does a high Net Promoter Score equate Operational Excellence?
When looking for an outsourcing partner, another thing you must remember is to partner with one that has a High Net Promoter Score.
Net Promoter Score (NPS) helps businesses gauge the quality of the customer service offered by outsourcing companies. Organizations can use NPS to assess which outsourcing service is best to partner with because this score shows loyalty trends and growth revenue outputs.
In a way, NPS represents the primary way customers survey their experience because it means that their clients are happy which results in customer loyalty and retention, making this a critical trait a BPO company should have. When used correctly, NPS (of at least 60%) can tell you how well the BPO is performing, how often they resolve issues, and if their clients are satisfied with their experience.
Look for a trusted outsourcing company that can help you build a dedicated team that has:
- Access to talent through their A+ recruitment process
- Cost savings of up to 70%
- Adaptability in technological advancement
- Established Information Security
- Operational excellence
- Great, high-performing F&A teams
- Information and data security
- Sense of security and peace of mind
Partnership with Infinit-O
Infinit-O’s mission is to create endless opportunities for your company to realize its full potential.
Infinit-O Key Benefits:
We can build you a great, high-performance F&A team composed of:
Let’s work together to build a great F&A Team.
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