Finance and Accounting

How Outsourcing F&A Contributes to Business Sustainability, Aside From Cost Reduction

In maintaining financial stability, a company must prioritize its finance and accounting (F&A) processes especially now where the business landscape has become unpredictable because of the pandemic. Proper accounting helps you track your company’s income and gives you an accurate picture of where you stand financially, thereby allowing you to direct the course of your business.

With such a crucial role, a dedicated team is needed to properly handle finance and accounting processes, but not all companies have the resources to build one internally. Fortunately, outsourcing has become a great help when it comes to this since it helps businesses cut overhead costs without sacrificing the quality of service.

More than just cost cutting, the advantages of outsourcing F&A for business stability also include:

Access to world-class talent pool

Partnering with a good outsourcing company guarantees that you will only have access to skilled and experienced candidates who can perform their roles with efficiency and quality. With this, you are assured of less errors in your accounting processes, which can incur costly penalties, and a faster turn-around time for your clients, improving your business performance overall.

Your outsourced talent will also take care of compliance to the latest policies, accounting rules, and financial regulations so you won’t have to worry about staying up-to-date. 

Flexibility and Scalability

Another great benefit of outsourcing is being able to scale your financial and accounting processes and customize the service based on your company’s specific requirements and business needs. This means you are getting solutions tailor fit to what you only need and translates to even more cost effectiveness in the long run.

Best Tech Practices

The impact of technology in the accounting sphere is unprecedented, so to be able to keep up with the times and serve your clients better, you must have access to the latest technological advances and software relevant to your business. Most of the time, these can be very costly, but when you outsource, you get to enjoy the benefits of these resources without having to pay anything extra.

Ultimately, outsourcing takes away time-consuming tasks out of your plate and allows you and your employees to focus more on tasks that add value to the customers and on achieving your business goals.

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 F&A team that has:

  • Access to talent through their A+ recruitment process
  • Cost saving of up to 70%
  • Adaptability in technological advancement
  • Established Information Security
  • Operational excellence
  • A great F&A team
  • 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.

Start small. Exceed expectations. Think infinitely. Think Infinit-O.

1 week ago No Comments Views

F&A Outsourcing 101

With the drastic change in the business and economic landscape brought by the pandemic, companies have to pivot and bring back the focus on its business goals to stay competitive in these changing times. In all of this, accounting plays a vital role not only in tracking income and expenditures but also in helping business owners make important decisions that can help move their venture forward.

Businesses need a dedicated team to properly handle its finance and accounting processes, but not all have the people and resources to build one internally, especially small and medium enterprises. This is where outsourcing comes in.

According to Clutch’s 2019 Small Business BPO Survey, accounting is the most commonly outsourced service among 195 businesses surveyed with 37% followed by IT services and digital marketing. It is also projected that F&A outsourcing will reach over US$16.5 Billion by the year 2025.

Here are just some key things to know if you plan on outsourcing your F&A solutions for more efficiency and business stability.

Outsourcing is cost-efficient

Outsourcing is not only cost efficient on overhead but you can also save time and resources because the right partner will ensure that they will build you tech agnostic F&A experts so you are sure that your outsourced teams are not only knowledgeable in F&A core responsibilities but they have necessary license and certifications as well. Overall, this can lead up to 70% operation cost savings.

These savings come without compromising the quality of service and productivity in the workplace. Cost efficiencies are extended to the management of the personnel costs that include salaries, government-mandated taxes, benefits on top of the other operational expenses while you still get the full benefit of a full-time employee.

Access to industry experts and experienced talent

In order to get the best results for your business, you need to make sure that the individuals handling your F&A functions are not just knowledgeable but experts in what they do. The scarcity of skilled candidates in the accounting profession doubled during the pandemic which made the talent access and hiring process even more challenging.

As a result, companies are spending more to hire skilled accountants by bumping up compensation offers and being more flexible on the customized benefits. In return the company will have to invest more to hire the right and best F&A talent. But with the right outsourcing partner, you will instantly gain access to world-class talent and A+ recruitment process.

A+ Recruitment

Finding, screening and recruiting for the best of the best is another great thing about outsourcing your F&A team. Your outsourcing partner will oversee the entire hiring process, filtering the best candidates for your company and making sure that they have the proper certifications and skills. You will also have the opportunity to take part in the screening process. Together, you will select the right talent for your outsourcing requirements.

By getting these time-consuming tasks out of your plate, you can better deal with your business goals including improving cash flow and looking for more ways to stay competitive in this economic climate. 

Another thing you must remember when looking for an outsourcing partner is to choose 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 F&A team that has:

  • Access to talent through their A+ recruitment process
  • Cost saving of up to 70%
  • Adaptability in technological advancement
  • Established Information Security
  • Operational excellence
  • A great F&A team
  • 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.

Start small. Exceed expectations. Think infinitely. Think Infinit-O.

1 month ago No Comments Views

How Outsourcing Fund Accountants Contribute to Improved Cash Flow and Business Sustainability

Several factors like the still ongoing global pandemic are pushing fund managers to adopt new and more efficient strategies in managing funds of all sizes. Realizing that doing everything in-house may be more taxing on resources than it seems, many are opting to outsource their various middle and back office business functions including fund accounting from reputable third-party providers. 

The role of a fund accountant is mainly to calculate and report the daily Net Asset Values (NAVs) per unit as well as compile standard weekly and/or monthly financial statements and income and expense accruals among others. They can also help in fund management through research and preparation of reports.

In today’s current situation, outsourcing fund accounting functions can contribute in improving cash flow and the overall status of the business. Here are just some of the reasons:

Accurate monitoring

The expertise and experience of professional fund accountants are needed in ensuring accuracy in monitoring of accounting processes and compiling regulatory financial reports, which are crucial in improving performance and guaranteeing transparency for investors.

Moreover, not only does your outsourced team add to manpower, they also possess the needed skills and knowledge such as account management, bookkeeping, and fund analytics that are useful when it comes to the processes involved.

Focus on core competencies

Delegating operational functions to an outsourced partner can lead to a significant reduction in operating risks and costs and a higher degree of transparency into the management of the funds. It also lessens the burden of increased regulatory requirements and complex investor requests on the shoulders of fund managers. In turn, this will allow them to focus on their core competencies such as creation of fund structures and servicing investors to raise and deploy capital. 

Best value for money

Outsourcing proves to be the more advantageous and cost-efficient route to take for businesses, because services can be scalable depending on the needs and capabilities of a company. Costs for training, recruitment, office space, and IT infrastructure are lessened. It also gives you access to specialized accounting systems (e.g. Quicken Premier, Master Investor, etc) that have become essential to the industry due to investors’ demand for more transparency, which when not outsourced can be very expensive.

Look for a trusted outsourcing company that can help you build a dedicated Fund Accounting team that has:

  • Access to talent through their A+ recruitment process
  • Cost saving of up to 70%
  • Adaptability in technological advancement
  • Established Information Security

Lastly, the right outsourcing partner promises for the following:

  • Operational excellence
  • Having a great F&A team
  • Operational cost savings of up to 70%
  • Accuracy and quality
  • Timeliness in submission
  • Information and data security
  • Net Promoter Score >70: 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:

  • Building great, high-performing teams
  • 70% Projected operational savings 
  • 72 Net Promoter Score (2019)
  • 97% Client retention rate

We can build you a great, high-performance Fund Accounting and other F&A team composed of:

Let’s work together to build a great Fund Accounting Team.

Start small. Exceed expectations. Think infinitely. Think Infinit-O.

2 months ago No Comments Views

Key F&A teams to Outsource in the New Normal

As the global economy continues to reel from the impacts of the COVID-19 pandemic, business owners had to make important decisions including what measures to take to guarantee the safety of their employees while still maintaining business continuity for their customers, and the overall financial health of the company.

In doing so, it is best to be guided by a team of finance and accounting professionals that  will make sure to help put the company in the best position to overcome the current situation and prepare for what’s more to come in the future. While building an F&A team inhouse is an option, outsourcing these functions weigh more when it comes to added benefits, which includes cost-efficiency, scalability, and access to expert talent and the latest industry technology.

In outsourcing your F&A services, here are 4 functions you should prioritize:

  1. Financial Risk Management

The unpredictability of the current economic environment brought about a shift in priorities when it comes to finance functions. According to a global study conducted by the Institute of Management Accountants, the largest increase in finance function priorities is seen in risk management, with nearly half (43.7%) of companies spending more time in this area.

Having a risk management team can provide useful advice on the potential risks to a company’s sustainability and profitability in the new normal. And in the case of finance and accounting challenges (i.e. error in computation, invalid bookkeeping, wrong calculations), they already have a plan of action to reduce and mitigate risk, and avoid bigger losses.

  1. Accounting

Financial issues are surely one of the problems business owners are currently facing in line of the pandemic. A company can benefit from the expertise of a competent accountant  such as CPAs, Fund Accountants, etc is to  analyze and evaluate its financial situation and recommend the right set of tools and solutions to recover business operations during and after a business crisis. Moreover, accountants just like risk managers, can guide you in creating a clear financial plan for the future to drive success to your company.

  1. Bookkeeping

As companies work to increase their revenues after incurring losses in the past few months, bookkeepers are essential to keep a record of all receipts, payments, and other financial transactions as well as to prepare cash flow statements and financial reports. Bookkeepers are also responsible for issuing invoices, paying accounts on behalf of the company, performing payroll administration duties, and filing tax returns. These responsibilities make bookkeepers essential in business recovery as they ensure that your employees are getting paid on time and that your expenses and income are on track amid crises. 

  1. CFO Services

Lastly, companies that are looking to not just survive but thrive in the new normal can use the help of outsourced CFO services. An outsourced CFO gives expert assistance to business owners who are having issues on cash flow, raising capital, solving tight margins, and implementing more efficient systems among others.

Now that you have an idea what F&A services to outsource, it’s time to look for an outsourcing partner that can cater to the unique needs of your company.

Partner with a company with >60 Net Promoter Score

Net promoter score 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 F&A team that has:

  • Access to talent through their A+ recruitment process
  • Cost saving of up to 70%
  • Adaptability in technological advancement
  • Established Information Security
  • Operational excellence
  • A great F&A team
  • 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.

Start small. Exceed expectations. Think infinitely. Think Infinit-O.

2 months ago No Comments Views

Fund Accountant: In-source vs Outsource

As suggested by current industry data, outsourcing has become an accepted and growing practice in the alternative investment industry, and among the most commonly outsourced components of operations is fund accounting, which is a crucial part of fund administration. Fund accountants mainly have the duty to calculate and report the daily Net Asset Values (NAVs) per unit as well as compile standard weekly and/or monthly financial statements and income and expense accruals among others.

While hiring fund accountants in-house has its own benefits like flexibility of tasks and loyalty to the company, it is also more taxing on the budget and other resources considering you have to undergo the process of recruitment and training as well as invest on office space and IT infrastructure. Outsourcing proves to be the more advantageous route in the long run because it is scalable, cost-efficient, and helps reduce and mitigate risks in businesses.

Here are 4 major advantages when you choose to outsource your fund accounting services:

  1. Access to Industry Expertise

Partnering with a reputable outsourcing provider gives you access to experts in financial and accounting services who can help you manage your fund effectively. Having a team of professional fund accountants is necessary to make sure that accurate monitoring of accounting processes and compiling regulatory financial reports are observed to improve performance and ensure transparency for your investors. Not only are they added manpower, they also possess the needed skills and expertise such as account management, bookkeeping, and fund analytics when it comes to the processes involved.

With this, you are guaranteed of accurate financial records, compliance to regulatory requirements for both onshore and offshore alternative investments, and minimal resources spent on overhead costs. 

  1. Putting Focus Back on Core Services

Outsourcing fund administration tasks like accounting will lessen the burden of increased regulatory requirements and complex investor requests on the shoulders of fund managers. In turn, this will allow them to focus on their core competencies such as creation of fund structures and servicing investors to raise and deploy capital. 

  1. Technology Solutions

By outsourcing your fund accounting services from a trusted and experienced provider, you also get access to specialized accounting systems (e.g. Quicken Premier, Master Investor, etc) that have become essential to the industry due to investors’ demand for more transparency. When not outsourced, these systems can be very expensive not only for its market price but also because of the support, maintenance, and training that these entail. 

Moreover, information technology outsourcing (ITO) has enabled many financial investment firms to take advantage of secured and integrated software as a service (SaaS) systems and cloud computing technology. ITO gives you the freedom from having to worry about the high cost of building on-site IT hardware infrastructure.

  1. Allows Remote Working

According to leading investor services group, IQ-EQ, the trend of outsourcing in the fund administration industry is driven by the ever-changing regulatory landscape, increasing investor demands and rapidly evolving use of technology. With the global pandemic, however, outsourcing has become more rampant due to the need to operate from a remote and virtualized environment.

In fact, the 2020 KPMG/AIMA Global Hedge Fund Survey: COVID-19 special edition found that 71% of its respondents who are all fund managers agreed that the current experience of working remotely has convinced them they could achieve better efficiencies if they outsource some of their operations. Among the variety of functions included in the survey, the top two that respondents are more likely to outsource are administrative services, and tax and accounting services. But with the right outsourcing partner, remote work is not risky because they have Information Security in place.

Look for a trusted outsourcing company that can help you build a dedicated Fund Accounting team that has:

  • Access to talent through their A+ recruitment process
  • Cost saving of up to 70%
  • Adaptability in technological advancement
  • Established Information Security

Lastly, the right outsourcing partner promises for the following:

  • Operational excellence
  • Having a great F&A team
  • Operational cost savings of up to 70%
  • Accuracy and quality
  • Timeliness in submission
  • 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 Fund Accounting and other F&A team composed of:

Let’s work together to build a great Fund Accounting Team.

Start small. Exceed expectations. Think infinitely. Think Infinit-O.

3 months ago No Comments Views

How to Spot a Great Risk Management Expert

While risk management is seen as a crucial part of a business, it is a function often overlooked by many companies, not knowing the benefits of taking full advantage of it. For one, a dedicated risk management team composed of experts can provide useful advice on the potential risks to a company’s sustainability and profitability. And in the case of something going wrong, they already have a plan of action to reduce and mitigate risk, and avoid bigger losses.

A good risk management expert has many qualities: they work well under stress, think quickly on their feet, and constantly strive to learn more. On top of these, here are three key skills that you should consider when looking for a risk management expert to add to your team:

  1. Analytical skills

In risk management, it is important to be quick but thorough in analysing data in order to assess risk, calculate its potential effects to the company, and find strategic solutions to prevent it efficiently. Moreover, a risk management expert possessing good analytical skills can focus on the broad aspects of the job yet still have a keen eye for smaller details that happen on the day to day. This is especially helpful in detecting and mitigating problems at the root and areas that are often overlooked. 

  1. Business understanding and industry knowledge

Risk management experts must have a deep understanding of the ins and outs of the firm or company they are working for as well as the external and internal factors that can affect its performance in order to properly predict and assess risks. They should also understand and master the different financial indicators tied to the firm or company’s assets, stakeholders, markets, and regulations. Alongside being well-versed in business issues, it is also ideal to be knowledgeable of the industry where the firm or company operates to easily identify what risks may arise.

You may want to look for applicants who hold academic credentials or certifications in finance or other related fields to assure they can perform the duties that the job requires.

  1. Communication and negotiation

Risk management is at the crossroads of the operational, financial, accounting , and strategic functions of a business, which is why a risk management expert must be equipped with good communication skills to be able to properly convey complex financial products, and risk management concepts and policies to the rest of the firm or company – from the board of directors to individual employees – composed of varied audiences of different ages and understanding of the topic.

In relation to this, risk management experts must also know how to negotiate with other departments, for example, when it comes to policies, and deal with different kinds of people on the job.

Outsourcing your risk management team

Now that you know what to look for in your risk management team, partnering with a reputable outsourcing company is the next best step. While you can opt to hire or train your staff for risk management duties, you can save more time and resources when you outsource since you no longer have to shoulder hiring and training costs.

Pro Tip: High Net Promoter Score (>60 NPS)

Net promoter score 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.

Outsourcing also gives you access to a pool of trained experts in risk management that can help you draw up a crisis prevention plan that is tailor-fit for the unique needs of your company.

Look for a trusted outsourcing company that can help you build a dedicated Risk Management team that has:

  • Access to talent through their A+ recruitment process
  • Cost saving of up to 70%
  • Adaptability in technological advancement
  • Established Information Security
  • Operational excellence
  • A great F&A team
  • 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 Risk Management and other F&A team composed of:

Let’s work together to build a great Risk Management Team.

Start small. Exceed expectations. Think infinitely. Think Infinit-O.

3 months ago No Comments Views

Skills and Competencies of a Great Fund Manager

Delving in mutual funds have become popular among investors looking to increase their assets because unlike other forms of investing, these are actively managed by fund managers who decide whether to buy, sell, or hold assets. Being such a key role in a company, it is important to hire the ideal fund managers to ensure that assets are managed correctly and are as cost-efficient and profitable as possible.

When looking for fund managers to add to your team, here are some skills and competencies that they should possess:

  1. In-depth industry knowledge

Since they will be dealing with a fund’s investment strategy and managing its trading activities, your fund manager should have a sizable knowledge of financial instruments and products including options, futures, commodities, interest rates, and exotics. They also need to be familiar with the existing marketplace, competitor developments, and regulations.

Although it is now a requirement, one way to guarantee that your candidate is well-equipped for the role is to look for the following certifications, licenses, and other credentials:

  • Registered Investment Advisor (RIA) from the Financial Industry Regulatory Authority (FINRA)
  • Chartered Financial Analyst (CFA) from the CFA Institute
  • Chartered Hedge Fund Associate (CHA) from the Hedge Fund Group
  • Series 65, a licensing program offered by FINRA that permits hedge fund managers to act as an investment adviser
  • Series 3, a licensing program administered by the National Futures Association necessary to trade futures or commodities
  1. Quantitative expertise

Another skill that a good fund manager should have is being able to analyze quantitative models and calculation dependencies in order to make recommendations and predictions about future prices and trends. In short, they should be good in number crunching and statistical analysis. On top of this, they must be well-versed on risk assessment as well, may it be of individual financial products, portfolios and combinations.

  1. Communication Skills

Being an articulate and effective communicator is a must for the role of a fund manager since there will be times, albeit occasionally, that they have to face clients and present complex products, findings and recommendations regarding the assets they are managing. This skill also comes in handy when pitching ideas to the team.

Outsourcing your fund managers

Having a dedicated team of fund managers and associates in your company is made easier, not to mention more cost-efficient, when you partner with a trusted outsourcing company. It has high-quality and specialized financial and accounting services that can help you manage your fund effectively and put the focus of the rest of your staff back to their respective core services.

Pro Tip: High Net Promoter Score

Net promoter score 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.

Through outsourcing, you can also get access to specialized accounting systems that have become essential to the industry due to investors’ demand for more transparency. When not outsourced, these systems can be very expensive not only for its market price but also because of the support, maintenance, and training that these entail. 

Look for a trusted outsourcing company that can help you build a dedicated Fund Management team that has:

  • Access to talent through their A+ recruitment process
  • Cost saving of up to 70%
  • Adaptability in technological advancement
  • Established Information Security

Lastly, the right outsourcing partner promises for the following:

  • Operational excellence
  • Having a great F&A team
  • Operational cost savings of up to 70%
  • 98% reduced error rate
  • 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 Fund Management and other F&A team composed of:

Let’s work together to build a great Fund Management Team.

Start small. Exceed expectations. Think infinitely. Think Infinit-O.

3 months ago No Comments Views

How to Keep Your Business Running During the Holidays

Do you know that you can enjoy the holiday season and take a vacation while keeping your business alive?

In the light of festivities, business owners are usually in a tug-of-war on who to enjoy the holidays while making sure that their business operations are on tip-top shape, especially it can be the most wonderful yet a busy and demanding time of the year. Of course, you wanted to keep everything running smoothly during a holiday rush and provide the holiday magic for your customers and your employees despite some changes from the current pandemic.

Major challenges that you need to overcome are; high customer service demand and vacation leave requests from your employees which leads to lack of manpower. But don’t let this overwhelm you. With the right team and the best plan, you can take the holidays by storm. Here’s are ways to keep your business running smoothly:

  1. Plan Ahead

A good plan today is better than a great plan tomorrow. Simply put, if you know that there will be a surge of customer demands while a challenge in manpower, best to plan how to distribute and delegate tasks accordingly so no work is left undone. It allows you to create contingency plans and steps on how to manage the workload well. You get to know if your current team can handle keeping the business running smoothly or if you need back up support from freelancers or outsourcing some parts of your business. It will also help you know how much resources you can allocate if you need to outsource to keep up with the demand and address lack of manpower.

This will also help you transition back to work on your return and keep you from having to face a pile of work after the holidays.

  1. Set Manageable Goals

Part of planning is setting manageable goals especially something that works with the new normal. Plan wisely by making sure it is Specific, Manageable, Attainable, Realistic and Timebounded (SMART). Because holidays are not a good time for disorganization, therefore aligning your strategic priorities and measuring what matters most for your business according to your resources will give you your desired results. Prioritizing and setting specific goals will help you achieve those key results easily.

  1. Hire Extra Help

While your team is amazing, the holiday demand may require you to get extra help. This may be the best time to outsource some parts of your operations to make sure that you get to enjoy the holidays and yet ensure that your business is running smoothly by  helping cover extra hours and longer shifts giving you an all hands on deck situation. With the right outsourcing, you are assured with:

  • Increased Efficiency

When there is an increase of load of tasks to be done and in-house staff might not be able to handle the strain. Hiring additional staff may not be the most practical since the demand is only short-term. With outsourcing, you can hire a great, high-performing team dedicated to help your business for a faster turnaround of your operations.

  •  Scalability

During this season, high demand from inquiries, order volumes, and customer expectations rise dramatically. But the advantage of having the right outsourcing partner is scaling by making sure there are increased operational efficiencies without the added costs or even project a 70% cost savings. With their A+ recruitment process and access to world-class talent, they will take care of the seasonal hires so you can have the workforce you need to handle the high demand.

  • High Customer Satisfaction

If customer’s demands are addressed effectively specially during holidays, this entails satisfied, happy and jolly customers and clients. They will feel that despite the holiday rush, your business can handle the operations and that they are still well taken care of. Having happy customers gives business owners peace of mind.

The success of a business depends on wise decisions and outsourcing is one of the wisest decisions you can make to help your business make it through such a demanding time. When looking for a partner, make sure that they have a:

Net Promoter Score of >60

Net promoter score helps businesses gauge the quality of the customer service offered by outsourcing companies. Organizations can use NPS to assess which customer service BPO 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, and this results in customer loyalty and retention, making a high NPS a critical trait a customer service 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.

When you’re expanding your business, team up with a solutions partner that makes your process, their process. The right outsourcing partner ensure:

  • Operational excellence
  • Having a great, high-performing team
  • High customer satisfaction rate
  • Operational cost savings of up to 70%
  • 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-performing team for different LOBs:

Customer Care:

  • Social Media Managers 
  • Online Community Managers
  • Customer Care Representatives (Omni-channel)
  • Chat / Email Support Representatives
  • Technical Support Representatives
  • Market Research Analysts
  • Others

F&A:

  • Accountants
  • Bookkeepers
  • Sales Auditors
  • Credit Operations Specialists
  • Sales Auditors
  • Others

Healthcare:

Patient Support Services

  • Patient Concierge Specialists
  •  Insurance Verification Specialists
  • Collections Specialists
  • A/R Specialists

Provider Management Services

  • Medical Coders
  • Medical Billers
  • Claims Processors
  • Enrollment Processors
  • Denial Management Specialist

Health Analytics and Risk Management Services

  • Healthcare Analysts

Others

Research & Data:

  • Cybersecurity Analyst
  • Threat Intelligence Specialists
  • Data Piracy Investigators
  • Systems/Cloud Administrators
  • AWS and Azure DevOps Engineers
  • IT Technical Assistants
  • Information Technology Teams
  • IT Operation Analysts
  • IT Operation Engineers
  • Others

Start small. Exceed expectations. Think infinitely. Think Infinit-O.

4 months ago No Comments Views

Traits of a Great Bookkeeper and Where to Find Them

In business, proper bookkeeping and accounting is an integral factor for success. But aside from employing the right people with the best qualities, few challenges to face are the limited pool of talent in the F&A market and the expensive labor cost in employing them. But we know that having a bookkeeper in a company is important because they sustain and keep the business’ financial records on track by enabling owners to make informed decisions on expenditure and investments, and controlling cash flow. This is why hiring the right bookkeeper in your team is important.

To help you out, here are some traits and qualities that you should look for in a good bookkeeper:

Professional Competence and Experience

For your company to avoid heavy losses and other complications, your bookkeeper should have a technical knowledge of the industry. This involves not only organising and maintaining your accounts but also being familiar with tax laws such as GAAP and Sarbanes Oxley and doing their utmost to keep your accounts compliant with them.

A title of Certified Public Accountant (CPA) is not required, although it would be better to hire a bookkeeper with one. It’s more important to thoroughly check on their accounting and bookkeeping knowledge as well as experience in working in the industry. Ideally, a bookkeeper who has expertise in your field of focus is a better choice since they can offer sharper services with a more informed approach. They can also provide reports on how your business is performing month-to-month, and have an idea of what success metrics look like in your industry.

Transparency

Bookkeepers make the financial side of the business much easier to handle, which saves you time to focus on more important things. However, in turbulent times, they should also be able to be honest and transparent in advising you of the consequences and opportunities in the situation at hand.

It is not the bookkeeper’s job to make decisions for business owners, but they can give them the complete details of the issue as well as the stakes and recommendations that can help them take the next steps moving forward.

Accessible and Client-Focused

This is not to say that only those who answer concerns and inquiries in the wee hours of the night are good bookkeepers; this only means that with the advanced technology in communication that we have today, a good bookkeeper should be visible to the client and prompt when it comes to responding to messages especially when these are deemed urgent. 

Being present shows that the bookkeeper is focused on the needs of their client, which is another trait that you should look for when hiring for the job. They should be attentive to the specific needs of the client and be proactive enough to advise them on the opportunities and risks that they are exposed to. Basically, more than just getting paid, a good bookkeeper values the success of their client.

Why Outsource?

Outsourcing your bookkeeping operations may be more beneficial for your company than you think. For one, it cuts on costs of both hiring full-time workers and investing in bookkeeping tools. 

It also provides you the ability to scale your operations depending on the work demand, and most importantly, it gives you access to F&A professionals and specialists that have the traits mentioned above and no longer need to be trained, saving you time and money.

When outsourcing, the right partner can build your dedicated team of well-trained F&A professionals, tailored to streamline simple to complex accounting functions. They can meet your goals, whether they be growth, improve productivity or simply bottom-line cost savings, and exceed your expectations. With access to highly-skilled experts who use cutting-edge technology, you will have more time and freedom to focus on your business’s core competencies.

The right outsourcing partner ensures:

  • Access to talent through their A+ recruitment process
  • Cost saving of up to 70%
  • Adaptability in technological advancement
  • Established Information Security

The major net results of partnering with the right company are:

  • Operational excellence
  • Having a great F&A team
  • Operational cost savings of up to 70%
  • Accuracy and quality
  • Timeliness in submission
  • 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 your full potential.

Infinit-O Key Benefits:

We can build you a great, high-performing F&A team! Here are some examples below:

Let’s work together to build a great Finance and Accounting Team.

Start small. Exceed expectations. Think infinitely. Think Infinit-O.

5 months ago No Comments Views

Key Finance and Accounting Professionals to Employ During Business Recovery

Every business owner knows that finance and accounting is essential not only in keeping finances in check, but also in making sure that the company survives and even thrives amid potential financial risks and challenges. There are a lot of factors to consider when it comes to finance and accounting, and these require expertise in a lot of areas–areas that may spell the difference between a successful business and a struggling one. Below is a list of finance and accounting roles and how they can help your business rise above the rest:

  1. Bookkeeper

A bookkeeper, as the name implies, is the keeper of financial records. Accurate financial recording helps organisations keep track of their income and expenditure and makes sure that they stay within budget, says Oxbridge Academy. Financial record-keeping is done on a daily basis, and this includes keeping a record of all receipts, payments, and other financial transactions; filing source documents; and preparing cash flow statements and financial reports. Bookkeepers are also responsible for issuing invoices, paying accounts on behalf of the company, performing payroll administration duties, and filing tax returns. These responsibilities make bookkeepers essential in business recovery as they ensure that your employees are getting paid on time and that your expenses and income are tracked properly even amid crisis. 

  1. Accountant

Like a bookkeeper, an accountant also keeps track of financial records, but what makes accountants different from bookkeepers is that aside from financial record-keeping, they also interpret financial information. According to Northeastern University, accountants can perform functions similar to bookkeepers, but they are also in charge of evaluating financial operations to recommend best-practices, identify issues and strategize solutions, and help organizations run efficiently; offering guidance on cost reduction, revenue enhancement, and profit maximization; and conducting forecasting and risk analysis assessments. By analyzing and evaluating your company’s financial situation and helping you identify and address crucial financial struggles, accountants help ensure that you have the right set of tools to recover business operations during and after a business crisis. 

  1. Financial Risk Managers

Financial risk managers take financial analysis to the next level. In a recent article, Investopedia states financial risk managers help identify threats to a company’s assets, a company’s earning capacity, and a company’s overall success. Furthermore, financial risk managers “determine risk by analyzing financial markets and the global environment to predict changes or trends. It is the FRM’s role to develop strategies to counteract the effects of potential risks.” This means that aside from interpreting the finances of the company, financial risk managers take a look at the company’s overall financial status and situation within a wider context, and this ensures that the company is more prepared for any possible financial risk that may threaten it. What’s best about financial risk managers is that they can help you come up with a business continuity plan that would not only help you avoid or manage business risks, but would also help your business quickly recover and continue providing its vital services during or after any economic crisis. 

Build a Great Team with the Right Partner

Overall, these three roles enable your company to obtain data that is necessary for maximizing profit and curb fraudulent practices. However, due to the rapid changes in the industry, with more and more companies choosing to do their finance and accounting in the digital world, few are able to keep up and stay on top of the many news and trends as well as the corresponding training and skills update needed. Online tools have been made available in recent years to help companies adapt, and these include accounting softwares, expense trackers, and billing tools, but many employers are now outsourcing finance and accounting roles, as outsourcing can be more cost efficient with up to 70% savings on operational cost and can help a company focus more on its operations, especially if they’re composed of lean teams.

With the right partner, they can build you a great F&A team that ensures:

  • Right partner, right team ensures
  • Access to talents
  • Cost Savings
  • Accurate financial recording 
  • 95% team productivity 
  • 90% Timeliness in accounting submission 
  • Quality of finance and accounting output

Support from the right outsourcing partner allows you to fortify your company’s finance and accounting processes despite the limited talent pool and a very high priced job market. The best partner will scout finance and accounting specialists and match them to your unique needs to help you focus on achieving your business goals and the following benefits:

  • Operational excellence
  • Having a great F&A team
  • Operational cost savings of up to 70%
  • 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 your full potential.

We can build you a great, high-performing F&A team composed of:

Let’s work together to build a great Finance and Accounting Team.

Start small. Exceed expectations. Think infinitely. Think Infinit-O.

5 months ago No Comments Views

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