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: