Outsourcing Accounting and Finance: 5 Reasons Why It’s a Must in the New Normal

The pandemic, as we all know, has altered many industries around the world and affected key business operations including finance and accounting processes. This resulted in many businesses and companies adapting new approaches in managing their F&A. Some relied on cloud-based technology while others utilized digital platforms for clients and practiced virtual collaboration among their employees.

More than these, another trend in F&A that is rising in popularity in the new normal is outsourcing. Given the current economic climate, businesses are looking for ways to reduce costs without compromising the quality of service. Partnering with a good outsourcing provider can help you achieve both and even prepare you for unexpected scenarios and potential threats just as the global pandemic in the future.

In the new normal, it is highly recommended to outsource your F&A solutions, and here are 5 reasons why.

1. Cost-effective

When you outsource, you immediately save on personnel costs such as salaries, benefits, and training and recruitment expenses while still getting the full benefit of a full-time employee. With the current circumstances, these savings are best allocated to the improvement of other aspects of your business

Not only that, partnering with a reputable outsourcing provider will also save you time as it guarantees an excellent recruitment process. You will be linked to individuals who are not only knowledgeable in F&A core responsibilities but also have the necessary licenses and certifications. 

2. Access to world-class talent

Taking off from that last point, outsourcing gives you access to a pool of skilled and experienced F&A talents that you may not have if you choose to build your team in-house. Because of the pandemic, the scarcity of skilled candidates in the accounting profession has doubled which made the talent access and hiring process even more challenging.

It is important to have individuals onboard who can handle your F&A functions expertly to avoid costly errors and noncompliance to policies as well as provide you recommendations that can help in making crucial business decisions moving forward.

3. Increased efficiency and minimized risk

Outsourcing gives you a team of trained and expert F&A professionals who can limit the risk of losses to your business. Errors, penalties, and litigation expenses always come at staggering costs and therefore must be prevented as much as possible to keep your company afloat in the new normal.

4. Flexibility

Another great thing about outsourcing is it provides added flexibility and scalability in your operations by allowing you to choose only the services that your company specifically needs at a given moment. This eliminates unnecessary expenses and even improves cash flow, which is very important in these times.

5. Focus on core competencies

Ultimately, outsourcing your F&A processes takes away time-consuming tasks off 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. 

Why high Net Promoter Score equates 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 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 savings 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

Infinit-O is the trusted customer-centric and sustainable leader in Business Process Optimization to Small and Medium businesses in the Financial Services, Healthcare and Technology sectors by delivering continuous improvement through technology, data and people.