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Why You Should Look for a Sarbanes-Oxley Act Compliant Outsourcing Partner

Due to the occurrence of major accounting scandals over the past two decades, in the US, the Sarbanes-Oxley Act was enacted in 2002 as a way to mandate companies to be transparent in their financial reporting and to impose better internal controls and measures for corporate governance. The main goal of Sarbanes-Oxley (SOX) is to prevent fraud and protect those who invest in public companies.

More than just a regulatory requirement, SOX compliance is considered a good business practice as it encourages better security measures and protects the company from cyber attacks and other risks. It is also an indicator that a business has good corporate financial stability, which uplifts reputation and inspires investor confidence.

All publicly traded companies as well as wholly-owned subsidiaries and foreign companies that are publicly traded and do business in the United States must comply with SOX, including outsourcing companies. Businesses that wish to seek the services of a third-party outsourcing provider especially for finance and accounting processes should choose one that is SOX compliant for the benefit of their key stakeholders and because of the following advantages:

Strong financial reporting

Under Section 404 of the SOX Act, companies are required to prepare reports that detail their internal controls and financial reporting procedures and assess their effectiveness. They also use a framework that guides them in handling their financial records better. Through these good practices, SOX compliant companies are able to enhance the quality of their financial reporting, which results in the improvement of many other aspects of the operations including easier access to capital markets.

Improved audits

Most companies view internal and external audits as something that is done annually or quarterly, at most. However, what they fail to realize is that audit functions can result in significant improvements in corporate risks if developed properly. Fortunately, complying with SOX regulations encourages companies to institutionalize their audits, which can help them identify key financial and corporate risks much earlier and result in a lower cost of overall risk management. 

Protection from cyber attacks

Another significant advantage of SOX compliance is the fact that it helps companies prepare for and deal with cyber threats. Cyber attacks and data breaches compromise sensitive data and information, which will not only cost a company a lot to manage but also put its reputation and consumership on the line. The regulations under SOX outline the best practices they can follow to ensure that this will not happen in the future, and if it ever does, they are prepared to handle it.

Aside from SOX compliance, choose an outsourcing company that also ensures:

  • 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
  • >60 Net Promoter Score: 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 days ago

2021 Data Privacy Era: Why Cybersecurity is an Important Issue in This Generation

Over the past year, digital technology proved to be a vital tool not just for individuals to work and stay productive from home, but also for different industries around the world to thrive and survive amidst the health crisis. Most businesses were able to continue their operations by adopting useful online tools and technology that enabled them to deliver service to their customers while also allowing their employees to work remotely for their safety.

A global survey conducted by McKinsey among executives found that “companies have accelerated the digitization of their customer and supply-chain interactions and of their internal operations by three to four years. And the share of digital or digitally enabled products in their portfolios has accelerated by a shocking seven years.”

Given the fact that more businesses are now digitally transforming their operations, a pressing issue that needs to be addressed is the importance of cybersecurity or the practice of protecting systems, networks, and programs from cyber risks.

Now more than ever, cybersecurity is an issue that companies should not take lightly because of the following reasons:

Rise of cybercrimes

Over the years, the threats to cybersecurity have multiplied in variety and become more rampant. Some of the most common cybercrimes nowadays involve ransomware, phishing, spyware, and social engineering that can happen to any companies and businesses, no matter the size or industry, as long as cyber criminals and hackers can exploit data and get money out of them.

Without the proper security measures, cyber attacks can put an organization’s sensitive information at risk, resulting in substantial financial loss, disruption of business, and negative consumer perception. As more businesses go digital, it is predicted that cyber crime will cost the world $10.5 trillion annually by 2025.

According to Forbes, the 5 most cyber-attacked industries in the world are healthcare, manufacturing, financial services, government, and transportation.

Changing technological landscape 

It can be observed that the increase in cyber crimes is proportionate with the growth and evolution of technology. As technology advances, the methods of cybercriminals in attacking their targets also become more sophisticated.

The pandemic drove companies to integrate new ways in their operations to keep up with the times. And while this has been advantageous at most, it also poses risks and vulnerabilities that hackers can exploit if not properly protected. Cloud services, for example, increase the chances of having valuable identity information exposed to the web.

The rise of IoT (Internet of Things) technology, and our heightened dependency to smart devices and the internet in general are also possible gateways for cyber criminals if not managed properly.

Companies can address the issue of cybersecurity by first checking the current security measures in place to determine areas for improvement, if there are any. After this, they can now choose to upgrade their network infrastructure and security protocols and even educate their employees about online safety. With these, there will be an increased demand for IT support personnel, which is a challenge on its own considering the competitive market for IT experts and other hiring limitations.

This is where outsourcing companies come into play. They will give you access to IT Developers, Threat and Cybersecurity groups, Penetration Analyst, Penetration Tester and DevOps Engineers and build a great team for you.

Moreover, partnering with the right outsourcing provider ensures:

  • Operational excellence
  • A great, high-performing cybersecurity support team specifically designed for your security needs
  • Operational cost savings of up to 70%
  • Standardized  metrics and key performance indicators (KPIs)
  • ISO 27001 and 9001 certified, GDPR, HIPAA and DPA20212-compliant
  • High Net Promoter Score (>60): 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 Cybersecurity team of:

  • Cybersecurity Analyst
  • Threat Intelligence Specialist
  • Data Piracy Investigator
  • Systems/Cloud Administrator
  • AWS and Azure DevOps Engineer
  • IT Technical Assistant
  • Information Technology Team
  • IT Operation Analyst
  • IT Operation Engineer
  • Others

Let’s work together to build a great Cybersecurity Team.

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

4 days ago

The Administrative Relief An Outsourced Back Office Teams Bring

While admin tasks and functions are necessary and can’t be avoided, time spent on them can be utilized more efficiently and productively for your business. But managers and administrators usually don’t know how to alleviate their team’s burden when doing administrative tasks.

But most companies do not have access to cost effective and reliable back office talents.

In addition, account for back-office functions like hiring, onboarding, and payroll, and you have endless tasks and paperwork at hand that can take up time unnecessarily. This can be overwhelming for the team and managers alike. That’s why outsourcing back-office support might be a good idea.

Benefits Of Back Office Support Outsourcing

Managing your admin and back office requires a high level of knowledge and skills, which is why many companies choose to outsource it.

Experts in handling all administrative support and back-office functions can ensure that they follow all the best practices and that your business continues to thrive and move in the right direction.

Here are some of the reasons why you should consider outsourcing your back office team’s operations.

  1. Focus On Your Business’ Core Functions

A prominent advantage of back-office outsourcing is that it enables you to move many time-consuming, repetitive, and redundant tasks to an external operative. This way, you emphasize the core functions and principal components of your business.  In fact, 57% of enterprises outsource processes to concentrate more on their fundamental parts.

Instead of spending hours crunching numbers and creating reports, your team can carry out functions that have a real impact on the bottom line. For example, their time is better spent on money management, business acquisitions, marketing development, corrective actions, etc.

For your company processes to run smoothly, it is imperative to pay attention to your back-office operations like cash flow reports, accounting, administrative tasks, and outsourcing. In addition, it provides you a well-trained workforce that can carry out the important but repetitive functions quickly and efficiently.

  1. Immediate Access To Latest Technology And Services

Back office outsourcing allows you to access the latest technology and services, sometimes around the clock. Rather than investing significant money in buying new hardware and software, you can outsource the back office to an external firm that manages it all for you.

Additionally, when you outsource, you get to take advantage of innovative techniques that your service providers bring to the table. They have the necessary experience and expertise to keep pace with the current management trends. You also have ecommerce professionals at your disposal who can work for you around the clock to keep your online store stocked and ready to sell.

All this enables you to improve your operations and, thereby, your business prospects. Indeed, this strategy lets you benefit from a qualified technicians team that consists of marketing experts, virtual assistants, data entry operators, and accountants.

  1. Cost Reduction And Resource Management Versatility

While managing back-office functions can cost a lot, it is critical to your business’ viability. Outsourcing your back office support and administrative tasks can help you with essential decisions, rather than focusing on low-value and time-consuming tasks, making your business processes more efficient.

In any business, minimizing costs is always a topmost priority, and investing in admin and back-office support can help you do just that. In fact, one of the top reasons companies outsource is to experience a significant reduction in costs (70%).

After all, opting to outsource your back office functions is a far more cost-effective option that plays a vital part in the productivity and growth of your business.

How Back Office Outsourcing Helps Relieve Administrative Burden

Today, businesses operate in an incredibly dynamic market, and one must always have to be competitive. Therefore, investment of resources and time should be made with great caution while following the market trends.

When you outsource your back office team’s activities and tasks to professionals, it frees up more resources and time for your administrative teams while driving business growth.

For smaller businesses in the growth stage, it’s more cost-effective, whereas, for mid-enterprises that are ready to scale, outsourcing to experts allows them to increase their focus. However, the key objectives at each level are expertise, savings, and growth that outsourcing can help you achieve.

Outsourcing means freeing up the valuable company resources to allocate and invest them in other functions that are more important to the business.  

Furthermore, outsourcing also enables your teams to optimize costs and advantages from professional and highly efficient administrative support. It enhances admins’ tasks, ensures consistency across operations, provides quality services, and follows the industry’s best practices.

When it comes to administrative support and task management, outsourcing to a reliable provider is among the most practical and best ways to improve leadership, save money, and reinforce the entire workplace’s overall productivity.

Wrapping Up

Whether you run a multinational organization or a start-up, outsourcing your back-office tasks is more vital than ever. However, before outsourcing, it is imperative to define the processes that you need to outsource. Then, ask the third-party service provider to provide a roadmap that will help achieve the business goals.

While dealing with the administrative burdens of business, one can be onerous, which can become an insurmountable challenge. This can impact your efficiency and productivity. Outsourcing leaves you more energy and time to focus on augmenting and expanding your business.

By partnering on an outsourcing provider, you can accurately manage your back office support’s external and internal processes to augment the perceived quality of products and services while strengthening customer relations.

They can also help you create a comprehensive roadmap of your operations that enables you to streamline processes and ultimately reduce administrative burdens.

Find an outsourcing with a High Net Promoter Score (NPS)

Net Promoter Score helps businesses gauge the quality service the outsourcing company is offering. In a way, this represents the primary capabilities and expertise they provide to their clients through result-based surveys on how satisfied their clients are in providing IT support services. It also showcases how well the outsourcing partner is performing, how often they resolve  issues, and if their clients are satisfied with the overall experience from their service. A High Net Promoter Score results in a sense of security and peace of mind for the client.

When you’re aiming for business stability, team up with a solutions partner that makes your process, their process. The right outsourcing partner ensures:

  • Operational excellence
  • Having a great back office team
  • Industry experience
  • Operational cost savings of up to 70%
  • Information and data security
  • >60 Net Promoter Score: 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 Back Office team:

  • Human Resource (HR)
  • Employee Relations Officer
  • Recruitment Specialist
  • Payroll Specialist
  • Data Entry Specialist
  • Others

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

1 week ago

How Outsourced Recruiters Build Great Teams

Hiring the right people is a sure key to success and growth for any business. However, this is not always an easy task due to plenty of reasons – tight competition for talent, dynamic business conditions, and recently, the global pandemic that greatly shifted the recruitment landscape.

To get access to the best candidates in the market, businesses must keep up with the times and explore new ways to improve their recruitment process if they want to stay competitive. One solution is to outsource recruitment specialists who will be responsible in making sure that you get the employees most suited for the roles that you need in your company within the budget and time that you allotted.

Outsourced recruiters go beyond just headhunting talents and providing additional manpower in your administrative and human resource department. They also give valuable analysis and insights regarding recruitment issues and processes, and strategize the best recruitment approach for difficult vacancies, which altogether help in creating great teams within the company.

Moreover, outsourcing recruitment specialists from reputable and experienced providers also entail the following benefits.

Reduced recruiting costs

With outsourced recruiters in your team, you are assured of an efficient, low cost, and A+ recruitment process. Your outsourcing provider will help you find good candidates by streamlining your processes, which eliminates lengthy hiring procedures and the need to spend on job boards, headhunters, and advertisements for job openings. The time and resources you save can instead be redirected to other revenue-generating activities for your company.

Scalability of service

Another great thing about partnering with an outsourcing provider for recruitment is the ability to scale up or scale down recruitment activities depending on the current demand of your company. This means during down seasons, you won’t have to overpay and when the time comes that you need to hire quickly, you’ll also be able to do so. Companies that are rapidly growing can take advantage of this outsourcing benefit to scale their recruiting capacity to meet growth.

Better quality of candidates

Aside from experience and education, there are other equally important qualities to be considered in an applicant such as past accomplishments and personality. These often determine whether a prospect will be able to adapt to the workload and environment of a company and stick to the position they applied for in the long run.

These details may sometimes be overlooked by hiring managers who are focused on filling vacancies or going through tons of applications. That is why having a dedicated team of outsourced recruiters is recommended to ensure that only the best fit candidates are hired in your company.

Outsourcing recruitment specialists can lead to a more streamlined recruitment process and excellent candidate quality, which positively affect your company’s employment brand or its identity as an employer. Ultimately, a good employment brand can attract potential candidates and help your business become a better place to work. 

For the best results, it is important to team up with an outsourcing partner that makes your process their process. Additionally, they ensure:

  • Having a great recruitment team
  • Operational excellence
  • Industry experience
  • Operational cost savings of up to 70%
  • Information and data security
  • >60 Net Promoter Score: 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 Recruitment and other back office teams:

  • Recruitment Specialist
  • Employee Relations Officer
  • HR Compensation & Benefit Specialist
  • HR Data Management Specialist
  • HR Employee Engagement Specialist
  • Payroll Specialist
  • Data Entry Specialist
  • Others

Let’s work together to build a great Recruitment Team.

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

2 weeks ago

Top 4 Social Media Management Trends in 2021

While change is constant in marketing, 2020 shook up the industry dramatically and social media marketing rose in prominence. In a world where physical distance is enforced, social media bridged the gap and kept companies connected with their customers. 

This resurgence has also forced brands to find the balance of engagement, listening, and advertising with their customers. And to help companies adapt to the new rules of the game in social media marketing, here are management trends that can help you plot your course this 2021. (source: Hootsuite)

  1. Social Connection Bridges the Gap to Customer Experience

To manage your social media well, you need to meet 2 things;

a. Create marketing tactics that can deliver short term ROI

b. Build innovative digital experience than your competitors

These 2 things will allow you to win new customers and ensure that you can deliver optimum customer experience digitally. It will be your advantage over other companies especially, most if not all brands are already using social media as their ways and means to win customers.

  1. Patiently Find Place in the Social Conversation

Smart companies with equally smart social media marketing teams silently observe the trends in the industry by gathering sufficient data so they can create strategies to ensure customer satisfaction and win new customers at the same time. They don’t hastily capitalize on increased social media activities, instead they gather sufficient data to respond well to their target markets.

  1. Not Ignoring Baby Boomers

There has been a 66% increase of baby boomers discovering brands via social media and they are also spending more time on social media platforms since this pandemic. Therefore, another smart social media management strategy is to include the baby boomers and explore ways to attract them digitally.

  1. Tying Engagement to Customer Identity

85% of organizations that integrate social media in their marketing system can create critical connections with their customers and eventually ROI. With the help of social media management teams, you can know your customers’ identity and allow you to engage with them more effectively and personally.

But the question lies on where you can get support in social media management?

Great Partner, Great Team

Find the right outsourcing partner who has access to world-class market research talents through their A+ recruitment team and process who can ensure building a great, high-performing research team for you. The right partner provides a projected savings of up to 70% on operational costs, yet assuring your team’s efficiency and productivity. Lastly, look for an ISO 27001 and 9001 certified and GDPR-compliant outsourcing company, so your company and client’s data are always safe. 

Benefits of Outsourcing:

  1. Cost savings

On the surface it may seem that in-house teams might be more affordable because you don’t need to pay a third party provider but keep in mind, in-house teams are often less efficient than an outside market research company. Meaning, the total cost savings may not be as significant in the end.

In addition, an outsourced team can be more affordable (up to 70% cost-savings) especially if your partner has access to an affordable pool of experts.

  1. Access to world class talent

The right partner devotes all extra effort to build a great team of experts within 30 – 45 days. Their A+ recruitment teams and process have access to world-class talents, making sure that they gather individuals with the right expertise and a knowledge base in market research.

  1. Running business 24X7

Offshore outsourcing to a country with a different time zone, allows an advantage of 24×7 operations. Outsourcing partners can take over and continue work even after in-house employees go home. They can complete critical tasks and send it back for review the next morning.

With their years of experience  the outsourced team can easily adapt to your company’s internal processes and integrate strategic research design that best fits your unique needs.

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 (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.

Gains:

  • Building great, high-performing teams
  • Access to talent through their A+ recruitment process
  • Cost saving of up to 70%
  • Adaptability in technological advancement
  • Operational excellence
  • Information and data security
  • Established Information 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.

We can build you a great, high-performing R&D team:

  • Research Analyst
  • Account Research Specialist
  • Business Analyst
  • Database Maintenance Specialist
  • Product Ops Developer
  • Cybersecurity Specialist
  • Systems Integration Developer
  • Threat Intelligence Analyst
  • Threat Landscape Analyst
  • Systems Administrator
  • Other R&D Experts

Let’s work together to build a great Research and Data Team.

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

2 weeks ago

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