Information Security Means Better Business
In the progressively competitive business world, information is a valuable resource that needs utmost protection. Information security is integral in managing your business and ensuring that vital information is not compromised in any way.
Managing the accounts receivable is extremely crucial for any business, as day-to-day operations greatly depend on it. It’s where you have to draw money to pay your employees, finance your company’s daily expenses, and grow the business, which is why payments must be collected on a timely basis.
Businesses are now going beyond the best practices in accounting and see now that digital innovations are improving financial processes. These address pain points in production output, operational costs, and return on investment, among others. Finance leaders are now creating a balance of maintaining their traditional responsibilities while developing a corporate strategy with digitization and automation in mind.
Companies must embrace the holidays and understand that the period between Thanksgiving and New Year, the in-house staff may be physically present but their minds are traveling elsewhere. The holidays are the busiest months in any company’s calendar, but productivity could be decreased while consumer demands increase. This puts your business on the edge as you try to balance respecting your staff’s personal time with their families and keeping the company afloat.
One good business decision is to outsource several tasks throughout the year, and not just during the holiday season. This way, even when your staff goes on paid time off or may at least work remotely, your company still keeps working efficiently with a team of specialists that take on specific tasks.
Moving Forward with Outsourcing
Let’s take the example of a transportation management company that crosses over North America throughout the year. One of their goals is to improve the efficiency of tracking and monitoring shipments across the continent in various offline and online channels. However, due to a high price job market, it was difficult for them to find the right in-house team. They considered outsourcing as a way to help them find the right specialists, and they partnered with Infinit-O.
Infinit-O built a team of highly trained data analysts that track transactions and monitor customer shipments through chat, email and web tracking. They also make sure that freight invoices from different carriers are organized in a database for accounting purposes. Due to their efficient tracking and monitoring strategies, there able to help the transportation company to track each shipment with minimal errors to no errors (98-100% accuracy rate). This has led the company to focus on their core business, even during the busy holiday season, while their Infinit-O team works to keep the company moving along their path to growth and success.
Think Beyond the Holiday Season
It can be challenging to run your business during Thanksgiving, Christmas, and New Year, but with outsourcing, you’ll be able to achieve the following results all year round and especially during the holidays:
- Cost reduction — When you partner with a global solutions provider and build a team of specialists, you’re saving on labor and training costs to as much as 70% while getting high-quality results that cater to your unique needs.
- Access to specialized talent — If you’re having a difficult time finding an in-house team due to a short supply of experts in your country or the salary may be too high for your company budget, outsourcing helps you reach the right specialist for the right job anywhere in the world.
- Reduced errors — Many B2C companies expect an increase of inquiries and orders, so human errors, especially in managing inquiries and confirming personal or contact information, can happen especially when you’re working with a sparse in-house team. What more during the holidays? Having an outsourced team can help you manage the consumer demands and increased customer service, and reduce errors that could worsen in the long run.
- Scalability — Related to the reducing errors, your chosen solutions provider moves along with your unique needs. Do you need added customer service agents to handle an increase in inquiries, or an A/R team to evaluate and validate order invoices? If you have any shift in your business, your partner will adjust along with you.
- Guaranteed performance — The holidays may be a time when your in-house staff can’t always handle the stress because the business is trying to finish everything before the year ends and meet the demands of their consumers. A solutions provider can quicken turnaround times and keep your business running.
The benefits of outsourcing go beyond just answering the short-term holiday rush. A globally trusted solutions partner can help you sift through any season all year long, giving you endless opportunities to grow and meet the demands of your consumers.
Infinit-O is a trusted solutions partner that can help you build and operate a dedicated team of well-trained specialists specifically designed for your unique needs, with cost savings of up to 70%. We can help you meet your goals, whether they be growth, better productivity or simply bottom-line cost savings. With access to excellent healthcare talent who use cutting-edge technology, we provide some of the best strategic solutions for your business. We are ISO-certified, and GDPR-compliant, so your company and data are safe with us.
For a business to maintain operations, provide better services, and come up with new products, it needs to make a profit. In any business, profit is always accompanied by certain losses. The key is to ensure that profit and loss management is done correctly to help businesses stay afloat and better yet, thrive.
What are Profits? What are Losses?
A profit is an amount of money that is more than its original price. On the other hand, a loss is an amount of money that is less than its original price.
In business, we say one makes a profit when the business makes money or experiences a return of investment (ROI). A business experiences a loss when it doesn’t make money on a product or service but loses part of more than what the owner initially invested.
Profit is making money.
Loss is losing money.
What is Profit and Loss Management?
Profit and loss management is managing income (incoming cash flow) and expenses (outgoing cash flow) to ensure that a business earns a net operating profit.
Usually, profit and loss management deals with profit and loss reports (commonly called P&L reports). You can compare it to a report on how the financial aspect of the business is doing or performing. It helps determine how profitable a business venture is or in the case of P&L projections, how profitable it will be.
Profit and loss management is crucial to help a business stay afloat, project and strategize for its future and improve its performance. By comparing profit and loss forecasts with the actual performance of other companies—preferably competitors or role models, a business can identify areas they need to focus on or improve on. For example, is the business spending enough on research and development to ensure that they can stay one step ahead from their competitors? Are they spending too much on expenditures?
All of these considered, we have come up with three ways for you to do profit and loss management right:
1. Monitor Profit and Loss Reports Constantly
P&L reports are generated on a weekly, monthly, quarterly or annual basis based on a company’s standard operating procedure. However, accountants can generate reports as needed and requested by the management. Take advantage of this and constantly look at the numbers. Look for trends and use them to forecast and project profits and minimize losses.
According to an article on business.org, a P&L chronicles a company’s fight for financial survival, as well as the results of that competitive struggle, during a specific period (quarter, month, or fiscal year). A company’s P&L data shows indicators like revenue, expenses, and net income, or net loss if expenses exceed revenue. Revenues range from operating earnings and interest income to cash generated on investments or in joint ventures with other establishments.
The reports alone can help you make informed business decisions to help your business maximize profits.
2. Combine Monitoring of P&L Reports and Cash Expenditure
Cash is still king, no matter the business type or size. Effective money management shows how a company saves money, grows its existing cash, and averts financial meltdown. This should be managed or controlled efficiently. Expenditures (outgoing money or expenses) should be monitored.
Combined with P&L reports, this helps a business save money during lean months, and have spending power on strong months to invest in new business products, infrastructure, technology, manpower or any aspect that is needed for business growth.
Developing a business strategy that combines these two will result in effectively managing business income and helps the company “feel” profits when they come in.
3. Outsource Team for P&L Management
It can be hard to generate P&L reports especially when there is too much red tape in the organization. It can also be challenging to do projections on it if you are too involved or immersed in the company. You tend to prefer to stick to gut instinct when making analysis.
Partner with a finance and accounting solutions partner to build a team of bookkeepers and certified public accountants to generate reports strictly from an accounting point of view could give a manager a different perspective. The team can also help develop a business strategy formula to help a business owner understand how to increase or make more money.
There are a lot of factors affecting the profitability of a business and profit and loss management is just one aspect. Effective business strategies, cash managements, maximizing profit and loss based on the company’s strengths are examples of how a business can save money, make money and lessen losses. No matter how much cash a company has or how many assets it owns, losses extending over long periods of time will weaken the value of its assets, decrease its cash holdings and drive it to bankruptcy. Profit and loss management will help a business prevent substantial business losses from happening if done right.
Managing your business’ finance and accounting on your own is taxing and does not always result in favorable results. With our customized solutions, rest assured that all your concerns would be addressed accordingly and at the same time, it would allow you to concentrate on other important factors vital for your company’s growth. Learn more!
The healthcare industry has seen immense growth over the decades thanks to the ease and convenience brought by the advancement of today’s technologies. However, there are still many challenges that the industry has to overcome, especially when it comes to accessibility and convenience of services both for the patients and the medical providers.
One of the solutions the medical profession and the healthcare industry have come up with to address these issues is telemedicine. Continue Reading