Outsourcing Accounting and Human Resources: Your Cost-Effective Business Solution

Discussion in 'Articles & Tutorials' started by Remotestaff, Jul 13, 2010.

  1. Remotestaff

    Remotestaff
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    Presently, outsourcing is no longer limited to call center jobs or IT staff. Would you believe that many business organizations have already started to outsource their finance, accountant and human resources needs? Yes, most large and small business has realized the advantages and benefits of outsourcing to many outsourcing destinations. Imagine having a virtual office with your accountant and human resources staff working for you even if they’re half the world away!

    An accountant’s job is not easy –

    Many Business Process Outsourcing or BPO companies have also included accountant and human resource on their outsourcing services. Basically, big businesses would choose to have outsourcing accountant and human resources firm to handle the accounting and human resources task in an organized and appropriate manner. Tasks that can be outsourced to your accountant are:

    1. Prepare profit and loss statements and monthly closing and cost accounting reports.
    2. Compile and analyze financial information to prepare entries to accounts, such as general ledger accounts, and document business transactions.
    3. Establish, maintain, and coordinate the implementation of accounting and accounting control procedures.
    4. Analyze and review budgets and expenditures for local, state, federal, and private funding, contracts, and grants.
    5. Monitor and review accounting and related system reports for accuracy and completeness.
    6. Prepare and review budget, revenue, expense, payroll entries, invoices, and other accounting documents.
    7. Analyze revenue and expenditure trends and recommend appropriate budget levels, and ensure expenditure control.
    8. Explain billing invoices and accounting policies to staff, vendors and clients.
    9. Resolve accounting discrepancies.
    10. Recommend, develop and maintain financial data bases, computer software systems and manual filing systems.
    11. Supervise the input and handling of financial data and reports for the company’s automated financial systems
    12. Interact with internal and external auditors in completing audits.
    13. Creating, implementing and monitoring processes and procedures around the creation of monthly forecasts;
    14. Preparing periodic financial statements, including profit and loss accounts, budgets, cash flows, variance analysis and commentaries;
    15. Informing strategic decisions and formulating business strategies;
    16. Implementing corporate governance procedures, risk management and internal controls
    17. Ensuring the efficient use of resources;
    18. Managing income and expenditure, sales, payroll and stocks;
    19. Negotiating for major projects, loans and grants;
    20. Offering professional judgment on financial matters and advising on ways of improving business performance;
    21. Informing operational decisions;
    22. Liaising with other function managers to put the finance view in context;
    23. Safeguarding tangible and intangible assets;
    24. Maintaining evidence of continuing professional development (CPD).
    25. Prepare the annual and mid-year budgets
    26. Do the fiscal year-end and fixed asset accounting.
    27. Performs other duties of a similar nature or level.

    An accountant’s task surely are cannot be taken lightly, so for most businesses it is always a shrewd decision to take in an outsourcing company to ensure the efficiency and effectively of the accountant or any human resources staff they would outsource.

    Outsource Accountants and Human Resources

    With the help of accounting outsourcing services, large and small business can focus more on the core of their business competencies. We have to admit that accounting and human resources could be a delicate matter. Any flaw or ignorance on accounting tasks can greatly affect corporate relationships, crucial financial matter and other business concerns. This is why an effective accountant and human resources is every important for the growth and extension of business.

    Small businesses and even established companies would agree that having and managing an actual accounting system requires added financial and human resources. And by outsourcing an accountant and a couple of human resources through the numerous BPO companies, business owners can have reduced financial burden and increased savings!

    Outsourcing an accountant and human resources to offshore locations such the Philippines, India and China would not only benefit with reduced labor costs. Business owners can also derive huge savings in operational costs – there’s no need to establish a separate accounting department. Through outsourcing an accountant and human resource staff, any business owner can have a properly maintained accounting system for as low as 30% percent of their actual accountant and human resources staff.
     
  2. rebecca16

    rebecca16
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    Well outsourcing is controversial.If things accounts will be outsourced then it will add up to the already bleak employment scenario in USA.
     
  3. Remotestaff

    Remotestaff
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    Outsourcing is a two-edged sword. It can help you or hurt you, depending on how it's used.

    Regarding the employment scenario in the USA, I can't really comment on that. I certainly sympathize with the plight of the unemployed. Although, on the other hand, I can't quite understand why the US government is not creating/offering better tax solutions for businesses so that business owners won't have to see the need to outsource. It's a catch-22, if you ask me.

    On a personal note, I can say my outsourcing model is structured in a way that helps make businesses more sustainable so that the enterprise owners will have more financial resources to retain locals. For a more specific example: my business model would rather encourage small to medium size business owners, that instead of spending a ton of money to buy automated accounting software, perhaps it might be best to just use the money to hire a senior accounting staff on his local team, and supplement the team with support virtual staff who can do non mission critical tasks.
     
  4. angelOnEarth

    angelOnEarth
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    Nice post!
    There are some great points on both sides. However, I am really not at all against outsourcing. It would not be a good news for the Government but a really great news for the business owners and the people who need work. You're not only making a smart move for your business but you're also helping skilled people half way around the world to have a job suited for them. We just have to follow some methods to make outsourcing effective. We also should make good use of these advantages.
     
  5. HYVAssistant

    HYVAssistant
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    Are you in the Human Resources or Accounting business? If not then you should outsource it to another firm who makes this their business and core competency so you can focus on what really matters most to you. At the end of the day your success depends on your ability to find the right people to outsource time consuming work to so that you can focus on your core competency.
     
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  6. Jenifer

    Jenifer
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    Online Bookkeeper

    The thread is really contain a great information.Success of a business is depend upon it's financial status.If the financial status of a business is good then the growth of the company is better.In a small scale company financial status play most important role, thus to manage your business in a cost effective way Outsourcing Accounting & Human Resources is best way.To mange your account you can hire a Bookkeeper.Now days a lot of organization that is offering Online Bookkeeping Services, these services are also cost effective.:eek:
     
  7. Texas

    Texas
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    Excellent advice! This thinking is what landed me in the position I currently have. I see a trend in companies looking for ways to implement virtual or home based employees instead of part or full time office based personnel. Which I think is wonderful all around!! *IF* the person hiring does due diligence to hire the experience & reliability necessary to succeed in the tasks provided. Virtual & home based employees save employers money. Some of these virtual/homebased entrepreneurs will work for several companies and do not charge hourly rates but can bid for the job.
    My employer was so bogged down trying to do it all in her small business that every aspect of her company was lacking. Just by delegating the basic office and bookkeeping tasks my way has made a huge difference in her enjoyment of her business. Due to my experience with this company I plan to seek further accounting training and one day offer small business assistance from home.
     
  8. JRichardson

    JRichardson
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    When you outsource with a reputable BPO company, you have the ability to hyper-focus on the activities that truly generate revenue for your business. You can outsource daily business tasks that would typically drain your time and therefore not have to spend your own time or burden your staff with such tasks. There are many different tasks that certain BPO companies can perform, such as billing, sales, lead sourcing, social media management and much more.

    Any business looking to maximize efficiency, grow revenue and decrease downtime should look into outsourcing.
     
  9. nikhiljoseph

    nikhiljoseph
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    A solutions which helped me to manage things better, solution which provided a better solution was financial Apps Apptivo. It not only guided me it provided me with better Apps for contact &customer management. Also with effective human resources App to work effectively, it saved time, manages all my document an incredible way to work with.
     

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