The company’s finance and accounting department may be seen as something that is quite similar to a department store’s stock room. The cluttered stock room of a department store would be definitely affect the efficiency of its salespeople. The inefficient workforce will definitely affect the efficiency of its salespeople, the inefficient workforce will definitely have an effect on the satisfaction of the buyers. This is similar to the status of one’s finance and accounting department, where a disorganized finance and accounting outsourcing department could result to an inefficient workforce and an unstable company. In having the problems in one department of the company may result to a domino effect, affecting the other functions in the company. The company runs smoothly on the surface but it is quite messy on the inside, to consider seeking the assistance of a finance and the accounting outsourcing partner that is already considered as a preferred and trusted partner.
The outsourcing is a part of the company finance and the accounting duties that may pose great benefits, this is especially when it comes to the company’s budget because outsourcing when done correctly that may decrease the company’s expenses up to 50 percent. There are many things to consider before people say to the company’s key personnel that people are going to outsource the duties of the finance and accounting team. It is always better to think things through before jumping the right into the outsourcing.
At a company’s location, pricing, capabilities and reputation it is usual that one would look when assessing an outsourcing partner. There are still more to outsourcing than those criteria and people will find below that the process evaluation is one important component that people must also consider before delegating the tasks to an outsourcing provider of finance and accounting solutions. There must be a software that will embedded on the process so as to ensure that all the financial information of the company’s workforce will be kept secure. It is also a highly suggested for the company, while it is already evaluating the software that will protect the data, to might as well look into the technology that will be used by the offshore team in conducting the processes. In using a technology suited for the finance and accounting transactions to ensure the job will be done in an efficient and timely manner.
Having an employee dedicated to the oversee the tasks of the offshore team would help the further assess that the performance of the team and to act as a catalyst between the offshore team and the company especially since the nature of the tasks to be outsourced is quite sensitive. It is highly suggested for the company to have a representative who will as the person in charge to ensure that the outsourcing process is right for the company.
REFERENCE:
http://www.blog.infinit-o.com/important-component-finance-accounting-outsourcing/
