*do what you do best and outsource the rest
I've heard the term "Business Process Outsourcing" - what exactly does it mean?
Business process outsourcing,
or BPO, allows a business to focus on core business capabilities, by
allowing an outside partner to perform non-strategic business functions.
Some of these functions include invoicing, payroll, claims processing
and customer support.
It is important to identify the
core business processes that are essential to driving revenue. Non-core
services should be considered for outsourcing.
There are many strategic benefits from outsourcing including improved performance, profitability, and shareholder value. More specifically, these benefits include:
-
Reduction of
employment related expenses and issues
-
Gained access to
expertise in multiple fields
-
Free-up internal resources
-
Position the executives as a "user" rather than a "generator" of
information
-
Receive accurate and timely information
-
Achieved cost
efficiencies
-
Greater internal
flexibility
-
Gained access to
advanced technology,
without the upfront costs
-
An increased focus
on core business and
competencies
-
Isolation
from losses or interruptions resulting from staff resignations or
absences
-
Turn fixed costs into variable costs
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We can assist you in determining the skills, experience, and number of people needed to transition your Company to an outsourcing arrangement. We will then develop an action plan that will ensure a smooth transition to outsourcing. While implementing the action plan, it is important that channels of communication remain open and questions are answered, so that change can be implemented smoothly without disruption of your business.
With regard to those people
currently performing accounting functions, and where the accounting
function is predominantly or fully outsourced, the options exist for
either:
(1)
Employment by the outsourcer;
(2)
Redeployment to other activities within
your company or;
(3) Be one of the positions eliminated via an appropriate retrenchment or redundancy process.
Where will the outsourced activities take place?
We can provide our service
either at your location or remotely. After a careful evaluation of your
needs, we will advise you on the most cost effective method of providing
these services. Our goal is to be available and responsive to you, and
to have your information readily available. Regardless of where the work
is performed, you maintain control of the information and on-site
personnel.
Outsource Accounting Solutions offers a depth of skills and multifunctional experience that is hard to find. We know what it takes to get the job done and offer a customized approach to your accounting needs. Whether you require the ongoing service of a total accounting department or short-term assistance on a special project, we are your source for accounting solutions.
How much will it cost?
This is the
question that arises very quickly. The preliminary answer is generally
that it will cost no more than it currently does and probably less.
Comparative analysis of American companies who had outsourced their
accounting function showed savings ranging between
5% to 25%
over traditional in-house employment costs.
In the establishing of an
appropriate cost structure we encourage open dialogue in the review of
your existing systems and procedures so to enable us to develop a
proposal that both implements efficiencies and economies of scale and
reduces your cost.
(1) Fixed Hourly Charge Rate – commencing at $60 per hour (plus GST) for bookkeeping, payroll and basic accounting functions and scaling upwards to $120 per hour (plus GST) for specialized services.
(2)
For ongoing commitments with standardized
reporting requirements, negotiation of fixed periodical fees, as
dictated via our estimation of the resources required to fulfill that
function.
You've sold me on outsourcing my accounting. Why shouldn't my existing CPA or CA do it for me?
Many CPA and CA firms do perform month-end accounting work for their clients, frequently referred to as "write-up work". We also offer this service. However, most of these firms are not set up to perform the day-to-day accounting for a business as we are. In fact, performing both the day-to-day accounting and the audit could be a conflict of interest.
In addition, most CPA and CA firms aren't staffed with personnel that have the industry experience, which Outsource Accounting Solutions offers. Having this industry experience helps us to know and understand the issues you face on a daily basis.
Will you perform the audit of our financial statements?
Performing your day-to-day
accounting and an audit could be a conflict of interest. As such,
Outsource Accounting Solutions does not provide independent audits.
Instead, we provide the information that your auditors will find
necessary to perform the audit. Therefore, we will not replace your
outside accounting firm.
When it is time for the audit of your financial statements, we will have
your financial statements audit-ready. By doing so, we make it easier
for your outside auditor to perform the audit - which should result in
lower audit fees and a quicker audit. We can also answer many of the
questions your CPA or CA will have while performing the audit, which
again frees you to focus on the more important things - your business.
