Financial And Accounting Outsourcing Services-Strengthening Business Worldwide

FINANCIAL AND ACCOUNTING OUTSOURCING SERVICES:

STRENGTHENING BUSINESSES WORLDWIDE

COGNEESOL WHITEPAPER – APRIL 2014

The outsourcing industry has reached a point where

businesses consider it an effective means to enhance

productivity and achieve financial goals. The time has come

when small and big businesses should work on a customized outsourcing business model to compete in financially tough times. They need to study the model inside-out to know how they can reduce costs, maintain high quality standards andstreamline processes. They can manage

without taking a step out of the office.entire operations

Define Goal, Purpose and Benefits of Outsourcing

Accounting Processes

You should focus on key components: brand image and

customer service. Every single team is working to achieve

individual targets. These teams also work in tandem toCOGNEESOL WHITEPAPER – APRIL 2014

achieve corporate goals. The role of a sales team is as

important as that of the accounting team. Both front office and back office teams have specific roles in an organization.

The front office team looks after the clientele and back office team ensures that employees get the right kind of working environment. The front office team is primarily responsible for implementing the policies.

Core Front Office Team Should Focus on Key Business Areas

The core executive team manages all the important

decisions. They take an important part in decision-making

policies at different levels. They’re responsible for the failure or success of every single strategy created in the office. It tells us a lot about the kind of role they play in the overall performance of a company.

There is a lot of scope for improvement in the back office section. Businesses want to outsource certain processes to offshore teams keeping high operation costs into account. The outsourcing industry has started providing customized services to handle business-specific projects effectively. It hasgiven an extra sense of assurance to businesses. They canoutsource the process knowing an expert

team would work on the project.

Businesses would not only be able to save

and experienced

money, but they

can also provide exemplary service to clients. Earlier,


businesses either used to assign back-office work to some

members of the core team or hire more people. In both the cases, they’re on the losing side. They would not want the core team to perform tasks which require no expertise or experience at all. The costs involved with hiring and training new people also raises doubt over it.

Offshore Accounting Teams Offer Expert Assistance andEnhance Productivity

The problem begins as early as when a business starts looking for inexperienced or makeshift candidates to fill in the space of a big position like Chief Financial Officer (CFO). Even the most talented professionals would fall short due to lack of experience. They would not have required skills to handle day-to-day responsibilities associated with the job.

Outsourcing accounting work to an offshore service provider would bring consistency and stability. Businesses do not have

to look for temporary solutions, anymore. They can

outsource back office processes to specialized teams and hire

expert professionals at lower costs.

How Outsourcing Would Streamline Accounting Process?

Offshore accounting teams would have the best of talented and experienced professionals working on the project. The advantage stands with the business firm as they would getcustomized services to handle complex issues.COGNEESOL WHITEPAPER – APRIL 2014

Reduce Overhead Costs: Businesses have an

opportunity to reduce operational costs. They do not

have to manage an on-site team to manage daily tasks. They can save a huge amount of time and money in the long run.

Streamlining Different Processes:

Outsourcing accounting work would streamline different processes. There is a better coordination and team-spirit to be seen among individuals.Enhances Performance: The core team would not have to divide time doing ten different things. They can focus on the primary list of activities and help the organizationto add new clients to the list.

Why Every Company Should Outsource Accounting

Processes?

The recession has put businesses under extreme pressure. Businesses have started working on innovative ways to


http://www.cogneesol.com/financialandaccounting






reduce costs as much as they can. They consider outsourcing

an ideal business model to stay ahead of the competition.Outsourcing companies have started offering advanced

solutions to businesses. They do not only operate under tight

budget, but also maintain strict quality standards.

There is no point in managing an in-house team. You can get

the same work done at lower rates by outsourcing it to anoffshore team. The biggest advantage is that a dedicated

team would manage the operations, day and night. As a

businessman, you would want undivided attention. Youwould not have to spend on hiring, training and

infrastructure costs etc.

You should go ahead and compare outsourcing to managing an in-house team. You should take all aspects into account and analyze the situation. You would soon realize thatoutsourcing accounting processes are a far better option.


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The outsourcing company would be solely responsible for

managing all the tasks. Businesses can specifically hire

professionals who have ample experience in the field. They

know that experienced professionals have better chances of retaining and attracting new customers than inexperienced or incompetent ones.

Small Businesses have Access to Tailor-made AccountingServices

Small and mid-sized businesses do not have the budget to appoint a Chief Financial Controller on a full-time basis. The end result is that it hampers the progress as they continue to

distribute responsibilities among inexperienced

professionals. They pay a heavy

overall progress at risk.

Businesses have found an ideal

price for it and put the

solution in the form of

appointoutsourcing

experiencedaccounting

professionalsprocesses. They

them is that

can

based

and pay on the

quantity of work. The encouraging bit they can hire a

nature of worklimited number of people depending on the

and save money in the process.

The amount of money saved would be put back into business

to strengthen the foundations. They can utilize time and focus on other important tasks. The outsourcing industryhelps businesses to have complete control over the


operations and manage tasks, the way they would have

managed an in-house team.

Cogneesol’s Finance and accounting outsourcing services

provides comprehensive bookkeeping, accounting and tax

outsource services to small/mid-sized companies & accounting

firms.


Contact Us-

Canada: +1 905 487 8562Australia: +61 424 066 224UK: +44 203 371 7486USA: +1 646 688 2821INDIA: 0172 4232100

Email ID – [email protected]

Website - www.cogneesol.com


mailto:[email protected]
