At some point, most businesses think about outsourcing less-critical functions. This is usually done when the company wants to focus on its core competencies and leave the non-core functions to other experts. When you outsource finance and accounting ops, you can save your company time and money while allowing your employees to focus on what they do best. There are a few things to keep in mind when outsourcing finance and accounting ops, so read on to understand how to choose an appropriate outsourcing company for your Finance & Accounts ops.
Define what is core to your business – this will help you determine what can be outsourced
Knowing what is fundamental to your business can be the difference between success and failure. It is important to take a step back and really define what’s essential to any operations, products, or services. Once you know this information, you will be better placed to gauge when it makes sense for certain tasks or processes to be outsourced rather than taken care of internally. Factoring in cost and expertise makes complicated decisions easier by isolating ‘must-haves’ in the equation. Put simply, knowing what core components of success are unique to your business will benefit you greatly as you determine which tasks are best left up to outside companies and resources.
Research potential vendors who can provide the services you need
Shopping around for finance and accounting outsourcing companies can be time-consuming, but is a necessary step when looking to outsource finance and accounting services. When considering potential vendors, research their experience in the finance and accounting industry, taking into account the type of services they offer, their level of expertise, and feedback from previous clients. It is also important to get clarity on pricing structures and to compare rates across multiple providers. Taking your time to weigh up options based on different components such as cost, quality of service, and quality of deliverables offered can help make more informed decisions. Being thorough will go a long way toward finding reputable finance & accounting outsourcing companies that meet your needs.
Consider the cost of outsourcing vs. the cost of hiring in-house staff
When it comes to the cost of running a business, one of the most important decisions is whether to hire in-house staff or outsource work. In-house staff can bring a lot of benefits, including greater control over employees, but that comes at a cost – not only for hiring employees but also for their wages and benefits. Outsourcing can come with a high price tag too, particularly if you’re paying external agencies a premium for their services. Ultimately, it’s important to weigh up both options carefully and consider your own personal circumstances as well as your business strategy before making a decision – sometimes it’s worth paying more to get better quality support.
Make a decision and put a plan in place for outsourcing finance and accounting operations
Making a decision to outsource the finance and accounting operations of your business can be daunting. However, it doesn’t have to be. By assessing the current situation, establishing the desired outcomes, researching potential vendors, and mapping the process for successful implementation, outsourcing can bring big benefits to your organization. Putting a plan in place will ensure that your finances are being handled cost-effectively and accurately without overloading internal personnel. Taking the time to research potential vendors will give you peace of mind knowing that you’ve chosen the best fit for your organization’s needs.
A reputed vendor will have proven products and services. MYND Solutions provides an array of solutions to tackle your Finance ops. Here are a few examples.
- MyndSpendX is a petty cash management solution that provides a centralised, paperless approach to managing multiple locations’ financial expenditures.
- MyndAPX automates the invoicing process and makes it easily scalable for businesses.
- Pearl streamlines an organisation’s “Procure to Pay” business cycle, resulting in tangible savings and improved partner relationships.
- Arise is an AR automation tool that aids businesses with their “Order to Cash” process by improving cashflows while reducing DSO (Daily Sales Outstanding).
Monitor results to ensure that your decision was the right one for your business
When you are making a critical decision for your business, the best way to ensure that it was the right one is to monitor the results of your decision. Taking time to analyze what effect your decision had can help you see if it led to increased productivity, higher sales numbers, or greater customer satisfaction. Monitoring results not only allows you to evaluate whether or not you made the correct choice, but it also offers insight into whether there are any areas that still need improvement. Knowing how decisions impact your company in tangible ways is a key ingredient in staying successful.
If you’re looking to outsource your finance and accounting operations, be sure to define what is core to your business first. This will help you determine which tasks can be outsourced without compromising the quality or integrity of your product or service. From there, research potential vendors who can provide the services you need at a price that fits within your budget. Consider the cost of outsourcing vs. the cost of hiring in-house staff and make a decision based on what makes the most financial sense for your company. Once you’ve made your decision, put a plan in place and monitor results to ensure that outsourcing finance and accounting is having a positive impact on your bottom line.
MYND offers business process and technology solutions to small and large businesses. We have served diverse business verticals such as QSR, Telecom, Retail, Hospitality, Healthcare, Automobile, Manufacturing, and Facility Management. Our experience has taught us to combine business automation and human intelligence together for increased efficiency.
MYND’s solutions come with an inbuilt tech stack to allow better coordination between automation and human effort. Advanced proprietary algorithms, Natural Language Processing (NLP), and API integration are components of MYND’s software platforms. These have been deployed in customer interactions (retail) and back-office process automation in major BFSI organisations. Interested in learning more? Reach out for a demo today.