With many companies now reaching out to external bodies that work to comply with regulatory standards, meet overhead costs, and guarantee increased profits, outsourcing has developed considerably. Philippine outsourcing of finance and account services are gaining popularity as more and more companies are implementing account outsourcing as a beneficial move towards enhancing financial development and targeting particular markets.
Philippine is one of the several countries that provide outsourcing professionals in the finance and account department, guaranteeing safe bookkeeping and accounting services.
Philippine Outsourcing of Accounts & Finance
It is quite natural to wonder why Philippine is well thought-out a resourceful outsourcing nation above all other nations of the world. An increasing number of outsourcing firms in Philippine offer data center hosting and professional software application that probably protects financial data and adds value to a business.
There are several reasons Philippine has turned out to be a priceless outsourcing nation. Here are the major ones:
Cost Reduction
It is no more news that the economy and the standard of living in Philippine is far behind that of the greatly developed countries such as the United Kingdom and the United States. As a result, the cost of outsourcing is significantly low. This is possibly the most realistic reason as to why companies choose to outsource to Philippine.
Domain Know-how
A good number of the famous outsourcing firms in Philippine has a well competent workforce comprising of trained financial analysts, MBA’s, smart statisticians, and much more, in order to resolve queries and meet the needs of their respective customers.
High Level of Efficiency
You are mistaken if you believe that the quality of outsourcing services declines because of the considerable low cost of service. At about 50% of the cost, Philippine provides the same level of efficiency as provided by the Philippian’s outsourcing companies in the US or UK.
Comprehensive Data Security
Philippine is not too far in the use of technology, despite the fact that a majority of the developed countries are highly advanced in their use of technology. The outsourced services are protected by making use of sophisticated technologies (such as web-based apps, secured servers, and so on), which offer different degrees of safety. Consequently, you need not worry, your financial data is in safe hands through Philippine outsourcing.
Conclusion
Philippine outsourcing is far more cost-effective as compared to the rest of the world. Beginning from accounting to tax preparation, Philippine is a dominant and versatile service provider as an outsourcing country. As a result, if you are looking forward to accounting outsourcing and you want the best experience; Philippine outsourcing is the best option for you!
Daven Michaels is a New York Times Best Selling Author and CEO of the premier global outsourcing company, 123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! Inspires entrepreneurs to build & grow their business with revolutionary new theories and systems allowing them to design the business and personal lifestyle of their dreams.
Outsourcing of services to third parties is becoming popular each day as a result of the business schedules of many of these companies. Those who have the time don’t have knowledgeable and experienced employees to handle some technical aspects of the business as a professional outsourcing service provider will do. As an entrepreneur, you can outsource different aspects of your business in order to allow you focus on the core of your business.
Bookkeeping outsourcing services in a small business organization cover financial reporting, sales tax filing, payroll processing, accounts receivable, accounts payable, and bank reconciliations among others. All these areas of accounting can only be handled properly by professionals. When you outsource your bookkeeping to a reputable outsourcing services group, quality is guaranteed.
Continue reading to identify why you need to outsource the bookkeeping of your business.
1. Scalability
Employing qualified accountant s or bookkeepers to work permanently for hours in a business can be very difficult and expensive as well. When you introduce outsourced bookkeepers, they will handle the portfolio of your company, which will let them finish your financials at an affordable rate. In fact, you will get the service of a professional bookkeeper for less than employing permanent employee to handle the position. What is stopping from outsourcing bookkeeping?
2. Saves Cost
There is an adage that says that you must spend money in order to make money. You can decide to save cost by doing the job yourself, but the fact is that you have to leave some areas of focus that can cost you more than you intend to safe. An outsourced bookkeeper is considered more cost effective than employing an employee. By outsourcing bookkeeping, you will escape substantial tax bill and other expenses.
3. Accuracy
It takes a professional bookkeeper or accountant to notice improper accounting processes, unlike the graphic design. You can easily spot a fake graphic designer from afar. The difference is the case in bookkeeping. It is difficult for a non-professional to know whether the account is accurate or not if the financial statement prints out and mistakes are not clearly noticeable. If the financial records of a business are prepared by someone without accounting background or education. However, accuracy is assured when you outsource bookkeeping to a third party.
4. Quality Feedback
It is of great importance to use financial information to operate your business. In fact, making decisions without adequate financial information is putting your business at risk of failure. Despite the fact that a business is a pool of risk, making decisions without supporting proof is not a smart risk. You will have access to quality feedback and accurate financial information when you allow outsourced bookkeeping services in your organization.
Daven Michaels is a New York Times Best Selling Author and CEO of the premier global outsourcing company, 123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! Inspires entrepreneurs to build & grow their business with revolutionary new theories and systems allowing them to design the business and personal lifestyle of their dreams.
Before Hire Outsourcing of Services to Virtual Assistant: Here are the 24 Questions You Should Ask
Outsourcing of services, particularly to virtual assistant should be done with utmost care. Are you prepared to use a Virtual Assistant for your business outsourcing? Great!
Consider the questions you will ask as soon as you have shortlisted your possible candidates and make sure you don’t skip this important process of an outsourcing contract. Because it is by asking these questions that you will have a better idea of where your preferred Virtual Assistant stands on different things and whether they are keen about what they do or not.
Here are the 24 questions you need to ask a VA before outsourcing to them:
1. How long have you been in VA outsourcing business?
2. What is the target market you serve?
3. Where is your office located? (What is the time zone particularly)
4. What are your working hours?
5. Do you render after hours service or on the weekends?
6. Is there any additional fee or charge for rush or emergency projects?
7. What do you consider to be a rush project?
8. What is normally your turnaround time on projects?
9. Do you have more workforces on your team? (Particularly, do you have a backup plan if your computer crashes or get sick – so that my work will still be done on time?)
10. Do you have customer references? May I get in touch with them?
11. How soon will respond to an email/voicemail from me?
12. How do you get your invoicing done? (What is the exact day of the month?)
24. What do you charge for personal outsourcing of this magnitude? (How is time billed – 15-minute increments, per project, etc)
These are the vital questions you need to ask among others. Asking these questions is like conducting an interview to know the competence of the Virtual Assistant. However, once you are done with the consultation, you don’t need to say yes or no to the VA. Just let them know that you will contact them in the next 24 hours.
Daven Michaels is a New York Times Best Selling Author and CEO of the premier global outsourcing company, 123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! Inspires entrepreneurs to build & grow their business with revolutionary new theories and systems allowing them to design the business and personal lifestyle of their dreams.
Business Process Outsourcing (BPO) firms establish themselves more in the developing countries than in the developed countries. A solid foundation is important for the BPO firms that have a link between their companies and their clients through effective communication if such companies really want to do extremely well in the market. Countries like Mexico, Philippines, India, and Malaysia are vying to have a stand in the BPO market, while EL Salvador, Puerto Rico and Guatemala are gaining popularity. But the fact is that all these countries confront some problems because they actually want to carry out business.
Here are some of the challenges:
1. Beyond Customer Expectations
Providing customers with absolute satisfaction should be the major criteria of all BPOs. The expectation of the customers is increasing rapidly as a result of several social media channels. They are turning out to be the subject of a tough issue to the BPO companies.
2. Recurrent Disruption
Frequent power outage, poor Internet connections, and call traffic management are the order of the day in the Business Process Outsourcing firms. A little disturbance can cause a great loss to the business even as they have to run their outsourcing business 24/7.
3. Lack of Skilled Workforce
To ensure a successful business outsourcing, there must be knowledgeable and skilled workforce in place. But the issue now is that nearly all the countries lack the right skilled workers.
4. High Attrition Rates
Attrition causes many losses in the aptitude and acquiring major losses in training the employees. The attrition rate is much more than the UK based BPO companies in countries like the Philippines. This is due to the fact that an employee in the Philippines doesn’t stay more than 11 months but those in the UK stay for at least 3 years before changing their job.
5. Changing Political Situations
The Business Process Outsourcing industry can be very much affected by the political circumstances of the area they are situated. Outsourcing of services to other countries is as well prevented by certain bills being passed by the governments. Citizens’ protests, wars, and falling economies can be major reasons for the issue. The outsourcing companies can be affected majorly by this.
6. New Countries Entering the Industry
Only a few countries are in the business of international outsourcing services in the past. But at present, new countries are coming into the BPO industry. As a result, such countries need to offer matchless skilled professionals that can operate the business. In addition, good infrastructure will be a concrete improvement to the outsourcing services group.
Other challenges are brand equity, the increase of opposition against outsourcing and health issues. These are a number of serious challenges of international outsourcing services. However, understanding how to tackle these challenges quickly can make a business outsourcing company experience a tremendous success.
Daven Michaels is a New York Times Best Selling Author and CEO of the premier global outsourcing company, 123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! Inspires entrepreneurs to build & grow their business with revolutionary new theories and systems allowing them to design the business and personal lifestyle of their dreams.
Business process outsourcing is gaining popularity in the offshore business of today. It is simply the process of getting a job done by another company, commonly referred to as offshore outsourcing service provider. In the past, the idea of outsourcing in business was not common and therefore not known by many people. But this trend began to gain momentum gradually, taking the form of an industry in some countries.
With this development, business outsourcing services have turned out to be the extremely familiar trend. Small and low-grade jobs were outsourced from the United States at the early period. Presently, a number of the most important jobs such as graphic design services, customer care, web design and development services, IT services and solutions, and other services are being outsourced. As a matter of fact, all possible outsourcing office businesses are being outsourced today.
Jobs that need to be done every day are usually the ones being outsourced. Nowadays, BPO buyer companies are no longer performing any tasks on their own but employ consultant companies to give their new recruits training. Even the job of doing advertisements is outsourced from an offshore outsourcing company.
As far as doing international businesses today are concerned, outsourcing of business processes has become the number strategy. It is even well thought out to be the ideal tool for carrying out business activities in the time of economic recession. The downturn is such a period when the opportunities of earning ample revenue drop off considerably. It, therefore, becomes necessary to reduce costs and save some money in the process. This is where outsourcing becomes handy as it will help to rise above such terrible situation.
There are more than a few benefits of business process outsourcing to the overseas corporations. Number one, it makes it possible the foreign companies to concentrate on their core business processes.
In addition, companies located in the United States or Europe can enjoy enormous cost advantage from outsourcing their non-core jobs from countries such as Philippines, China, and India. In these countries, there is no deficiency of cheap and skilled manpower. Philippines and India are known to maintain quality output when it comes to international standards, despite the fact that they charge extremely less for their service. This is a main reason phenomenon of outsourcing has become prominent today.
The BPO companies of nowadays are providing different types of outsourcing services like accounting and finance, insurance, IT, Telecommunications, and software development services. All possible processes of any business are being outsourced today. With services outsourcing, companies can get high work at lower cost and this is what is now driving the overseas corporations to seek more BPO partners in the third world countries.
Daven Michaels is a New York Times Best Selling Author and CEO of premiere global outsourcing company, 123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! Inspires entrepreneurs build & grow their business with revolutionary new theories and systems allowing them to design the business and personal lifestyle of their dreams.
There are great advantages of working with remote professionals. For example, when you outsource, you won’t have to pay for office space, and you have access to a range of talents from all over the world. But fact is that working with a team of employees based in one location is completely different than leading a team of freelancers whom you may never physically meet. There are very many factors involved and you need some tips to help you benefit immensely from this:
Here are some tips on how to get the best from your remote team of freelancers.
1. Culture.
First, you need to set up a culture for your team, just like any other location-based team, especially if you expect them to work together. Your team’s culture will determine whether they make an effort to collaborate with each other, how often they communicate with you and with each other, what hours they work and how quickly they respond to emails. Basically, you are establishing guidelines of behavior for your team.
Establishing a tram custom among your outsourced staff require ground rules. All of them need to be clear on what behavior is ideal, what is acceptable and what is not. For example, you may want your team to be creative and think out of the box. To achieve this, consider giving them freedom to test new ideas, perhaps once a week. They can share the results with the rest of the team for helpful critique. Discourage bullying behavior and deal with any form of intimidation on the team.
2. Have clear expectations.
You may not be able to easily and completely monitor what your remote staff are doing at their computers or control how they work, so it’s best that you set clear expectations from the beginning. Make sure that everyone is given clear description on what their responsibilities are and what roles others within the team are playing. Give them goals and targets to reach. Ensure you include deadlines whenever appropriate.
In addition, it is also important to keep in touch with each freelancer regularly. Schedule daily or weekly meet ups online to review their progress, give feedback and to answer any questions that he or she may have. It’s better to do this through video conferencing instead of a phone call. You can pick up a lot more by seeing your freelancer’s facial expressions.
3. Communicate and collaborate
Promoting the building of both professional and personal relationships as and friendships within the team will help cement it and increase productivity. Better work relationships produce higher job satisfaction. Though remote teams miss out on opportunities for the daily chit chat that happens organically in office environments, you can increase communication and collaboration among your team by intentionally creating opportunities for these to happen.
Consider investing in technology and tools such as video conferencing, project management, screen sharing and resource sharing software. These will help you achieve better communication, collaboration and camaraderie. Video conferencing software enables face-to-face and voice communication. With project management software, teams can work together better with organizational tools, time tracking and resource planning tools. Screen sharing makes it easier for teams to discuss work that appears on each other’s computer screens. Resource sharing allows online files to be shared across the team. Accessibility to the team is also very important. They will have questions and inquiries. Provide them with easy ways to reach you. If perhaps, they need to take up more of your time, create a clear calendar of when you are available for longer meetings online.
Once in a while face-to-face meetings have a role to play in cementing working relationships among remote teams. This is because despite all the effort that you may put into promoting online relationships and collaboration, nothing beats the trust and closeness that is forged through face-to-face meetings. At least once a year, try to bring your team physically together. This can be a work and play event combining both project work and team bonding activities. You may even want to get the team together on location for a couple of months’ brainstorming sessions, if you have the resources to do so.
4. Compliment.
When your outsourced professional or remote worker performs well, compliment him/her. It’s important to give appreciation, recognition and praise to your remote workers, especially when he or she exceeds targets or expectations. It’s easy to get busy and only contact him or she when something goes wrong or when you need to provide new instructions. However, just like any other normal relationship, a lack of appreciation may result in a remote freelancer feeling unappreciated and unmotivated.
Sharing wins and milestone achievements across the team to publicly acknowledge a staff for progress made or a job well done and to inspire the whole team to aim higher is a great move.
5. Generous Compensation
Until recently, freelancers are regarded as a cheap alternative to location-based employees. But today, as more and more workers are choosing freelancing as a lifestyle, companies now pay better for higher quality freelancers to encourage them. While generous pay can only provide a certain amount of job satisfaction, it is still necessary that you offer adequate compensation to your freelancers to encourage them to commit fully to your work.
You can also build loyalty among your team by showing appreciation to your remote staff who have demonstrated outstanding output with special performance bonuses, paid family holidays or tickets to their favorite event. Understand what else motivate your freelancers beyond a better pay. When your freelancers are reminded that they are part of something really important that will make a difference in their world that could become another great motivation.
Daven Michaels is a New York Times Best Selling Author and CEO of the premier global outsourcing company, 123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! Inspires entrepreneurs to build & grow their business with revolutionary new theories and systems allowing them to design the business and personal lifestyle of their dreams.
Sales outsourcing has become a popular strategy for business companies who want to improve their business processing sector. All companies need to do is hiring the services of third party sales service providers. With this, companies today are able to focus on performing their core duties and on developing other important in – house responsibilities. Understanding the benefits of outsourcing will help every company facilitate better profitability and growth in all sectors. Outsourcing saves much of the company resources and by cutting the operational costs, a business is able to gain the upper hand.
Business Process Outsourcing
Doing business means saving money while increasing profitability. There is a big advantage when business outsourcing is integrated within the company’s operational structure because Business Process Outsourcing providers understand the key requirements of other businesses when it comes to improving their profitability while cutting down on costs. There are lots of companies who obtained higher sales improvement when they opt to outsource their business production. Other services can also be outsourced including those that are not considered to be core functions within the company. When these non-core duties are relegated to third party service providers, the company resources will be put to better use and employees will be able to focus more on their core responsibilities.
Outsourcing Sales to grow the company
Sales outsourcing offers all the benefits of actually selling with minimal risk. It is a very practical thing if a business is able to get all the best and highly efficient tools not to mention finding reliable workforce for the business. With sales outsourcing, companies can handle project or production delays and ensure there are no lost opportunities. For every business, the most efficient and reliable tools in addition to the right labor force is all that is needed to ensure that the business will become successful and that the company’s growth is stable.
Sales outsourcing also facilitates increased productivity like no other. If a company is having problems with its in-house production, outsourcing the business process can make sure that the production will be on time while guaranteeing that the quality of the output is in line with the company standards. You will find a lot of BPO providers with excellent track records in providing affordable and quality services. Some are experts in sales.
Companies who are working hard just to get ahead of the competition can use the services offered by BPO providers in order to meet their customer demands and ensure satisfaction as well. An improved production equals an increased profitability and this is the desire of every company.
Daven Michaels is a New York Times Best Selling Author and CEO of the premier global outsourcing company, 123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! Inspires entrepreneurs to build & grow their business with revolutionary new theories and systems allowing them to design the business and personal lifestyle of their dreams.
Today’s economic system is volatile, hence a majority of companies today are looking for efficient ways to cut cost while at the same time enhancing the quality of the products and services they offer to their clients and customers. In so doing, it will make it possible for them to deal with the ever changing market condition both in the local and global industry. Particularly for companies looking for highly qualified reception services, outsourcing this specific task can provide the necessary resources that will allow companies to have access to a pool of qualified professionals that offer the most cost effective and quality services. Outsourced reception services are among the options being considered by organizations in order to cut down huge chunks of expensive operational costs.
What are Outsourced reception services?
Outsourced reception services are third party services that provide help desk services, as well as other consultancy services. Usually, the relationship between a BPO company and a client firm involves the use of technological tools and various resources to keep things going. As such, most firms have their own team tasked specifically to manage and oversee the area. Because customer service is more likely to be incorporated in the process, the staff may need these outsourcing companies to know what to do with the resource materials provided in order for them to find the necessary workforce specific to the requirements of their client company.
The Pros of Outsourced Reception Services
Outsourced reception services obviously have a better grasp of relationship management. They are also well equipped with the knowledge needed to handle customer queries more effectively without having to provide the necessary training and other skills development related requirements. In many cases, companies who are in need of a reliable reception service or want to outsource their help desk requirements to third party service providers will rely on outsourcing companies to find the right staff for them. This will maximize potential benefits offered by this particular function of the organization and enable client companies to focus on their core duties instead of sparing some of their resources to hire new personnel.
A typical outsourcing company offers complete packages related to outsourced reception services. They are already trained, sometimes generally and other times, it is custom-made and designed according to the clients’ specific requirements. This allows the needs of client firms to be specifically matched and every issue to be sufficiently and timely addressed. The training often includes executive briefings where executives, managers as well as the entry level position holders may learn and understand the proper roles that each of them has in the department and how they will perform their specific work function.
Businesses that want to achieve a competitive advantage recognize this and thus equip themselves with the tools as well as the knowledge to use these tools and take advantage of the services offered by outsourcing companies. The benefits that firms may have from outsourced reception services while providing training for their staff will help contribute to the overall efficiency and growth of the business in the short and long run.
Daven Michaels is a New York Times Best Selling Author and CEO of the premier global outsourcing company, 123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! Inspires entrepreneurs to build & grow their business with revolutionary new theories and systems allowing them to design the business and personal lifestyle of their dreams.
Starting up a business is challenging. There are a whole lot of responsibilities to keep up with and these responsibilities can wear out even the most resourceful of entrepreneurs There are many aspects of operating your business that don’t necessarily have to be handled by you, personally, but finding the right help to trust any facet of your work to can be extremely difficult- even more so when you start to factor in the cost of hiring good help- sometimes it seems as though the only real solution is to carry the entire burden on your own shoulders, but this is simply not true. Marketing is one important aspect of your business that could also be very tiring.
Outsourcing marketing services is a solution that every entrepreneur would be happy to have done at this point in their career, and it will go a long way to show a magical difference in profits in comparison with the competition.
An outsourced service provider can be the missing link in your life that will allow you to take a step back from the tasks in your small business that could be handled by someone else, someone trusted to get the job done right. Outsourcing some of your labor can help you to get the best of both worlds- you get great employees doing good quality work for just a fraction of the price that you would have paid if you had done the entire job yourself, or hired full time staff.
The outsourced marketing services industry is experiencing tremendous growth as it has proven to be one of the most valued assets for anyone running a business, no matter the size.
The simple fact of the matter is that not all of your labor has to be performed right at home, so to speak, and outsourcing solutions provide a tremendous financial incentive, so much so that it very nearly becomes a matter of just throwing money away by not utilizing one of these services. The right outsourcing option can end up saving tremendous amounts of income that you would have otherwise had to spend on labor costs or infrastructure to support the task, and we all know that a penny saved is a penny earned.
You can take the money that you saved and turn right around putting it back to work.
Do not consider outsourcing simply because of the cost – consider all the time that you could spend elsewhere, doing that aspect of your business only you can do, if you did not have to oversee the completion of tasks that could easily be handled by a competent employee with the right direction. Invest your time wisely; it is worth more to you and to the company.
Daven Michaels is a New York Times Best Selling Author and CEO of premiere global outsourcing company, 123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! Inspires entrepreneurs build & grow their business with revolutionary new theories and systems allowing them to design the business and personal lifestyle of their dreams.
One of the fastest ways for a business to drive away customers en masse and lose money is to constantly produce dissatisfied customers. Poor customer service has always delivered more than enough, as it has a way of doing free destructive campaign for the business. An unhappy customer would tell their neighbors, friends, family and anyone who cares to listen about the shortcomings of your business and in this digital age of social media, dissatisfied customers reviews spread faster and farther than wild fire. Making your customers leaving with smiles and positive experiences is now more important than ever and should become one of the top priorities of any business. You tell me you’re ready to grow in business when you have invested in your customer service.
Excellent customer service could cost a fortune! The cost of a great team is beyond cash. Time, personnel, space and other factors are required.
Begin by considering what an ideal customer service entails, and then what yours will consist of. Basically, your customer service staff needs training by consultants in the field. They need to learn how to handle disgruntled customers. That in itself is a huge budget. They need a phone line where they can be contacted by upset customers. Right off the bat you’ve incurred costs from paying an employee, costs for setting up that employee’s work station, and a monthly surcharge for the phone service. You can however, lower all of these costs without compromising the quality of service by hiring a customer service outsourcing firm.
Customer service outsourcing is precisely what it sounds like, but you might not realize everything that the operation entails.
For example, when you think about how much time and resources that goes into finding, hiring, and training an employee to handle your customer service, and imagine bypassing the entire process, yet having hired instantly, an experienced customer service representative or team to handle this aspect of your business. It sounds like a sweet dream, and yet it’s real! Customer service outsourcing provides this service, letting you have incredibly good customer service with just a phone call.
Most business owners have found that outsourced customer service saves money. You already know the reasons.
Another beautiful aspect of outsourced customer service that can save you money is the fact that you have the option to only pay for your outsourced customer service representative when you really need them- while a customer service representative that you hire for your own business might sit around for huge chunks of time while not receiving any calls and, therefore, not really serving their purpose, many outsourcing services offer you the option to only pay for the time that your customer service rep is working for you.
If you’re just reading this, find out more for yourself. Outsource today!
Daven Michaels is a New York Times Best Selling Author and CEO of premiere global outsourcing company, 123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! Inspires entrepreneurs build & grow their business with revolutionary new theories and systems allowing them to design the business and personal lifestyle of their dreams.
