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Businesses can save on labor costs even after building their own teams by simply hiring a customer service team through business process outsourcing. This helps the businesses get overseas customer service teams, which offer affordable solutions while providing a superior quality of output, simultaneously.

Philippines, considered as one of the most popular outsourcing countries in Asia when it comes to customer service and support, boasts its highly-skilled workforce, strong English proficiency, and cultural compatibility with the West. This makes the country an ideal outsourcing destination.

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Businesses can hire a freelance accountant or bookkeeper for one-off or annual consolidation of their accounts and tax filing. Accounting firms can be hired for quarterly auditing and compliance of tax returns. A BPO company, meanwhile, is ideal for monthly regular accounting duties. Narith is providing finance and accounting outsourcing services in Atlanta, Georgia.

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Often considered one of the most crucial business operations, customer service has a strong impact on existing as well as potential clients. Research says, that 60-70% of non-satisfied customers are likely to tell their friends and families about a bad experience through social media, and 40-50% of customers tend to switch to a new brand after facing a single unpleasant experience.

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For any business to thrive in today’s highly competitive business environment, it is quite crucial to maintain a close bond with its customers. Keeping the same in mind, customer support is often considered as one of the primary elements, that builds and strengthens the buyer-seller relationship.

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In today’s constantly-changing, highly competitive business climate, many businesses, ranging from start-ups to giant companies, opt to outsource processes to ensure the betterment and growth of the company.

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Outsource financial accounting services in Georgia

Outsourced finance & accounting

Numerous businesses and entrepreneurs have opted for outsourcing multiple business functions comprising finance and accounting. Now, the question is, why should business owners consider finance & accounting in their businesses and how will the outsourcing benefits aid businesses in gaining maximum credibility in the industry?

With the rapid advancement of technology, the way a business is operated today is far different from the way it used to be done in the good old days, especially, in the case of finance and accounting. Often, it can be difficult to keep up with the technology, which is constantly getting updated, and accounting policies, which are getting modified regularly.

Accounting can be outsourced in different ways, like getting a freelance accountant, hiring an accounting agency, and outsourcing business processes. Depending on their services, each option fits with specific criteria for hiring.

Businesses can hire a freelance accountant or bookkeeper for one-off or annual consolidation of their accounts and tax filing. Accounting firms can be hired for quarterly auditing and compliance of tax returns. A BPO company, meanwhile, is ideal for monthly regular accounting duties. Narith is providing finance and accounting outsourcing services in Atlanta, Georgia.

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Outsource financial accounting services in georgia

Outsource financial accounting services in georgia

4 Signs Start-Ups and Small Businesses Require an Outsourced CFO One of the most crucial activities, business finance management, if done efficiently, immensely contributes to the growth of a business. Incorrect financial inputs on quantities, costs, margins, inventory, cash flows etc. can adversely influence a company’s market share, access to the capital and eventually the profitability of the business. Hence, a company must have skilled and experienced business finance management executives, who can proficiently keep a track of all its finances and prepare error-free financial statements, which are a reliable source of information for investors, creditors, lenders, and other stakeholders. Besides, strategic financial planning helps businesses to ensure their expediency and the right allocation of funds by providing a clear idea of what they are currently doing and where they are headed towards. Imperative for any type of business, appropriate finance management helps entrepreneurs to decipher the growth opportunities and threats, and take expansion decisions accordingly. But, for small businesses or start-ups, which are often tight on budget, hiring in-house finance executives and CFOs (Chief Financial Officers) generally turns out to be expensive. Hence, many small to medium-sized companies and start-ups prefer to outsource their finance-related activities to third-party finance management agencies or an individual external finance expert, commonly known as ‘outsourced CFO’, with high experience level and qualification, rather than hiring a full-time in-house CFO. But, how to understand when is the right time to get an outsourced CFO

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The customer services agentsare trained to use different channels of communication. Also, they ensure speed and accuracy in responding to different issues to make sure they serve more customers better and offer optimum customer satisfaction.

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Customers, these days, are more likely to trust a company that has substantial digital presence and identity. However, building a reputation online can be difficult. To successfully market a business in the digital space, one should have good knowledge in copywriting, SEO, social media management, web design, and content writing. But, to plan a conducive roadmap and execute it, a strong and cooperative team is needed. Businesses which do not have enough budget or infrastructure to have an in-house digital marketing team, can outsource the task of creating a digital reputation of the company to digital marketing agencies.

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4 Signs Start-Ups and Small Businesses Require an Outsourced CFO

One of the most crucial activities, business finance management, if done efficiently, immensely contributes to the growth of a business. Incorrect financial inputs on quantities, costs, margins, inventory, cash flows etc. can adversely influence a company’s market share, access to the capital and eventually the profitability of the business. Hence, a company must have skilled and experienced business finance management executives, who can proficiently keep a track of all its finances and prepare error-free financial statements, which are a reliable source of information for investors, creditors, lenders, and other stakeholders. Besides, strategic financial planning helps businesses to ensure their expediency and the right allocation of funds by providing a clear idea of what they are currently doing and where they are headed towards. Imperative for any type of business, appropriate finance management helps entrepreneurs to decipher the growth opportunities and threats, and take expansion decisions accordingly. But, for small businesses or start-ups, which are often tight on budget, hiring in-house finance executives and CFOs (Chief Financial Officers) generally turns out to be expensive. Hence, many small to medium-sized companies and start-ups prefer to outsource their finance-related activities to third-party finance management agencies or an individual external finance expert, commonly known as ‘outsourced CFO’, with high experience level and qualification, rather than hiring a full-time in-house CFO. But, how to understand when is the right time to get an outsourced CFO? 4 Signs a business requires an outsourced CFO: It is unable to record accurate financial data on time. A business generally has multiple bills to pay. Hence, in-house finance executives or start-ups or small business owners with inadequate experience in finance management often make mistakes while recording copious finance data. As inaccurate data doesn’t give a clear idea of the current financial condition of a business, entrepreneurs usually find it difficult to make any emergency purchase decision, even if they need to urgently buy new equipment. This is because they cannot figure out how the sudden capital outlay might affect the coming month’s cash flow. An outsourced CFO makes sure the recorded data is accurate and the financial statements are provided on time. As a result, the outsourcers can make confident financial decisions, without being worried about cash flow issues. It is facing cash flow issues. In the case of start-ups and small businesses, generally, the owners manage to create cash flow projections and budgets single handedly, in the initial phase. But, as a business grows and the supply chain gets erratic, various unanticipated variables often pop up and put the company in financial turmoil. The rapid growth of a company signifies that it is experiencing high demand for its products or services. But this increased demand often leads to operational inefficiency, which requires a huge amount to get fixed. As a result, the company faces a cash flow crunch to meet the growing market demand. An outsourced CFO, due to its expertise in finance management, can effortlessly tackle such a situation by keeping a track of the cash inflow and outflow of the business. This allows the outsourcer to efficiently handle the growth phase without worrying about cash flow issues. It is unable to integrate financial inputs with the business plan. Financial data immensely help business owners to understand their current financial situations and accurately forecast their growth in the coming years. Hence, it is quite crucial for strategic business plans to include metrics and definitive financial data to precisely explain the vision of the company. As business strategies are often about calculated resource allocation, financial inputs are imperative. Hence, companies, especially start- ups, which do not have ample funds to hire an experienced and highly-qualified in- house finance manager, get an outsourced CFO, who can provide them with all the necessary metrics. It does not have enough funds to update its outdated accounting practices. With the rapid advancement of technology, accounting practices are also getting amended. The advent of cloud-based accounting makes sure the one using it is compliant with all the legal and industry requirements. However, switching to the latest accounting practice and buying software often turns out to be expensive for small companies. But outsourced CFOs are often equipped with cutting-edge software and updated on the latest accounting practice.

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Can outsourcing customer services turn out to be beneficial for the banking, financial services, and insurance (BFSI) sector?

Over the last ten years, the concept of business consolidation is being widely accepted and embraced by multiple companies of different sectors. Bringing similar functions under one roof reduces superfluous processes while improving operational efficiency.

Also, it ensures better management of cash, and FX, and helps one take constructive financial decisions. However, often, due to the lack of capital, infrastructure, manpower and knowledge, the idea of centralization doesn’t get turned into reality. This is when certain functions can be outsourced to BPOs or call centers. The services offered by BPOs help under-resourced companies cut costs and add value to the existing services. Companies trading in the BFSI(banking, financial services and insurance) sector, like in all others, often, feel the need of opting for BPO services to streamline their offerings. Since the financial services and products are constantly expanding, outsourcing certain functions to reputed BPOs can turn out to be quite beneficial.

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Key Benefits of Outsourced Finance & Accounting Functions

Outsourced finance & accounting

Numerous businesses and entrepreneurs have opted for outsourcing multiple business functions comprising finance and accounting. Now, the question is, why should business owners consider finance & accounting in their businesses and how will the outsourcing benefits aid businesses in gaining maximum credibility in the industry?

With the rapid advancement of technology, the way a business is operated today is far different from the way it used to be done in the good old days, especially, in the case of finance and accounting. Often, it can be difficult to keep up with the technology, which is constantly getting updated, and accounting policies, which are getting modified regularly.

Accounting can be outsourced in different ways, like getting a freelance accountant, hiring an accounting agency, and outsourcing business processes. Depending on their services, each option fits with specific criteria for hiring.

Businesses can hire a freelance accountant or bookkeeper for one-off or annual consolidation of their accounts and tax filing. Accounting firms can be hired for quarterly auditing and compliance of tax returns. A BPO company, meanwhile, is ideal for monthly regular accounting duties. Narith is providing finance and accounting outsourcing services in Atlanta, Georgia.

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Eyeing the increasing competition, consumer demands and expectations of shareholders for cogency, today, BPO or Business Process Outsourcing has become a common practice in many sectors. Like others, the banking sector outsources multiple services to external agencies or call centers to ensure timely delivery of quality outputs, cost-effectiveness, access to the latest technology and maximum reach. Financial organizations, these days, tie-up with finance outsourcing BPO service providers to meet the growing customer care requirements.

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Key Benefits of Outsourced Finance & Accounting Functions

Businesses outsourced finance and accounting to external service providers due to multiple reasons. One of the primary reasons is the affordability and quality outputs external service providers offer. Outsourcing accounting personnel for any particular job turns out to be more cost-efficient compared to hiring employees and building an in-house accounting

Service providers always have established processes available, which makes them efficient and dependable. This is why, outsourcing, today, is gaining rapid popularity, when it comes to finance and accounting. Besides providing personnel, the service provider offer tried and tested accounting processes like invoicing, paying bills, and reconciling accounts that can make the entire process faster and more accurate. Hence, business owners can now do away with regular hassle of meticulously operating business accounts to make sure they are error-free.

Accounting involves a lot of organization from all processes and documents that come with it. Sorting everything out, efficiently, is an arduous and time-consuming affair. However, when the function is outsourced, one can relax and invest more time on focusing on the improvement of the other core business functions.

When it comes to the accounting documents of a business, a CPA is always beneficial. It helps in sorting out and reconciling every data. On the other hand, hiring an in-house employee can be financially burdensome. However, one can outsource the task to an external accountant to ensure smooth work flow and desirable output. Outsourcing a CPA can greatly make accounting issues considerably easier.

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The constant advancement of business practices all over the world is giving birth to various new business management approaches, one of which is ‘Strategic Outsourcing’. Relatively new, this approach is a long-term, result-oriented business affiliation between the client and the service provider. In the case of Strategic Outsourcing, the services can range from a single business process, a set of processes, to a complete cycle of one or more processes. Often, managing multiple non-core departments turn out to be stressful for the business owners, who tend to focus more on the core revenue-generating processes. Besides, today, all types of businesses experience incessant pressure from stakeholders and high market competition,

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Outsourcing software development is quite a common practice in today’s progressive information technology industry. The demand for high-quality yet cheap software development services has led to the mushrooming of offshore development companies all over the world, especially in countries where labor cost is low and the number of skilled personnel is high.

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Location Factors To Consider While Choosing An Offshore Development Partner

Offshore Outsourcing

Outsourcing software development is quite a common practice in today’s progressive information technology industry. The demand for high-quality yet cheap software development services has led to the mushrooming of offshore development companies all over the world, especially in countries where labor cost is low and the number of skilled personnel is high. An offshore software development company, located far away from the outsourcer, often in a different country, provides services at a low cost. But, these outsourcing companies ensure high-quality, timely outputs at the same time. This makes offshore development a desirable option for many medium and large-sized IT companies based out of developed countries. When it comes to the most lucrative countries for offshore software development, China, India and the Philippines top the list of Asian countries. The list of the most popular countries for offshore software development in Eastern Europe comprises Ukraine, Belarus, Poland, and Romania.

However, picking the ideal development partner, from the wide array, is not an easy task. To avoid any future inconveniences and frustrations, the outsourcer needs to understand his/her business’s requirements, strengths, and weaknesses, and set goals accordingly. Besides, he/she should consider certain key aspects before selecting a software outsourcing company and committing to a partnership. Outsourcers often, primarily, look for financial gains or cost savings, while contracting out services, but what needs to be kept in mind is that partnering with a software development company just because it is offering the service at a considerably low price, can turn out to be unfavorable for the business over time. Contracting out IT-related services to offshore software development often involves multiple factors and impacts not just development costs, but also employee communication, logistics and working culture. Among many, location is considered the most crucial factor, when it comes to selecting a remote partner. Hence, it is always advisable to get a clear idea about the consequences, location can have on the productivity and efficiency of the offshore software development team.

6 Primary Location Factors To Consider:

Cost Of Living The cost of living, in the area the offshore development partner is located, decides the price of the outsourced service. For example, the remote partner located in China will charge differently from the one based out of India. This is because of the distinctive living costs of the two countries. In countries where the development costs are low but living costs are high, the output quality offered by the companies, located in those countries, can be dubious.

Language One of the primary components of the standard offshore development relationship is language. It is extremely important to make sure there is no language barrier between the outsourcer and the outsourcing company to ensure effective communications and eliminate chances of misunderstandings or misinterpretation. When IT-related services get outsourced to an external firm, many technical and highly nuanced conversations take place between the in-house and outsourced development teams. Hence, it is advisable to evaluate the language skills of the selected offshore development company, before partnering with it. This is because language barriers can lead to miscommunications, which can severely impact the delivery and the quality of the outputs.

Time Zones An outsourcer must consider and evaluate the time zone in which the remote partner works. Also, the outsourcer needs to understand if the outsourcing company’s working hours overlap with his. This will help the outsourcer to comprehend both the conveniences and inconveniences the partnership can lead to. In some cases, where the clients are capable of preparing work throughout the day for the outsourced teams to go ahead, in the case they arrive late, a small time zone overlap often turns out to be advantageous. On one hand, this scenario creates a 24-hour team that can ensure high-speed output delivery. On the other hand, a minimal working hour overlap can develop a risk that the team will not have access, which is often required to solve various queries. Hence, time zone variation, in the case of offshore development, can turn out to be a significant logistical challenge, if not analyzed properly before partnering with an offshore software development company.

Technical Lineage Certain countries, with infrastructures designed specifically to nurture technical talents or engineers, are known to have technical expertise over others. These countries have earned a global reputation for technological excellence, by constantly developing and improving their workers’ profiles.

Country Culture Cultural differences between the offshore development company and its clients often impact the relationship as well as the success of a project. Hence, before entering into a partnership, a company must always evaluate its cultural compatibility with the offshore development firm, to avoid any possible cultural conflicts in the future.