Outsourcing Hub India

Outsourcing is soon catching business trends. Small and medium businesses exclusively stand to benefit from the inherent advantages of outsourcing. One of the most inherent advantages of this practice is that a business tends to incur efficient gains from a healthy and long-lasting competitive advantage. Right from  outsourcing accounting  to marketing tasks, enterprises are making the most of specialized firms to make the most out of their services. Learn about the top 5 outsourcing risks and how you can avoid them before they penetrate into your business. 1. Quality Only you can know the best quality that is required out of your business products and services. An outsourced firm might not understand your business and the needs of end customers or might compromise on high-grade work due to a rush of assignments. It can not only damage the goodwill of your business but can also make you lose major clientele. How to Avoid it? One good way to avoid this is to tak...

One common mistake that small businesses and startups make is not going for the help they can easily get. It is naturally assumed that accounting should be handled in-house, hence, unnecessarily increasing the burden and inevitable challenges. Accounting and bookkeeping can easily be managed by outsourcing them, especially if you are a small company with a small team. This is because you have limited set of people who may or may not have expert knowledge of accounting tasks. But, an  outsourcing accounting provider  has a team of skilled people who can offer high-quality services at cost-effective rates. The Decision: Outsourcing or In-House Before making any decision, answer these questions: Do you have required skills to handle all these accounting tasks in-house? Can you effectively manage all your financial decisions without a blink? Can you efficiently interpret the data in your books and accounts? Does hiring an in-house team for accounts seems like an addit...

The process of accounting forms the thrust of every business functioning and is perhaps considered one of the most important finance-related administrative work that a management undertakes. Talking specifically about  small and medium businesses , the accounting needs for such businesses vary greatly. For instance, a small business that has just started its operations may only need to undertake basic bookkeeping while a business that is beginning to expand its operations might require an advanced accounting system. In this article, we give you a gist of the prices of different types of  accounting services  that small or medium enterprises incur. Cost of Accounting Services When considering accounting services for a firm, there is a range of options to choose from. If you require only basic bookkeeping, you can hire a part-time bookkeeper. Bookkeepers are essentially in charge of maintaining your accounts including but not restricted to payment of routine b...

According to recent statistics, 37% of businesses spend more than USD 5,000 for the administration of finances and 33% of these firms devote more than 81 hours on finances every year. Whether you run a real estate business, textile firm, a digital marketing agency or any other industry, every small business needs to manage its books. Some entrepreneurs handle it themselves and others hire an in-house professional. However, with an increased need for quality accounting services to fulfill business demands, outsourcing accounting activities are gaining popularity in recent times. You won’t have to look after monthly expenses, spend too much time every year on taxes or pay hefty prices for hiring skilled professionals. Let’s consider some pros and cons of  outsourcing accounting  activities. These will help you make an informed decision while looking for an accounts outsourcing partner. Pro: You Can Save Money Spent On Your Financing and Accounting Activities Even if ...

Despite being the most important part of every company’s daily routine, the recruitment, training and maintenance of a department of accounting personnel is not affordable for all. In today’s digital age, there is the added expense of constantly purchasing and updating licensed accounting software. More companies are beginning to realise the importance of outsourcing non-core activities which makes room for them to focus on their core competencies and spend their time aggressively pursuing business goals. This also reduces their operating costs significantly by eliminating the need for software ownership and upgrades and the need to hire accounting staff. Additionally, standardising accounting practices means improved efficiency. A leaner business model is flexible and adaptable to dynamic and changing requirements. It offers increased scalability during peak periods and allows businesses to scale back during quieter periods. Improved agility enables focused effort on maximising bu...

Bookkeeping is coined by two words ‘Book’ and ‘Keeping’ where ‘Book’ means the set of financial transaction and ‘Keeping’ means preservation.  So bookkeeping means the process of maintaining financial transaction.  Sales, purchase, earnings and payments are all carefully documented so that all the inflow and outflow of money is accounted for. Hence it is an integral part of any companies accounting division. A business can flourish or diminish without proper bookkeeping Importance of maintaining a proper set of books The Financial health of the company  – Right bookkeeping helps you to track if the business is making a profit.  It also helps in better understanding of how much progress has the business done. Financial situation and performance of the business is accessible anytime. Better Cash Flow  – It is important for any business to track its spending, which is only possible with appropriate financial records. It is often noticed that a well kn...