Accounting services have always been one of the most commonly outsourced segments for both big and small businesses and that has led to a mushroom growth in business process outsourcing (BPO) companies providing accounting services, like payroll management and bookkeeping. While it is beneficial for businesses in a manner that they can pick a BPO partner with more cost effectiveness, but it also means that there are companies out there who claim to provide quality services even though they do not have the required skills or technical capabilities. Today we will talk about some hidden and apparent factors that you may need to consider before taking a BPO company on board for your bookkeeping operations.
Response time of the BPO companies
Accounting operations are not only practically necessary for a business but they are also necessitated by the legal regulations. This means that there is a minimum level of performance that is expected of any company dealing with bookkeeping services, such as annual or quarterly reports. However, when we consider the importance of bookkeeping in day-to-day operations, we find that it is where only the qualified BPO companies can come through. Financial records and day-to-day transactions need to be kept updated so investment, expansions, and business strategies can be made accurately. Therefore take into account the response time of your BPO provider in delivering bookkeeping services. The same can also be gauged by their general attitude towards reaching out to their potential clients of responding to your queries.
Communication is the key
While it may seem that since accounting is all about numbers, there is not much room for words or interpretation, the truth is completely different. Numbers tell a story, and more accurately than any other way. This is something you need from your BPO partner, so that they not only tabulate your business numbers but are also able to see and communicate the trends in your data, and can provide you with insights that are available from financial statements. One quicker way to judge this is for you to communicate your own aims and business targets with your potential BPO partner and see how they make efforts to understand them and align their workings according to your specific needs.
Competition is not only at your end
When you talk about outsourcing your business segments, you are in fact making a partnership with another entire business. This means that those companies have an industry to compete with themselves, and their attitude towards their own business will directly affect their part of services that you have outsourced. See the growth trends of those companies, read the testimonials from their previous clients, and have open communication with them about your goals and how they intend to achieve theirs. Also make sure to see their general approach towards their clients. If they have multiple companies, big and small, and possibly from more than one geographical location, that is an indication of their flexibility and broader experience so that is a good choice for you.
Professionalism and certifications
Remember your initial aim for which you are looking for an outsourcing company. This is because you might find an excellent company that provides the best call center services but if you want to find a bookkeeping partner, you need to see if they have the relevant certifications. Even beyond the company, you need to see the person or persons that are assigned to your company in particular and check their credentials as well establish a regular communication channel. One of the main reasons why companies outsource their bookkeeping if to gain access to better skill set, so make sure to check that before signing on a BPO partner.
Technical capabilities and qualified professionals
This last decisive factor on the list goes without saying, notwithstanding how crucial it can be for your business. Even though a qualified and experienced workforce is essential, even the best of employees there is a chance of human error. In terms of bookkeeping and even other accounting operations this human error can result in catastrophic consequences like penalties and even jail time for fudging numbers. The only way to prevent all that is to employ state of the art software and skilled personnel to operate that technology. This is a big argument for outsourcing in itself and therefore it should not be a problem for any business to find about a BPO’s technical capabilities.
Final word
Intersoft BPO is one outsourcing company that fully understands the significance of all above mentioned factors and then some. Our growth trajectory is a proof of our dedication to our work as well as our clients’ work. We offer performance based results with focus on quality since we hope to establish a long term partnership with our clients instead of going only project by project.