Narith Business Services

Why the need to outsource your finance and accounting services? In times of high operational expenditure, it has become essential to outsource your crucial business processes now more so than ever. In contrast, as a business owner, you focus on your core business strategies and growth. While there are tons of benefits when you outsource accounting and finance services, the key benefits include fractional use of finance and accounting professionals, enhanced processes and technologies and most of all, more robust compliance measures. When you outsource your business processes, you have the freedom to scale up and scale down as and when needed since you are not obligated to pay any benefits and salaries costs to any employees or team members. It frees you from the burden of hiring, training and maintaining your accounting staff. Not just that, you can boost the work and efficiency of your in-house employees How fruitful is it to outsource F&A services? You can optimise your current...

Rising number of SMEs and their increasing need of creating a digital presence in today's tech-savvy world, are expected to be among the primary reasons, initiating the growth of the e-commerce industry all over the world. Easy availability of internet, at a reasonable price, is constantly bolstering the use of smartphones by people of all economic strata across the globe. With the access of internet reaching the mass and internet usage gaining considerable momentum, mostly all sectors ranging from travel and leisure, financial services, grocery, education to fashion, are establishing their foothold in the digital space. The advent of 4G and 5G technology is fuelling the growth of the industry by enabling faster browsing. However, technological awareness among customers can only ensure a positive impact on the market growth. Research says, the global e-commerce market is anticipated to grow at a compound annual growth rate (CAGR) of 14.7% from 2020 to 2027( source: www.grandviewr...

Can financial and accounting services be outsourced?   Still, these businesses find it difficult to achieve an efficient financial and accounting system in their organization. Many businesses are looking for the option of outsourcing the financial and accounting system of the business. There are a lot of benefits of outsourcing financial accounting. What are the different benefits of outsourcing financial accounting? Finance outsourcing companies can help to achieve a better level of efficiency in accounting. Here are some benefits financial accounting outsourcing : 1. Reducing the cost A lot of cost is incurred to handle in-house financial accounting like hiring process, training process, payroll management, etc. Outsourcing will eliminate all these costs and help save a lot of money for the organization. 2. Daily tracking of accounting It becomes a little difficult to track the accounting and other financial records on a daily basis. Here, finance and accounting outsourci...

One of the foremost requirements of a successful and sustainable business is financial strength. Financial strength decides how strong a budget can be, how accommodating forecasts can be, and more importantly, how much cash is available to the business readily. Cash flow, not profits, decides the financial strength of a business. Because accounting and bookkeeping-- the two functions that form the bedrock of financial management-- are attention-intensive and time-consuming, financial health management can be challenging for small-sized businesses. Small-sized businesses may lack the resources needed to ensure timely and thorough bookkeeping. Given the multitasking that small business owners and operators must undertake, they may avoid the due diligence accounting requires in order to pursue other activities vital to business building. Here are some ways small businesses can ensure they don't overlook their own business accounting and bookkeeping while carrying out solutions and del...

the latest accounting technology is crucial for today's business to grow faster in the competitive market. It allows the workforce to automate regular tasks, increase productivity, improve data analysis, and promote business growth. Automation in accounting and bookkeeping allows accountants to improve financial and business strategies. Their role as an accountant demands skills like strategic planning and risk management while acting as a business advisor. These skills are essential in new hires to unleash the growth of your organization since the technology you use automates back-office tasks. Nevertheless, you will need resources that can think strategically. Here are some of the new technologies you should choose for automation and leveraging productivity in your business. 1) Cloud Computing-- Connect with your business from anywhere! Cloud technology moves companies online to enable you to access business functions from your comfort zone, anytime. Using cloud technology is...

To effectively run a medium-sized or small business, especially a start-up, and ensure unhindered growth, an entrepreneur tends to wear many hats. But, due to a lack of expertise in certain fields, especially marketing, which is the key pillar to success, business owners often fail to create a strong brand identity that ultimately leads to the downfall of the business and even bankruptcy. To reach out to maximum potential customers, position the brand and create top-of-mind awareness, persuasive marketing strategies are a must. Because, eventually, this will ensure sales and determine the reputation of the company in the industry. Successfully marketing a brand is a time-consuming job, requires a lot of patience and a bunch of experts who can deeply understand the consumer psyche of the target group, provide an outside perspective, hold ample knowledge about the ongoing marketing trends and are familiar with all the latest marketing tools. Hiring marketing professionals with consider...

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. Fundamentally, it is a form of business practice of hiring a third party, outside an organization, to carry out certain tasks or create goods, which were once taken care of by the in-house employees of the organization. A method of subcontracting various business-related operations to third-party vendors, Business Process Outsourcing (BPO) was initially relevant for manufacturing entities that outsourced hefty segments of their supply chains. Businesses need outsourcing, mainly, when they can carry out regular activities but need help to take on new projects, for which hiring new employees doesn't make sense. Also, companies opt for outsourcing when cost-cutting gets necessary to thrive in today's challenging economy. Primary Reasons For Outsourcing: - Outsourcing oft...

In times of high operational expenditure, it has become essential to outsource your crucial business processes now more so than ever. In contrast, as a business owner, you focus on your core business strategies and growth. While there are tons of benefits when you outsource accounting and finance services, the key benefits include fractional use of finance and accounting professionals, enhanced processes and technologies and most of all, more robust compliance measures. When you outsource your business processes, you have the freedom to scale up and scale down as and when needed since you are not obligated to pay any benefits and salaries costs to any employees or team members.   It frees you from the burden of hiring, training and maintaining your accounting staff. Not just that, you can boost the work and efficiency of your in-house employees How fruitful is it to outsource F&A services? You can optimize your current expenditure by outsourcing your finance and accounting se...

When you want to drive business growth, it is important to focus on just that and not get carried away by other business priorities that you might have to look into. One such business operation that takes a lot of time and effort of the business owners is lead generation and sales. While it is the fodder that fuels your business, it becomes a tedious task to carry out efficiently and with a 100% commitment. You can not do everything efficiently because you are human. When outsourcing the lead generation and sales tasks come into the picture, that is. What exactly is lead generation? If you had to explain it briefly, lead generation is the process of finding, contacting, converting and nurturing leads into actual potential buyers of your products and services. And if you have been in business for long enough, you would know that this process is quite complicated. This is why it is important to outsource lead generation and sales processes to a company that understands your business...

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. 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. When certain functions can be outsourced to BPOs or call centers, this is. 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 t...