Choosing The Right Outsourcing Service For Accounting Staff

There are many benefits to outsourcing backend work, the two biggest benefits are saving money and time. Say you decide and take the leap to contact a business process outsourcing (BPO) company for your financial needs, they tell you about all of their services, and now you're stuck. Which service works best? Which is the service that will bring you both monetary savings and allow you to have more time in your day to do other things? The two main outsourcing service styles that work best for financial staff would be: Remote Staffing Hourly and Project Based Each comes with its own benefits but in most cases, one will fit your immediate business needs better than the other. Remote Staffing A full-service BPO gives you access to high-level staff all over the world, effectively expanding your recruitment efforts to a global scale. The most common service style in these types of companies in the remote staffing model.

Essentially, you're getting a high-level professional to work from a remote location at a drastically lower cost, and all without any of the administrative tasks associated with hiring an employee as the BPO will take care of that. In regards to salaries, an average accountant in the US makes about $3,000 a month, whereas the same level accountant makes between $700 to $1,500 a month in the Philippines. With the amount saved, you could afford to hire more than one financial staff for your business or reallocate the capital towards other parts of your business. In terms of time saved, not needing to worry about any of the administrative aspects of employees will save you a great deal of time.

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Your selected BPO partner will take care of the internal management. The HR team taking care of your remote staff will keep you in the loop on any big shifts or changes with your employee but will mostly work in the background to ensure that you get to focus all of your time on your employees' productivity instead of backend minutiae. Remote staff are essentially permanent employees who don't work in your building. This is pretty much like that, except the remote staff you hire through a BPO will probably never work in your office (unless you invite them over, which some people do) and the cost. Many people believe that call centers are BPOs and in a way, they're right as a singular business process is outsourced there. A call center has either customer service or technical support and you have to abide by their rules and processes.

With a full-service BPO, you have full control over your employees and the processes they follow in terms of productivity. Hourly And Project Based As the name suggests, this service is good for businesses who need a one-time task completed or a reoccurring task at specific times during the year. A good example of this in the financial industry is tax season. Tax offices can supplement their team by hiring either project-based or hourly accountants to help offload some of the work.  Outsourced accounting services in Atlanta, GA.

When comparing the price of hourly or project-based finance staff, it's cheaper than hiring locally. When compared to remote staffing, it is still cheaper as the fee is a one-time payment and not a reoccurring monthly expense. In addition, the more hours you select for an hourly-based person, say 400 hours versus 180 hours, you will pay less for each of those hours. Another big difference between the two services is the ability to choose your staff. Basically, you can't choose your staff for project-based and hourly staffing. A full-service BPO gives you access to high-level staff all over the world, effectively expanding your recruitment efforts to a global scale.