The business process outsourcing (BPO) industry came into existence by the end of the last century, but adoption picked up pace around a decade later with the explosion of the internet globally pushing its progress. The first generation of BPO’s were focused on reducing costs and ensuring smooth delivery timelines for their off-shore business partners.
Since then, the BPO industry has gone through a sea change in terms of the services they provide. Over the past two decades, service providers have evolved into thought-partners and knowledge- partners for their clients and are constantly striving to run efficient processes and innovate.
A BPO provider, if chosen wisely can be beneficial to an organization in several other ways, such as: –
1) Sector Expertise
Several BPO organizations go beyond providing standard issue solutions to every client and allow their clients access to deep sector expertise. They are aware of the latest developments in the sector and its impact on the client’s business along with solutions. For instance, we at OHI, provide customized solutions in finance and accounting outsourcing for selected industries such as real estate, property management, construction and logistics.
2) Technology Enhancements
Most industries face constantly changing technology landscapes. It is a tedious process for small and mid-sized firms, given their scale to keep up with these changes and implement them. Our team of in-house technology experts can partner with our clients to drive cutting-edge enhancements into their accounting operations and enable them to stay ahead of the curve at reasonable capital investment.
3) Fraud Check
Most frauds in an organization are perpetrated with the accounting team involved in some capacity; either as originators or facilitators. With the accounting function handed over to us, there is a natural audit function built in and encourages employees to maintain the highest standards of accountability.
4) Attrition Management
Accounting outsourcing relieves the management and HR from the critical but tedious hiring process. When we partner with organizations, we ensure that any modifications to the delivery teams are handled seamlessly. We maintain a healthy number of domain experts, technology specialists, and trained employees ready to start on projects at a short notice. Our clients can simply focus on managing their businesses.
5) Services Beyond Accounting
While we are the leaders in proving accounting support, our services also include allied marketing support, back-office support, and HR support services. For instance, for some of our real-estate clients, we look after raising work orders based on maintenance requests, and tracking work orders status.
Deciding the right outsourcing partner that provides process solutions in line with the organization’s requirements is essential. We at OHI have been partnering with clients since 2006 for delivering a range of accounting and finance requirements customized to fit into their operating structure.