What is Bookkeeping?
What is bookkeeping?Bookkeeping refers to the process of recording transactions to general and special journals and posting these transactions to their respective ledgers. Bookkeeping is an important record-keeping function of financial accounting that is essential in a duly-registered business of any kind.
This should be done by applying generally accepted accounting principles (GAAP) and the Financial Accounting Standards Board (FASB) for US companies.
The bookkeeping function consists of the first three steps of the accounting cycle: analyzing transactions, recording transactions in the general journal, and posting the transactions to the ledger. Most businesses outsource bookkeeping because hiring bookkeepers is expensive and most small-medium businesses don’t do large volumes of transactions per day.
Outsourcing bookkeepingThe bookkeeping function is best outsourced in order to keep administrative costs low while helping small businesses grow and become stable. Another advantage is that you are assured that you are working with a skilled and competent professional that has the appropriate experience and educational background for the job.
Outsource Accelerator provides you with the best bookkeeping outsourcing companies in the Philippines, where you can save up to 70% on staffing costs.
What are some of bookkeeping’s best practices?Bookkeeping is one of the most important processes in a company. Here are some of the best practices in bookkeeping that you might want to consider:
Use the services of an expertIf you don't want to perform your own bookkeeping for any reason, you don't have to worry about it. There are a lot of vendors who can provide you with bookkeeping services.
If you choose to outsource your bookkeeping, you should look for a reliable and reputable freelancer or a company. Professional accountants can save you a significant amount of money in taxes because of their extensive knowledge of tax regulations.
Monitor expenses with accounting softwareYour business budgeting should be thoroughly tracked down. Many companies document their expenses daily or weekly. They also save receipts to keep track of expenses.
Daily bookkeeping duties will take a lot of time if you don't have good core accounting software. As your firm grows, this load will only get heavier if you don't use technology.
There is a lot of time involved in daily bookkeeping tasks if you don't have suitable accounting software. If you don't employ technology, this burden will only rise as your company expands.
Get your finances under controlYou may monitor your business's cash balances by comparing your bank account balance to the register in your accounting software. Use the software's reconciliation feature each month to ensure that you don't miss any duplications, circular reference transfers, or other irregularities.
Make preparations for taxesThe end of the financial year is a critical time to pay attention to your tax obligations. Your firm could be in serious tax trouble if you overlook business's expenses.
Preparing taxes in advance avoids any unpleasant surprises during the tax payment period. Use an accounting system that properly tracks all loans and revenue streams to ensure that your company is paying taxes on time.
What is Lead Generation?
What is lead generation?Lead generation aims to get the attention of inbound, or outbound, prospective customers and turn them into leads – creating interest to avail a product or service.
Lead generation mostly uses digital means and has been undergoing increasing changes in the past years due to the advancement of more sophisticated online systems.
Some examples of lead generators include live events, online content, online advertisements, email marketing, and social media. With the trend, the buying process has dramatically changed; thus, industries need to find new tactics to reach buyers and create clamor to entice them.
With lead generation, enterprises focus on being found instead of finding customers through advertising and email blasts. Industries have now learned to build continuous relationships with customers.
Lead generation in call centersTraditional marketing methods can be inefficient and expensive. They could reach a large number of people, but there is a possibility that most of them are not interested in your services or are unlikely to make a purchase.
Call centers use a wide range of different platforms to generate leads for their clients. Common channels include email, phone, social media, and other digital streams.
Business-To-Business (B2B) lead generation can be utilized for other companies that you want to turn into clients, while Business-To-Consumer (B2C) lead generation can help increase the company’s sales through customers.
Lead generation call centers can help grow revenue, improve profits, and create a bigger customer base through a more targeted and direct approach.
With their lead generation solutions, a contact center can find qualified clients, gather their information, and connect them with your company.
Outsourcing lead generationGenerating leads is essential in transitioning the buying journey of a site visitor to becoming a delighted customer.
Lead generation is considered to be an inbound marketing strategy that involves a wide range of campaigns, strategies, and tactics, aiming for a significant number of attracted audiences to be sales-qualified leads.
As a visitor starts to show interest in your company’s product and service with the provision of valuable content, the conversion is more organic. Lead generation then stands as to what it is made to be: a natural way of initiating and warming up potential prospects of the business to be key buyers.
Outsource Accelerator provides you access to great lead generation experts that you can outsource from the Philippines starting from $6 per hour, where you can save up to 70% on staffing costs. We have over 5,000 articles, 350+ podcast episodes, and a comprehensive directory with 2500 BPOs… all designed to make it easier for clients to learn about, and engage with outsourcing lead generation.
What is Omni-channel?
What is omni-channel?Omni-channel communications or contact center is a channel where interactions with customers are integrated seamlessly into one. This includes communication made from actual stores or outsourced channels. They may be in the form of email, SMS, calls, or chats. Agents may switch from one interface to another without losing customer details gathered from a previous interaction.
Omni-channel is often be confused with multi-channel systems in a company's customer service interface. Omni-channel has one database for keeping customer information. When one agent receives a call from a customer, the data is saved in the same database so that when the company has to reach out to the same person, it would be easy to pick up where they left off.
This makes the customer feel like they are heard and given importance when their communications are noted. Beyond seamless customer interaction, this process makes it more convenient and efficient for both sides.
Omni-channel solutionsOutsource Accelerator specializes in helping small & medium-sized enterprizes (SMEs), with 2-500 employees, typically based in the high-cost English-speaking world. We are the experts in transforming these businesses with outsourcing.
What is Business Process Outsourcing (BPO)?
What is Business Process Outsourcing BPO?Business Process Outsourcing (BPO) is the engagement of services from a third-party provider. BPO uses various technology-enabled services to hasten the delivery of services. The business activities could be back-office such as, but not limited to, payroll, accounting, human resources, or front office jobs like customer service, sales, and marketing, etc. In the case of content providers, these business activities could mean hiring writers, remote editors, or virtual assistants.
BPO speeds up processes and enhances efficiency. Companies that outsource some of their business activities use their time on core services and competencies. With this shift in focus, companies improve their current processes that may result in improved customer satisfaction. BPO helps companies divert their resources to more critical business strategies. Often, companies find it impractical to hire a full-time position in-house because of the cost associated with doing so.
How does Business Process Outsourcing work?When a business engages an external specialist to manage and operate some of its internal processes, it's referred to as business process outsourcing. Such ‘processes’ include customer service, accounting and finance, or sales. It is different from hiring an agency to do specific tasks, as the outsourcing provider (BPO) is more concerned with the ongoing production of labour-intensive tasks, instead of the higher-level strategy and guidance.
Now, business process outsourcing has broadened and is more akin to staff augmentation, or staff leasing.
What are the benefits of business process outsourcing?There are many benefits to outsourcing, as well as some downsides and risks. The common benefits include:
Cost savings: significant savings of up to 70%, leveraging the lower global salaries Global market: access to a bigger employment pool of talent Global presence: having operational across the globe increases trade opportunities Flexible workforce: reduces internal local labour and employment compliance obligations Leverage skill: leveraging the skills of other specialist companies Focus: enables the client company to focus on their core functions
Business process outsourcing examplesThe business process outsourcing sector is a vast industry, generating over $200bn annually, and employing many millions of people worldwide. Some examples include:
Big enterpriseFacebook and Uber outsource many of their operational functions, including content moderation for Facebook, and customer service for Uber
Medium-size businessesA medium business with 50-500 staff might outsource the labour-intensive accounting and finance functions to a team in the Philippines.
Small business and entrepreneurIt is common for small business owners to have a Virtual Assistant (VA) working for hem full time, remotely from the Philippines.
What are the different types of BPO?The type of business process outsourcing can be characterised by their specialisation, location, and size.
Generalist or specialist BPOsBusiness process outsourcing is in the human resources and professional services sector. However, their services extend across all industries. The majority of BPOs are generalist, in that they offer a full range of professional services, although some specialise in certain verticals (ie accounting, or animation).
LocationBusiness process outsourcing typically operates form developing nations such as the Philippines, India, and Colombia. They typically have cheaper cost-of-living and bigger populations. Different locations offer different advantages.
Size of BPOThe bigger BPOs employ more than 250,000 people. They are huge, global operations. Medium-sized BPOs range from 500-5,000 staff and offer a full range of services. The smaller BPOs might have 1-500 people.
Functions of business process outsourcingCollectively, business process outsourcing provides any kind of staffing solution. Common functions of BPO include:
Finance and accounting: operational, technical and specialist functions Healthcare: various functions of the backend of the healthcare and health-insurance industries Creative and content: everything from post-production of Hollywood movies to newspaper and website content Tech, IT and development: network management, web and app development and maintenance Sales & customer support: ongoing sales and customer operational support and delivery Marketing: ongoing marketing, communication and branding activities Talent and HR: externalising the management of company HR, recruitment and compliance Administration: general business administration and operational activities Top BPO companies in the world's top outsourcing hubsA wide range of BPO companies in different parts of the world provide utmost services to their Western and local clients. Many of them have even earned awards and recognitions by award-giving bodies due to their performance on both the roles they take and on their way of taking care of the employees.
Check out the top BPO companies in several outsourcing destinations below:
Top BPO companies in the Philippines Top Indian BPO companies Top South African BPO companies Business Process Outsourcing (BPO) servicesOutsource Accelerator is the most trusted source for independent information & advisory for Business Process Outsourcing (BPO). We have over 4,000 articles, 200+ podcast episodes, and a comprehensive directory with 700+ BPOs… all designed to make it easier for clients to learn about, and engage with, business process outsourcing.
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