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 bookkeeping
The 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 expert
If 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 software
Your 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 control
You 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 taxes
The 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 Finance & Accounting? What are finance and accounting?
Finance and Accounting are two aspects of a business that work together. It is all about keeping track of financial records and transactions.
These transactions are recorded and balanced using accounting standards. The financial report is where all the transactions can be found and are then presented to the management team or client.
This is essential in any form of companies or corporations as reports about finance and accounting will measure the return on investment, assets, and liabilities the company has.
However, did you know that there is such a thing as finance and accounting outsourcing? It is now one of the best digital resources expanding in the online world. Many businesses are looking for ways to save costs.
One specific way to do that is by hiring somebody who can do finance and accounting offshore. This process can be incredibly beneficial for both clients and employees. Finance and accounting BPO trends
Companies are increasingly seeing outsourcing as a solution to every problem — whether to gain access to a specialized workforce, perform large-scale tasks, or drive the company’s development.
Here are several accounting and financial trends that an outsourcing company could help you get in line with: Real-time visibility
Updating your books every time a transaction occurs takes a lot of time. Outsourcing firms can do this and deliver real-time top-quality data back to clients. Tax help
Most outsourced accounting firms include tax prep and advisory among their core services. By relying on the same to handle all your financials, there is a developed synergy between your tax prep and accounting. Budgeting and forecasting
For companies who lack the time and resources to handle complex budgeting and forecasting, outsourcing firms can put world-class accountants in charge of the effort. Performance dashboards
Dashboards compile and update your key performance indicators (KPIs) in one place so that company leaders have access to the information anytime.
Outsourcing firms can set up and maintain dashboards for clients eager to act based on insight rather than intuition. Cloud migration
Shifting your services to the cloud looks more important than ever nowadays. Outsourcing firms can handle technical, financial, and operational matters to make the migration easier and reliable. Outsource finance and accounting
This is the reason why outsourcing became a trend and a wise alternative for businesses. It has become the go-to service to leverage businesses in reaping the benefits of working with trustworthy and skillful finance and accounting outsourcing companies.
Most outsourcing companies have an experienced recruitment team that is capable of hiring individuals that are adept and experienced in the field of finance and accounting.
Outsource Accelerator provides you access to great finance & accounting specialists 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 finance & accounting outsourcing.
What is Back Office? What is back office?
Back office is a term used to classify business activities that are not directly attributable to frontline customer support, sales, and services. Its functions relate to administrative functions which do not directly generate income or are accessed by customers, but such is necessary to streamline the other processes involved in a business.
Back office functions include, but are not limited to the following: data entry, account processing, website content management, data verification, mediation, graphic design, writing and editing services, and accounting and finance services.
These functions are necessary to a business yet attribute additional cost. Some companies find back office jobs costly since you need to allow a substantial amount of capital for recruitment, salaries, and employee benefits. Back office functions
The back office is the cornerstone of any company's financial and operational success. As a result, it often generates less revenue than the front-office.
The traditional back office tasks are divided into two categories. This includes the administrative operations that keep the firm functioning, and the customer support functions that directly fulfill customer services and demands.
These functions frequently carry out significant, multi-step processes in which more than one individual or functional group contributes to the process's fulfillment. What are back office jobs?
A company's back office is formed of several functions, and below are some examples of back-office jobs and their key responsibilities: Financial assistant
A financial assistant is in charge of assisting a company's finance department. They are responsible for various tasks such as data input, balance sheet generation, and keeping financial records up to date.
Finance assistants must be detail-oriented, well-organized, and have excellent analytical abilities. HR assistant
Human resource assistants are in charge of organizing appointments, keeping records, and onboarding new employees.
Among several other tasks, they handle payroll and keep attendance records and usually help the human resources manager. Employees in this field must be trustworthy, organized, and have effective communication skills. Data analyst
Data analysts are in charge of interpreting data, analyzing data, and putting data gathering systems in place. They also create reports and provide assistance for the data warehouse.
Data analysts must be competent mathematicians with good problem-solving abilities and the capacity to manage information efficiently. Financial analysts
Financial analysts are in charge of various financial activities on behalf of external or internal clients. Their responsibilities include estimating operating expenses, producing reports, and maintaining a database.
Financial analysts must be skilled mathematicians with great analytical abilities. Risk analyst
Risk analysts are in charge of supervising investments and identifying potential risks in a company's investment portfolio.
Based on their review of these investments, they can provide suggestions to corporations to assist reduce future risks. Risk analysts must be skilled in analytical, strategic, and interpersonal abilities. Back office support definition
Back office support are responsible for organizing and improving the customer experience in the company. Accurate data, clear and interesting content, and well-designed websites all contribute to a better customer experience.
Back office support jobs are frequently concealed behind the scenes, however they should never be underestimated.
Back office support arises to expand company demands and minimize friction from the customer experience for roles dealing with data input, content moderation, office services, and financial services.
A good back office support program can help you prevent unfavorable encounters at every point of interaction. Employees in back office jobs are equally as important to excellent CX as those in front office positions, from multichannel services to order fulfillment. Back office outsourcing
In the advent of the internet age, companies can now take advantage of outsourcing, which can lessen the cost of running back offices while maximizing its full benefits. TThis also translates to more time for you and your core team to focus on income-generating functions.
Outsourcing back office functions guarantees that you are working with skilled professionals minus the hassle and cost of recruitment, as well as other operational and employee benefit expenses.
BPO companies make sure that their representatives are competent enough to handle the client's needs. Outsource Accelerator lists over 3000 business process outsourcing companies in the Philippines that specializes in back office administration.
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 examples
The business process outsourcing sector is a vast industry, generating over $200bn annually, and employing many millions of people worldwide. Some examples include: Big enterprise
Facebook and Uber outsource many of their operational functions, including content moderation for Facebook, and customer service for Uber Medium-size businesses
A medium business with 50-500 staff might outsource the labour-intensive accounting and finance functions to a team in the Philippines. Small business and entrepreneur
It 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 BPOs
Business 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). Location
Business 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 BPO
The 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 outsourcing
Collectively, 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 hubs
A 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) services
Outsource 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.