OUTSOURCING is a practice used by different companies to reduce costs. This is done by transferring portions of work to outside suppliers and service providers rather than completing it internally. Used properly, it is an effective cost-saving method.
Areas That Could be outsourced
- Accounting function
- Payroll preparation
- Filing of tax returns
- Recruitment
- Marketing i.e. Digital Marketing or Traditional marketing
- Internal Audit
- IT function
- Maintenance function
- Procurement
- Business planning, among others.
Benefits of Outsourcing
If you are a business owner and you are not yet outsourcing part of your business processes, below are six (6) good reasons you might want to consider doing it now.
- Saves Operational costs
When you outsource part of your business process, it saves you a good chunk of operational costs that comes with having an in-house staff and having to pay for time off, payroll taxes, worker compensations, health insurance, pension and other benefits. You save cost from not investment in recurrent recruiting and training cost, salary negotiations cost, firing and hiring expensive resources for your business. You get your job done at a lower cost, plus the quality of the services provided is high, thereby ensuring that low-cost does not mean low-quality.
- Focus on core areas
Outsourcing your business processes saves you headache, frees you of energy and valuable time that could be redirected and utilized in making money so you can focus on your core business areas. Accounting and audit, for example, require some specific skills set and expertise that require years of training, dedication and investment to earn. You would rather hire experts to handle those areas while you invest your energy and resources to grow your business and make more money because that’s why you are in business.
- Increases Efficiency
When you outsource your business needs to an outsourcing partner, they bring years of experience and expertise in handling your job faster and better. Help you make critical decisions especially in times of financial crisis; you get unbiased advice that you might never get from an in-house employee. These altogether lead to increase in productivity and efficiency in the process thereby contributing to the bottom-line of your business.
- Savings on tools and technology
Outsourcing eliminates the need for that extra investment in infrastructure such as the cost of purchasing additional space, desks, phones, computers, software, troubleshooting and repairs of machinery. The outsourcing partner takes the responsibility of the business processes and hence develops technology for executing the job.
- Flexibility and Freedom
You have qualified and experienced hands to handle your business and so, you are not at the mercy of the only person who can handle tax computations and remittances especially when this one person is on leave or indisposed on the deadline week. So, you have the freedom to go on vacation while your business is in good hands.
- Faster and better services
Make your service offerings better with high-quality deliverables and decrease the lead time it takes for your product to reach the marketplace. Thus, you would be faster in getting your ideas converted into products and better at delivering the value-added proposition.
At INCE Consulting Limited, it is our responsibility to be of immediate assistance to your organisation and to advice your company on how it’s accounting and tax issues could be resolved at the minimum cost. We are you the best outsourcing partner you can get.
Contact Us Now to get Expert Help.
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