Outsourcing, otherwise known as Business Process Outsourcing or BPO, is the external delegation or the strategic use of external resources to perform functions traditionally handled by internal staff. These functions are usually IT-intensive or labour-intensive and are generally non-core to the company. It is a strategy by which a company contracts such functions to service providers which specialises in such functions. Such service providers also undertake the responsibility of improving the efficiency of such functions.
Most leading companies worldwide are using or considering Outsourcing to achieve both their tactical and strategic objectives. Much of this growth has been achieved through internationalization – with outsourcing services being provided at remote locations virtually anywhere on the globe.
BPOs are becoming more comprehensive. BPO providers have traditionally specialized in managing repetitive, transactional chores like Payroll and Accounts Receivable. Today, many BPO firms are enhancing their service portfolios by also handling knowledge-based activities like Budgeting or Resource Planning, giving customers access to a complete menu of end-to-end processes in functional areas such as HR, Finance, and Customer Care.
Companies are using BPO to reach a wide range of goals. BPO was once viewed primarily as a way of reducing expenses. Today, enterprises are leveraging BPO services to achieve productivity gains, shorten innovation cycles, enhance customer intimacy and enter new markets.
Leading organisations are achieving significant gains through outsourcing. There is no reason why accountancy firms and organizations such as yours cannot benefit from it.
BENEFITS
Outsourcing your work to us at Gbogboade & Company (Chartered Accountants) offers you the following potential benefits:
- Cost Reductions
It offers you the potential of reducing your operating costs by as much as 40-50% as compared to the in-house costs of executing the functions outsourced to us. - Improved Service Quality at fixed cost
Improving the ‘service quality’ of the outsourced function becomes our responsibility at Gbogboade & Company (Chartered Accountants) according to the terms of our agreed service level contracts and this is achieved at a fixed cost to you. - Maintain Competitive Edge
It enables Accountancy Firms and Businesses like yours to focus on building a more competitive business and providing new improved service offerings. - Achieve Revenue Enhancements
It facilitates the achievement of Revenue enhancements by significantly improving the margins of the business
HOW IT WORKS
- Outsourcing your Bookkeeping and Accounting work to us at Gbogboade & Company (Chartered Accountants) allows us to handle all the stress of keeping your company’s financial records up to date, so you don’t have to.In doing these, we use a special online accounting package to keep all your accounts up to date, on a weekly or monthly basis. Our bookkeeping services include preparation of Sales, Purchase & Nominal Ledger up to trial balance on a regular basis (weekly or monthly), Bank, Credit Card & VAT Reconciliation, using the specialist online accounting package.
If at present your business’ accounts are on another computer software program (i.e. Sage, Quickbooks, IRIS e.t.c.), they can easily be transferred to our online system, without any problems.
Because this cuts out a lot of the normal time lag in getting accounts brought up to date you always have an almost up to the minute idea of your business’ financial health.
We will normally set up a centrally held account and provide you with necessary access code that enables you to access your account via an electronic browser.
You can either e-mail your records to us after the document hard copies have been scanned and the electronic PDF copies are uploaded into a built in document filing/referencing system in the online system, or you may chose to parcel the raw data and source documents to us by courier service.
On completion of each assignment, in addition to the financial statements we would typically provide you with:
- A complete electronic copy of general ledger accounts including the bank control account
- A complete breakdown of tax sensitive accounts
- Lead schedules showing breakdown of various Balance Sheet accounts
- A reconciliation of VAT and PAYE control accounts to year end creditor / debtor balance
- Any other specific report that you may require
The financial statements and management accounts are prepared and delivered to your firm in accordance with UK accounting practices and Companies Act requirements.
We can also provide graphical summary reports of key accounting trends and ratios. These reports can be tailored to meet your clients’ specific requirements.
We guarantee the security and confidentiality of this arrangement.
Let Gbogboade & Company (Chartered Accountants) take care of your needs so that you may devote more of your time to managing your core business.
Our terms are flexible, based on the time and complexity of each assignment
Please contact us to know how we can satisfy your need for any of the above-listed services.