When is the best time to outsource basic accounting processes? There’s no definite answer because businesses are different in terms of concept, scale, and term. Moreover, it’s difficult to get a benchmark because organizations and markets are constantly evolving.
More often than not, business owners and decision-makers do not want to commit to a fixed outsourcing solution. They only do so when they encounter a challenge and outsourcing has become an option. Usually it happens when the business owner is preparing the company for expansion and realizes that they can no longer manage all the work internally, a proprietor is in the early stages of establishing a company, or when they have stumbled into a financial mess.
But why do some business owners make it one of their goals to outsource accounting to an offshore provider?
It enables decision-makers to focus on their business goals. Having a smooth accounting process enables businesses to operate seamlessly. However, it is painstaking work that leaves minimal room for mistakes and often forces business leaders to allot most of their time out of the revenue-generating work. If done by an external accounting provider, they would have more time to focus on their business goals and core processes.
Business owners gain access to cost-efficient solutions. By outsourcing accounting to an offshore accounting service provider, business owners can take advantage of getting accounting tasks done at a fraction of the costs without sacrificing the quality of work.
A team of professionals will solve your accounting problems. If you think about it, small to medium business owners, even start-up proprietors, usually have a small team to work on their books. There’s no problem with that, but imagine having access to accounting experts who can work together, have the right tools needed for the job, and are updated with the trends in the finance and accounting industry to solve your problems?
Whether you have been operating for quite some time or you’re a new kid on the block, it won’t hurt if you consider different options, especially if accounting is not your line of work. You can benefit from having an external finance and accounting provider to carry out routine accounting tasks, while you focus on higher value work.
by: Sarah Joson
Thursday, December 29, 2016 | Comments (0)
Category: Outsourcing Research / Trends
According to 3Q 2016 ISG Index™, released by technology insights and market intelligence firm Information Services Group (ISG), the global sourcing market grew by 11 percent, propelled by continuous growth in traditional sourcing and best-ever performance in the as-a-service segment.
During this year’s third quarter, the annual contract value (ACV) of commercial outsourcing contracts in the traditional sourcing segment grew by five percent to $5.8 billion. Moreover, with the accelerated movement of traditional services to the cloud, the quarter posted a record growth of 20 percent in the as-a-service segment reaching $3.7 billion in value. The ACV of both markets is $9.5 billion, which is the highest ever for a third quarter since 2014, due to strong performance of the as-a-service segment. The notable combined value is also considered a strong indication for the performance of the entire year.
According to John Keppel, President of ISG EMEA and Asia, they are revising their initial forecast of a flat market for 2016. They are projecting an improved performance in the mid-single-digits range for traditional outsourcing and as more and more enterprise buyers are adopting mobility and are moving processes to the cloud, they are predicting gains above 30 percent in the as-a-service market.
Philippines Posts 7.1% Growth in Q3
As for the Philippines, it recorded a 7.1% growth in gross domestic product (GDP) - the fastest in Asia for this year’s third quarter.
The country is seen to remain resilient amidst external threats such as the US election results and President Rodrigo Duterte’s statements against the US. In fact, according to economists surveyed by Bloomberg, the country is seen to grow by six percent through 2018.
The Philippine economy’s robust growth is backed by President Duterte’s plans to boost infrastructure spending and $50 billion of revenue from remittances of Filipino workers abroad as well as the business process outsourcing (BPO) industry.
by: Sarah Joson
Monday, December 19, 2016 | Comments (0)
Category: Outsourcing Research / Trends
Take a look at the movements of key outsourcing markets in the Country Risk Index report created by SupplyWisdom.com. Data collected is analyzed across a risk criteria comprising several complex factors such as geo-political soundness, financial stability, scalability, infrastructure, macro-economic, quality of life, and overall business environment.
Two countries are seen retaining their top position, backed by well-established IT-BPM markets. One of Q2’s top three countries was found slipping a few spots due to domestic political volatility. Lastly, a key player is moving up the rankings and is tagged as an emerging IT-BPM hub in the Asia-Pacific region propelled by the support from its government.
by: Sarah Joson
Wednesday, November 02, 2016 | Comments (0)
Category: Outsourcing Research / Trends
Here's an overview of what happened during the second quarter of this year according to a report created by KPMG-Institutes.com. The agency covered deals with contract values of USD 5 million and over.
In terms of value, the lion's share came from the United States with 71 percent, followed by the United Kingdom with 5 percent, and the rest came from China and Australia.
Data of IT-BPO Deals signed in 2Q 2016 can be seen in the infographic below.
(Data representation is only for visualization purposes and may not add up to 100 percent.)
The Philippine economy grew 6.8 percent during the first three months of 2016. It provided ample stability for the country’s gross domestic product (GDP) to expand 7 percent during the second quarter of this year. That being said, the Philippines remained as one of the top three fastest growing economies among the emerging countries in Asia.
Proof of this growth is the domestic demand for office space, majority of which are stemming from the business process outsourcing (BPO) industry.
As for MicroSourcing, 54% of the total contracts signed during the second quarter required Business Support services, 28 percent are for Knowledge Services, and 9 percent each for Information Technology-related services and Creative services.
*Diagram doesn’t represent deal size.
MicroSourcing deals closed in Q2 came from the following regions:
by: Sarah Joson
Monday, October 24, 2016 | Comments (0)
Since we are entering the fourth quarter of 2016 and before third quarter reports are released, here’s a rundown of what happened during the second quarter.
Ten key outsourcing markets have been analysed in the Q2 2016 Supply Wisdom Monitor: Country Risk Index. The ranking factors used by SupplyWisdom.com are the country's financial stability, scalability, geo-political soundness, infrastructure, quality of life, business environment, among others.
Boosting your brand’s social media presence also means knowing the right approach. Missed opportunities are often the result of having a set of uninterested followers because of a wrong social media approach. This can leave an overall negative impact on your profit potential.
Entrepreneur lists seven strategies that can help your brand win on social media:
1. Deliver value - not just advertisements.
Initially, your audience connects with your brand on social media because they are interested in your products or services. Most people also follow brands to stay updated on events or future sales and promos. However, posting only predictable advertisements pushes away followers. To keep them interested and engaged, mix up your feed with promotional offers and posts showcasing your company culture.
2. Leverage the reach of social media influencers.
These days, connecting with influencers is considered crucial to promoting your brand. It depends on your budget, of course, but almost every brand can use influencers to their advantage.
Identify the social networks frequented by your target audience, and then look for potential influencers - preferably those with verified profiles and whose personality matches your brand. Most influencers include their contact information in their bios, so it should be easy for you to reach out to them.
3. Think beyond organic reach.
With the algorithm changes in Facebook came the downfall of organic reach, and it is now happening in Instagram, too. So if winning on social media is one of your priorities, then you have to be willing to pay for advertising on platforms like Facebook, Instagram, or LinkedIn - depending on where your target audience is. Paid ads give you an opportunity to generate traffic, and today’s advanced targeting options make it easier to generate leads and sales.
4. Post consistently without overwhelming your audience.
Because brands can schedule posts using automation tools, some end up overdoing it and getting unfollowed. To avoid flooding your followers’ feeds, limit your posts to once every few hours. This way, you’re consistent in the minds of your followers but not overwhelming them with promotional posts.
5. Address issues and/or complaints immediately.
Instead of dialing a number and waiting on hold, customers today would rather send a tweet or send a message on Facebook to call the attention of a company. Now that social media platforms have also turned into customer service channels, it’s important that you learn to respond to all types of feedback, and in a timely manner. Teach your representatives how to properly handle complaints instead of deleting or ignoring them, because doing so will only aggravate customers.
6. Understand your analytics.
Social analytics are important to determine whether your campaign is working and to identify patterns that could be useful for your next campaign. Free tools like Facebook Page Insights and Twitter Analytics show you what you need to know about your audience demographics and behaviors, audience engagement, and which posts drive the most clicks back to your website.
7. Don’t be a “Jack of all trades, master of none”.
Where you build a strong social media presence depends largely on where your target audience is most active. Just imagine trying to maintain an effective presence on every social media platform available. Knowing where your target audience is keeps you from wasting your time and effort.
Running a business comes with many challenges like dealing with the competition and ever-changing marketplaces, but simple errors concerning your online presence shouldn’t cause a hiccup in your operations and brand image.
Make sure you aren’t guilty of these online errors. Social Media Today shares how to fix them, just in case.
1. Not having social customer service
These days, instead of phoning in a complaint or filling out a web form, companies receive both positive and negative feedback via social media. One customer’s rant can reach far beyond their Facebook friends to influencers and their followers, and that is worrying for your brand. JD Power’s Social Media Benchmark Study showed that 67% of consumers have contacted companies through their social media pages for customer service issues.
To be ahead of the pack, invest in social listening to improve your customer care. There are social monitoring tools available for all types of businesses to help you keep up with your audience and attend to issues in a timely manner.
2. Web errors
There are two things that can happen when a site visitor encounters an error: either they take the time to inform you or they move on to another site. In any case, web errors are bad for your business. To ensure that your website’s features are working properly, use software that crawls your site to detect common errors, or assign someone to monitor your website on a regular basis.
3. Not accounting for mobile
Statistics from Smart Insights show that mobile digital media time is now significantly higher at 51% compared to desktop. This implies that if you’re not able to reach your audience through mobile search or display, you’re not providing a satisfactory mobile experience. As you optimize your site for mobile, don’t just focus on the design. Make sure that your page load time is down to two seconds or less, and that your pages are easy to navigate.