Off The Plate: Reasons Companies Outsource Services

Decades ago, companies were particular about who runs their business. There’s always an in-house accountant or payroll staff, sales manager,or even an IT personnel.Even if the company does not specialize in accounting or IT,such processes,no matter how inefficient, are kept in-house.

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But a few years ago, outsourcing has become a trend. Many big and small companies are outsourcing some of their major functions to efficient service providers. Outsourcing is the strategic use of resources (or workers) outside the company to perform tasks that previously handled by internal staff. Outsourcing has become routine part of operations in certain industries, and a lot of companies benefit from outsourcing their services. Here’s why companies choose to outsource.

 

Better industry focus

Companies can focus on their core businesses when they outsource. Many companies fail because their workers are distracted from improving main products and services by administrative tasks. By outsourcing services (e.g. IT, accounting, sales, recruitment), companies can leave the job to the specialists while they remain focused at work.

Cost-efficiency

Outsourcing is cost-efficient because companies will only have to pay the service provider as they do work. Having in-house staff members can be expensive, as they will have to be paid even if there’s not much work to do.

 

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Specialized services

Outsourcing agencies specialize in what they have to offer. They can can handle complicated services without disrupting the host company’s operations.
Eddie O’Brien is a certified public accountant, currently serving as the CEO of the Americas at Arvato Bertelsmann. Visit this page to learn more about his professional work and other similar reads.

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Off The Plate: Reasons Companies Outsource Services

Handy Accounting: Mobile Apps For Accountants On The Go

For decades, accountants relied on handwritten ledgers with computers slowly crawling in as a must-have in the office. With the advancement of technology, knowledge in software like QuickBooks and Excel are considered essential for accountants.

These days, many accountants have their ledgers and account records on the palm of their hands—specifically, in their ubiquitous mobile phones. Here are some mobile apps that are great for accountants and other finance professionals.

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FreshBooks

FreshBooks is a great way for accountants to make invoices, file taxes, organize expenses, and track receivables. Available for free on mobile for FreshBooks subscribers, it also allows clients to make fast payments via credit card, e-checks, and PayPal.

Mint

Mint may be tagged as a personal finance app, but it is also useful for small business accountants and entrepreneurs. Users can add bank accounts and credit cards, and the app will help automate recorded transactions through easy-to-read graphs.

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QuickBooks

QuickBooks now comes in a mobile edition. Just like its desktop version, it offers accounting tools to help users manage and track their finances. While it comes with a free 30-day trial, users who have active subscriptions to QuickBooks may get the app for free.

Eddie O’Brien, a certified public accountant, currently serves as the CEO of the Americas at Arvato Bertelsmann. Prior to that, he spent years working for Microsoft. Visit this blog for related updates.

Handy Accounting: Mobile Apps For Accountants On The Go

Predictions And Industry Shifts: CRM Trends For 2017

When people know future challenges to expect, they usually feel some levels of confidence that they could thrive in whatever situation. When the time comes, these people with foresight know how to react.

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The ability to infer future trends is also an important aspect of business. It’s quite tricky, but there is a method to it. Customer relationship management (CRM) allows a high level of market anticipation in highly competitive environments, where retaining customers is integral to survival.

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AI-based bots will occupy a prominent role in customer relationship management in years to come. Businesses are burdened with huge amounts of data. Sifting through the noise in order to find relevant information is a herculean task. With the amazing rate of data growth, the burden only grows exponentially. Machine learning and predictive algorithms are developed to eliminate the guesswork in marketing decisions, leading to campaigns which are innovative, creative, and exciting.

Another emerging trend in customer relationship management is contextual CRM. More often than not, consumers view adverts as annoyances. To boost their appeal, products need to be marketed as a “best-friend brand.” This can be achieved with hyper-targeting, catering to micro-segments of customers, and giving the right messages to the right customers at the right time. This is the bread and butter of contextual marketing.

Edmund O’ Brien is the CEO of the Americas at Arvato Bertelsmann, overseeing the growth and execution of a multibillion-dollar business that delivers a host of BPO services including SCM, CRM, financial and IT solutions. To know more about him and his industry, visit this page.

Predictions And Industry Shifts: CRM Trends For 2017

Three Reasons to Become a Public Accountant

Being a certified public accountant has many benefits, the least of which is that the skills acquired that are useful in everyday life. That said, many people are still unaware of the many reasons being a CPA is worth all the training and education.

Part of a select group: CPAs are treated differently than any other profession. This profession is known for its high-intensity courses; many people do not follow their educational track. Thus, those who do complete their training are held in great esteem. This plays a huge advantage when looking for a career. A proficient accountant usually has his or her leg up in many business and financial situations.

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It is useful: As mentioned earlier, accounting is an essential skill. A lot of daily activities involve some form of basic accounting. This helps with maintaining a good credit score and managing one’s daily budget. The implications of these are astounding; those seeking for loans or any government assistance will find that a general knowledge of accounting is critical.

It is applicable: Practically all industries require an accountant. One can apply his or her skills in various markets. This means that there is never-ending growth in this career path. No task is ever the same and accountants get to interact with different types of people as he or she chooses. Those who are more extroverted can find new ways to learn other subjects while still doing their accounting tasks.

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Accounting is a highly useful and essential skill. Those interested in a secure profession should consider this path.

A certified public accountant, Edmund O’Brien is the CEO of the Americas at Arvato Bertelsmann. For more on him, follow this Facebook page.

Three Reasons to Become a Public Accountant

Accounting Skills For Everyday Success

While some people may do anything to avoid tasks involving math and numbers, the plain truth is that math, especially accounting, is not only inescapable but also integral to everyday life. So instead of dodging accounting, the better tactic is to learn and appreciate the following essential life skills:

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                          Image source: quotesgram.com
  • Basic accounting – One doesn’t jump into the most complicated aspects of accounting, after all. Every fledgling business owner, employee, or, really, anyone who has a budget to keep track of is doing accounting. It’s basically how one tracks his finances.
  • How to use accounting software – Once one has the basic principles down pat, it’s easier to look into using technology for bookkeeping. Aside from tables, one can even use visualization tools to see things more clearly. Microsoft Excel is one of the more standard tools used by professionals and regular folk, but there are many others available for computers and mobile devices.
  • How to speak the language – There are a lot of technical terms involved in accounting and words like “debit,” “credit,” and “taxation” will come up often. Even if one were to leave the work to an accountant, one should be able to understand what the accountant is reporting.
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                                     Image source: binary.edu.my

Just going through everyday life, one is bound to encounter accounting one way or another so it just won’t do to ignore the task. All one really needs is to get a basic understanding of accounting principles to track one’s income and expenses properly. This way, one can make educated decisions on how to proceed with one’s finances.

Eddie O’Brien is a certified public accountant and CEO of the Americas at Arvato Bertelsmann. Follow this Facebook page for more articles on business and accounting.

Accounting Skills For Everyday Success

Why Accountants Can Make Good Leaders

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Image source: treelineassociates.com

Accountants have made quite a name for themselves in the corporate world. Almost every corporate entity survives, in large part, due to the success of its accounting operations.

Because their roles are crucial, accountants have had very rewarding careers, and often, they have taken the route of owning their independent businesses, which are likely to have become successes as well. Here are a few reasons as to why they can be good leaders.

Accountants typically have strong organization skills. This is what enables proper delegation of tasks and prioritization of goals. Doing these the right way can dictate how successful a company’s overall management will be.

It is typical too of accountants to be very detail specific. As looking for small mistakes in a balance sheet can be likened to finding a needle in a haystack, accountants’ brains are hardwired into this kind of orientation. This kind of talent is most useful, especially when dealing with people in an organizational framework.

Another reason why accountants can be reliable leaders is their skill to make decisions fast. It so happens that accountants are quite immersed in a certain environment that can also speed up their ability to classify things with much success. In leadership, this makes for swift decision-making that enables actionability.

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Image source: accouting-leader.ro

Accounting is no joke, and neither is the business of leadership. When these two combine, they can make a strong foundation for a powerhouse corporate entity to make waves soon enough.

Edmund O’Brien is the CEO of the Americas at Arvato Bertelsmann. He is a successful leader who started out as a certified public accountant. To get more business insights in his field, visit his profile on LinkedIn.

Why Accountants Can Make Good Leaders

Outsourcing: Increasing a Business’ Efficiency

Outsourcing is defined as sending job functions to an outside party instead of completing them internally. When a company is unable to manage everyday transactions efficiently or reach the target quota, it might be helpful to consider outsourcing.

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In 2011, the United States Commerce Department reported that approximately 31 million U.S. employees of multinational companies work abroad. This number continues to rise as the fastest growing markets are outside the U.S.

Companies resort to outsourcing primarily as a cost-cutting measure, but it has advantages that go beyond this. A study conducted by Bain & Co. reports that the leading companies (out of the 2,000 companies that they have studied) use outsourcing in more strategic and innovative ways compared to the companies that do not have sustained and profitable growth.

Eighty-five percent of the leading companies utilize capability sourcing, outsourcing, and offshoring to improve client satisfaction, hone world-class talent, and bring fresh ideas and new products to the market faster for a thriving business.

Insufficient talent can be one of the factors that impede an emerging market’s growth. One way to solve the shortage is tapping into global talent. Aside from saving costs, this will cultivate fresh and skillful employees that can deliver positive results for the business.

Tapping global talent also widens market opportunities. A brilliant demonstration of this is AstraZeneca’s offshoring partnership with Chinese companies and universities, which eventually made it the largest pharmaceutical multinational firm in the industry of Chinese prescription drugs.

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External collaboration can also lead to faster production, which subsequently increases revenue, especially among companies with in-demand products and services. Handing off work to the right set of people will also help in-house employees devote their time on strengthening the companies’ core competencies by setting and achieving new goals.

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Outsourcing: Increasing a Business’ Efficiency