Gain More Than Time When You Outsource
One of the obvious results of outsourcing a business process is that it can save you, the business owner, time. What’s not so obvious is that outsourcing can offer you a sea of knowledge not previously available to you.
Data is easy to acquire these days, but knowledge is not. Knowledge is data combined with experience. Unfortunately, no amount of Googling will provide you with the right expertise to fit your unique business circumstance. Outsourcing allows you to acquire the knowledge immediately.
From an article in Business News Daily about outsourcing:
"[Outsourcing offers you] a real business partner who will give you knowledge," said Bobby Harris, CEO of BlueGrace Logistics, whose firm handles outsourced logistics projects. "This is a value you won't find anywhere else. You’ll be able to do things you once couldn’t do at a speed you never thought possible."
Outsourcing also lets you leverage more tangible items:
"Outsourcing enables small businesses to benefit from the professional capabilities without the equipment, know-how, software or personnel to complete their work," said Steve Greenbaum, CEO of PostNet, whose firm handles mailing and shipping for its clients.
Savings Can Be Beneficial
The overhead savings from outsourcing a business process can be significant and goes beyond wages and fringe benefits. What if you didn't have to spend cash on software, office space, and training on your new hire? Where could that money be better spent on your business?
Outsourcing, your accounting or bookkeeping process, should be a natural process, however, there are business processes and issues to think through before vetting the right outsourcing organization.
"First, figure out what your needs are," Jones said. "Interview two or three organizations and do not focus on price at the beginning. Look for those firms that are ahead of the curve with technology, reporting, partner mentality, and complete value-add to your firm."
Don't Focus on Price at the Beginning
Talking about the price at the beginning creates a situation where the outsourcing organizations spend their time justifying why their pricing is a value to you, and you are trying to assess if the value justifies the price. In essence, you’ve moved away from the purpose: to find out if outsourcing a particular business process makes sense for your company.
Price should be the last topic of discussion, as the price is negotiable. It just makes more sense to know what you are negotiating.
Will I lose control?
"The only drawback I can see is the risk of loss of quality or control," Greenbaum said.
While this may be true with some outsourced business processes, we don’t find this accurate with outsourced accounting or bookkeeping. In fact, there is an improvement in the quality of bookkeeping, accounting, document management, and financial reporting and analysis. This type of improvement enables better business decisions because the business owners know the numbers behind the business and what drives the numbers.
At Basis 365, we believe that we should leave everything better than when we found it, and this is the approach we take with our outsourcing services. Interested in learning more? Contact our expert team for a consultation today and learn how outsourcing can improve your business.