Abstract The speed of automation of accounting functions constitutes the biggest challenges to accounting professionals. Accounting has evolved from manual ledgers to computerized systems, ERP’s and now digitization. Hence accountants have faced gradual automation of the functions they have assiduously studied and mastered.
The benefits of an on-shore / off-shore strategy are immense and a practice adopted by the world’s leading companies. Over 70% of the Fortune 500 companies see global outsourcing as an important part of their strategy.
In a traditional finance division, the departmental structure is usually functional with a specific individual or team responsible for Accounts Payable and a separate team responsible for Accounts Receivable. This structure is vulnerable to collusion between Accounts payable staff and suppliers. Over a period of time suppliers build a relationship with Accounts payable staff and this is misused.
These will be accompanied a harried and harassed look, stress, constant firefighting, long hours in the office and a lot of rushing around! It is also common for every company to feel their specific domain and industry is the most complex, most difficult ever! Were one to suggest gently the idea of simplification and an easier way of getting things done, it is likely to be met with absolute horror and swift repudiation on why this will not work in our industry. Also, we simply do not have time for this!
With a steady climb up the “Top 50 Global Outsourcing Destinations” ranking published by A.T. Kearney, Sri Lanka is fast becoming the hot spot for global IT/BPO outsourcing. The industry envisions to become the number one foreign exchange earner for the country.
The benefits of an on-shore / off-shore strategy are immense and a practice adopted by the world’s leading companies. Over 70% of the Fortune 500 companies see global outsourcing as an important part of their strategy
In my twelve years of outsourcing experience with InfoMate Pvt Limited, I have observed a clear link between outsourcing and process re-engineering and process improvements are almost an inevitable result companies outsourcing could expect from a dedicated outsourcing service provider.
When an organization needs to cut their budget or reduce costs, the two main strategic decisions are either to downsize or outsource, but downsizing means that you’re going to miss the trained employees of your organization, hence the best option is to outsource. If your company is indicating below mentioned signs it means it’s high time to for you to think about outsourcing.