What Are the Advantages of Business Process Outsourcing?

As your company expands, so do the demands on your time. If you want to devote your time to the things that require your attention the most, you must begin outsourcing some of your business processes. Outsourcing managed IT services is one example, and there are numerous advantages to outsourcing business processes in general.

  1. It allows you to concentrate on key operations.

As a business owner, you’re in charge of keeping things running smoothly. Your area of expertise is being the boss, not being the person who handles all the minor details, such as ensuring that all of the technology your company uses is up to date.

Your primary goal should be to expand your business while delegating unneeded tasks to people who have been trained to do them. You already have enough on your plate without having to deal with spending money on new technology when your software becomes obsolete or guiding your tech team through a panic-inducing outage. Let someone else handle these problems. Click here to find a team ready to take on the challenge.

  1. It allows you to more accurately track your budget.

When it comes to investing in new technology, many business owners struggle. You never know when your systems will need to be updated or replaced. It can wreak havoc on your finances and throw everything off-kilter. You never have to be concerned about this with managed services. You pay a monthly fee that you can plan for.

Everything you could possibly require is included. That monthly fee covers maintenance, breakdowns, repairs, and other costs. If the price changes, you’ll be notified so you can adjust your budget accordingly. When it comes to technology, you’ll never have to worry about big financial surprises again.

  1. It keeps you out of trouble if data leaks occur.

There should be no data breaches or leaks if you use a good managed service. However, if one does occur, it does not fall on you or your company. When you outsource your technological needs to another company, that company is liable for data leaks that affect you and any other business that hires them.

It is up to your service provider to repair the damage and ensure that it does not happen again. If there is a blunder, they essentially take the blame. That would not happen with an in-house tech department: you would be solely responsible for any employee or software error.

  1. It cuts down on downtime.

When systems fail, there will always be downtime. It destroys business productivity, and any good business owner understands how important productivity is in the workplace. An in-house team may need to seek outside assistance to get systems back up and running.

If your software goes down, you’re not out of luck with managed services. Before you even realize your systems are down, your remote team may be working to repair them. Furthermore, if a server fails, your external team is likely to have backup servers that they can use while your primary servers are down.

  1. It provides you with a single point of contact.

When you have an in-house team, you must keep a list of vendors for all of the software and hardware you use. If something goes wrong or you need to order something new, you must contact each vendor separately. This is time-consuming and frequently stressful. When you have a managed service team, however, you simply contact your service provider if you have a problem or concern. They will contact the vendors on your behalf.

  1. It helps you save money.

You already understand how to include managed services in your monthly budget. It will, however, save you money on sunk costs. You do not have to supply and maintain offices if you do not have an in-house team. You also have fewer employees to pay and benefit. This frees up funds for more important aspects of your business, or it can increase profits because you’re spending less time running the show.

  1. It expedites assistance.

If you discover a problem with some of the technology your company employs, you can contact your service provider at any time. On weekends, at night, and even on major holidays, assistance is available. With an in-house team, you don’t get that kind of all-around support.

If you haven’t already considered outsourcing IT and other business operations that you don’t need to handle yourself, you should. You’ll save time and money, and your business will be safe in the extremely unlikely event of a data leak.

 

 

 

Source : bignewsnetwork.com

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About Skyhigh.Vip

Skyhigh.Vip is a global institutional investor with a vast interest in Arts / Construction / Education / Business Services / E-Sports and various other growth industries.  

Several of its popular portfolios include GO Chambers which is the world’s largest business chamber listing provider with over 30,000 active chambers as its members.  

Outsource Guru is the global choice for Business Process Outsourcing that offers a full stack of services for all aspects of business process flow and together with Flexgigzz.com as a platform for freelancers aims to provide best services for many businesses.

For growth industries there is Point of Authority for a professional E-sport team and gaming hardware superstore, and there is AtelierAuction which is an investable art auctioneer and being in the art scene for decades.

 

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9 Steps to Successful IT Outsourcing

Small business CFOs wear many hats, including chief information officer (CIO). You most likely rely heavily on the IT team, whether due to time constraints (strategic planning, financial reporting, business partnership, and other hats all take time) or competency (not every CFO is a technology wizard). And you’re probably awake at night because of a cyberattack, a system outage, or other issues.

There were none

Consider starting with a small IT team, perhaps two or three people. When COVID-19 arrives, the option of remote work becomes a reality, and each member of the IT team announces that they have accepted new roles allowing them to work permanently from home for out-of-state companies at significantly higher pay.

What do you do? Perhaps your first thought is to hire a new team, but you quickly realize that finding all the necessary skills will be nearly impossible, assuming you are lucky enough to find anyone at all. And what will you do in the meantime if the systems fail and you literally have no one left? Could outsourcing the IT help desk and related activities be the solution?

Advantages of IT Outsourcing

Partnering with a managed service provider (MSP) to provide an IT help desk and related support can certainly reduce the risk of unexpectedly losing an internal team. More importantly, such a collaboration can provide access to a diverse group of IT professionals with varying areas of expertise and skill sets.

As a result, your new team will most likely provide a deeper and broader level of IT support than the typical internal IT department, and possibly at a lower cost. Your MSP partner can even provide CIO-level support, allowing you to focus on long-term IT planning and strategy development. In short, outsourcing IT can help you sleep better.

Here are nine keys to successful IT outsourcing.

  1. Select the Appropriate Partner

A MSP relationship is similar to a marriage in that it requires chemistry, trust, vulnerability, and hard work. Check for alignment with your company’s culture and values, solicit feedback from your network, conduct background checks, and meet with all key members of the MSP’s team. Inquire about areas of expertise and review resumes. And, if necessary, put their technical skills and leadership ability to the test. By carefully choosing your MSP partner, you increase the likelihood that the relationship will last.

  1. Reach a fair agreement

One advantage of an MSP relationship is the potential cost savings. However, cost is only one factor to consider. In addition, specify whether the activities to be outsourced are limited or comprehensive IT support. Determine who is responsible for which risks and ensure that your partner maintains adequate liability insurance coverage. Maintain balance in the various contract terms. In short, reach a fair, win-win agreement.

  1. Establish Expectations

Setting expectations begins with the contract’s scope of responsibility and service response times. The agreement should specify whether they are only responsible for help desk support, break/fix needs, or identifying and correcting root causes. However, fully clarifying expectations, such as when help desk tickets should be closed, what should be communicated to who and when, which procedures should be documented, and who plays what role in vendor management, will be a continuous process.

  1. Document Desktop Procedures Formally

When you have a well-established internal team, everyone understands their roles and what steps to take in any given situation (e.g., in onboarding a new employee). When you hire a new MSP partner, they may need to customize existing procedures or develop new ones to meet your needs. Formalizing appropriate desktop procedure documents allows you to confirm the MSP’s understanding of your expectations and promotes future consistency.

  1. Managing Change

Change can be difficult, especially if internal customers are accustomed to receiving immediate, hands-on assistance whenever they require it. Explain why you are outsourcing the IT help desk and related activities. Introduce the MSP team, preferably in person. Clarify and reinforce how employees should create help desk tickets. Ensure that the internal team has realistic expectations for support and turnaround time. A successful transition will require effective change management.

  1. Establish Accountability

It is critical to hold an MSP partner accountable as you transition to them. Holding weekly meetings to review help desk ticket resolution, discuss new issues, prioritize next steps, and obtain commitments on due dates is an excellent way to ensure alignment. These sessions are also a great way to identify if your partner is failing to meet their commitments and needs to change course. Accountability is mutual. As CIO, you are ultimately responsible for the MSP relationship’s success. It’s all yours!

  1. Gather Feedback

Working with an MSP partner will be difficult at times, as with any relationship. Consider conducting a survey six months into the transition to solicit employee feedback on what’s working and what isn’t, and then coordinating with your partner to make necessary changes. For example, we were advised to collect feedback after each help desk ticket was closed. Our partner has now implemented a short survey after closing tickets (for all of their clients), and we are reviewing a monthly summary of this feedback to identify trends and opportunities.

  1. Put Best Practices into Action

Your MSP partner should raise your awareness of technological trends and put best practices into action on your behalf. Are you having trouble sleeping because of the threat of cyberattacks? Knowing that your partner is monitoring for risky user sign-ins 24 hours a day, scanning all URL links and attachments before they are opened, performing penetration testing, and conducting employee phishing simulations, including follow-up training as needed, should reduce your anxiety.

  1. Maintain a Mindset of Continuous Improvement

There are always opportunities to do what you do better, whether it’s providing help desk support, monitoring system health, onboarding new employees, mitigating cyber risk, or improving the MSP partnership itself. As a result, strive to instill a mindset of continuous improvement in your entire team.

Call to Action

As CFOs continue to deal with shifting responsibilities and priorities, including the need for many to secure IT infrastructure and introduce new technologies, it’s critical to have vendors you can rely on to keep the company and its employees safe and productive. If you’ve decided to outsource IT, follow the steps outlined above to ensure you’re putting everyone — including yourself — on the right track.

 

 

 

Source : cfo.com

 

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About Skyhigh.Vip

Skyhigh.Vip is a global institutional investor with a vast interest in Arts / Construction / Education / Business Services / E-Sports and various other growth industries.  

Several of its popular portfolios include GO Chambers which is the world’s largest business chamber listing provider with over 30,000 active chambers as its members.  

Outsource Guru is the global choice for Business Process Outsourcing that offers a full stack of services for all aspects of business process flow and together with Flexgigzz.com as a platform for freelancers aims to provide best services for many businesses.

For growth industries there is Point of Authority for a professional E-sport team and gaming hardware superstore, and there is AtelierAuction which is an investable art auctioneer and being in the art scene for decades.

 

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Outsourcing Can Help You Save Time and Money

A company’s most valuable asset is its time. It is the one resource we can never replace, and it frequently determines whether we succeed or fail. That is why, when it comes to business growth, efficiency is critical.

Outsourcing has long been associated with cost savings, which remains one of the primary reasons companies choose to outsource. However, in today’s business environment, there are other compelling reasons to outsource.

Here are some of the most common advantages of outsourcing business functions:

  • Concentrate on your core competencies.

Let’s start with the big one: time. I frequently see executives mired in non-core activities, particularly accounting. This diverts their attention away from their primary goal of expanding the business, putting them at a competitive disadvantage when competing with organizations that have outsourced these functions.

Accounting and finance operations outsourcing is a boon for overburdened executives. It enables them to concentrate on their strengths while delegating the rest to experts, which is exactly what they should do.

  • Reduce your overhead costs.

Accounting and finance operations that are inefficient can be a significant drain on a company’s resources. A company may have a dedicated finance team, but leadership manages the team more than the finances.

You can eliminate inefficiencies in your business by outsourcing to a specialized firm. Outsourced services do not require sick leave, annual leave, or even onboarding and training; you can use them whenever you need them, and almost always at a lower cost.

  • Free your capital

An internal team of any kind is typically a fixed cost — if circumstances changed, it would be difficult to shift those resources to another area of the business. Outsourced services, on the other hand, have a variable cost — you can use them more or less as needed, with no long-term commitments.

This adaptability provides organizations with much-needed breathing room to invest in other areas of their operations. It also enables them to be responsive to change, which is more important than ever in today’s business environment.

  • Analytics and real-time data

Seeing the technology that these specialized financial service providers provide is eye-opening and helps you understand how much they can help your business. Access to accurate, real-time data and analytics is critical.

However, internal teams frequently struggle with data and analytics for a variety of reasons, including being too focused on the day-to-day to see the big picture, or the organization being unable to justify the expense of the necessary tools and technologies.

When you outsource your accounting and finance operations, cutting-edge real-time data and analytics are typically built into the service. This gives you unprecedented visibility into your business and allows you to make better decisions about where to invest your time and resources.

  • World-class abilities

Consider for a moment that your talent pool is global in scope. That is the reality for specialists. There are teams of experts in each time zone, allowing them to provide coverage and support around the clock. They are laser-focused on attracting and retaining the best talent.

This is a significant benefit for businesses that outsource their accounting and finance operations. You have access to world-class talent who can assist you in taking your company to the next level without paying a premium.

 

 

 

Source : entrepreneur.com

 

________________________

About Skyhigh.Vip

Skyhigh.Vip is a global institutional investor with a vast interest in Arts / Construction / Education / Business Services / E-Sports and various other growth industries.  

Several of its popular portfolios include GO Chambers which is the world’s largest business chamber listing provider with over 30,000 active chambers as its members.  

Outsource Guru is the global choice for Business Process Outsourcing that offers a full stack of services for all aspects of business process flow and together with Flexgigzz.com as a platform for freelancers aims to provide best services for many businesses.

For growth industries there is Point of Authority for a professional E-sport team and gaming hardware superstore, and there is AtelierAuction which is an investable art auctioneer and being in the art scene for decades.

 

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How Can Payroll Outsourcing Provide A Measurable ROI?

Payroll is both critical to an organization’s financial stability and one of its largest expenses.

Given the importance and complexity of payroll, it’s understandable that payroll professionals are under increasing pressure to get it right. In fact, having an efficient payroll process directly contributes to a better employee experience, increased efficiency, and a higher return on investment (ROI).

Some businesses prefer to handle payroll entirely in-house, with dedicated staff and resources. Others choose to reinvent their business model by outsourcing payroll functions to a specialized provider.

While processing payroll in-house gives businesses a sense of control over their processes, it does not necessarily reduce the risk of costly payroll errors or free up employees to focus on other core business activities, as outsourcing does.

Choosing whether to handle payroll internally or externally can be difficult, especially for businesses that are unaware of the additional ongoing costs of hiring and retaining full-time employees. Businesses can position their payroll and business for success once they recognize the inherent value of a fully managed payroll operation.

  • The Unknown Costs of In-House Payroll

For many businesses, the COVID-19 pandemic triggered a flexible workforce revolution, forcing them to rethink their business models and adapt to the modern flexibility that today’s workers demand.

Highly distributed businesses with fluctuating employee numbers and a variety of pay cycles are likely to experience increasing levels of complexity in their payroll processes. Without the expertise to manage this, payroll departments will be constantly playing catch-up, which can be both costly and error-prone.

While the specific needs of a company will determine whether or not to outsource payroll, it can provide access to expertise and resources that may not be available in-house. This can help to streamline processes and increase productivity, allowing members of the finance, payroll, and HR teams to focus on tasks that add value.

In-house payroll expenses that aren’t immediately visible can add up over time. One of the most significant hidden (or not-so-hidden) costs of in-house payroll is the associated upgrades, maintenance, and security.

Outdated software can make it difficult for their payroll department to track and report key performance indicators (KPIs) and meet modern workplace demands. This introduces risk and inefficiency, frequently driving manual processes into payroll processes and necessitating the management of different payment scenarios and calculations outside of the payroll software solution.

With end-to-end payroll management, businesses can gain access to industry-leading technology and tools at a fraction of the cost while avoiding maintenance costs. Furthermore, most payroll providers use industry-standard security measures, technologies, and procedures to safeguard personal information against loss, misuse, alteration, or destruction.

Businesses that manage their own payroll are also fully liable for all staffing costs (including salaries, superannuation, and leave entitlements), training costs, human error, and penalties for noncompliance.

Complying with complex legal requirements and fragmented payroll systems is difficult, especially when employer obligations are constantly changing. Failure to comply with regulations, whether intentional or unintentional, can result in significant fines, fees, and penalties.

A fully managed payroll provider can keep up with and comply with even the most complex employment laws. This can be a significant relief for businesses that are already dealing with a lot, shielding them from the far-reaching consequences of noncompliance.

  • Payroll functions should be outsourced to maximize ROI.

It may appear that handling payroll in-house is a cost-saving option or a way to control the quality of payroll outcomes, but the hidden costs and risks can quickly add up and impact a company’s efficiency and profitability. As more payroll functions are performed in-house, more employees are required to fill those roles, resulting in an oversized and overbudget company structure. That is why it is critical to consider all factors when deciding how to manage payroll within a business.

As overall costs rise and compliance demands rise, the strategy of leveraging a fully managed and outsourced payroll solution should be considered. Organizations can benefit from lower costs, lower compliance risks, and a better employee experience by doing so, allowing them to focus on more strategic and complex tasks critical to the core of the business.

 

Source : itbrief

 

________________________

About Skyhigh.Vip

Skyhigh.Vip is a global institutional investor with a vast interest in Arts / Construction / Education / Business Services / E-Sports and various other growth industries.  

Several of its popular portfolios include GO Chambers which is the world’s largest business chamber listing provider with over 30,000 active chambers as its members.  

Outsource Guru is the global choice for Business Process Outsourcing that offers a full stack of services for all aspects of business process flow and together with Flexgigzz.com as a platform for freelancers aims to provide best services for many businesses.

For growth industries there is Point of Authority for a professional E-sport team and gaming hardware superstore, and there is AtelierAuction which is an investable art auctioneer and being in the art scene for decades.

 

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4 Advantages of Outsourcing IT Services for Your Company

Although 97% of global companies have accelerated their technology adoption, only 23% of SMEs have allocated resources to digital tools.

While being your own boss can be liberating, running a small business has its own set of challenges. To keep your business running, you must divide your limited funds among several areas, which can be difficult at times.

But we’re here to tell you that outsourcing IT services is worthwhile! Continue reading for four advantages of using these services.

  1. You Have Cost Control

One of the most significant advantages of IT services is that you have complete control over your expenses. This is critical for new and small businesses.

You only pay for the services you require, and only when they are required. You won’t need to hire a dedicated IT team, which saves you money on salaries, benefits, and training.

Furthermore, you will not have to purchase any equipment or hardware. All of this will be handled by the outsourced IT professionals.

        2. You’ll Have Access to Highly Trained Professionals

Most likely, neither your current employees nor you are IT experts. You may think you have things under control at first, but in the long run, you’ll need fully qualified and trained professionals to keep your business running.

What’s great about working with a company like this one is that you won’t have to vet the technicians yourself. The company has already done it for you, so you can be confident that you will receive quality IT assistance. You will also have immediate support for any project because you will not have to train them.

       3. You’ll Boost Productivity

Spreading out IT tasks to your workforce will slow them down. They will not only be inefficient, but they will also have to divert their attention away from their primary job.

You will benefit from outsourcing IT services to qualified professionals in two ways. Your employees can put their skills to good use, and you’ll have much better IT support.

       4. Increased Security

Cyberattacks happen all the time, so you must have excellent cybersecurity.

You’ll have round-the-clock support and security with outsourced IT services. As soon as they notice anything suspicious, they will take care of it, ensuring that your network is not compromised.

These experts can also ensure that you are always compliant, which can be a huge relief. Because laws and regulations are constantly changing, these professionals are well worth their money.

IT Services Should Be Outsourced

Outsourced IT services are ideal for any business, but particularly for SMEs. Flexibility, access to talent, and cost-effectiveness are all appealing features.

Instead of attempting to handle IT issues internally, look outside your organization. With these low-cost services, you can free up your workforce to focus on more important tasks that will help you succeed.

 

 

Source :bignewsnetwork.com

 

 

________________________

About Skyhigh.Vip

Skyhigh.Vip is a global institutional investor with a vast interest in Arts / Construction / Education / Business Services / E-Sports and various other growth industries.  

Several of its popular portfolios include GO Chambers which is the world’s largest business chamber listing provider with over 30,000 active chambers as its members.  

Outsource Guru is the global choice for Business Process Outsourcing that offers a full stack of services for all aspects of business process flow and together with Flexgigzz.com as a platform for freelancers aims to provide best services for many businesses.

For growth industries there is Point of Authority for a professional E-sport team and gaming hardware superstore, and there is AtelierAuction which is an investable art auctioneer and being in the art scene for decades.

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Outsourcing is Becoming More Popular Among Corporate Tax Executives

The majority of chief tax officers surveyed recently by Big Four firm KPMG said they are turning to some form of outsourcing or cosourcing to help navigate talent and skill shortages in their tax departments.

According to KPMG’s 2023 Chief Tax Officer Outlook, more than eight in ten (83%) CTOs plan to use targeted/strategic outsourcing, cosourcing with one or more advisors, or managed service alliances within the next three years.

KPMG surveyed 300 CTOs at large public and private U.S. companies in fall 2022 for its fourth annual report on how they are leading their organizations’ tax functions through a period of great change. Ninety percent of CTOs came from companies with $2 billion or more in revenue. They represented all major industries, with the largest groups coming from banking and finance (7%), conglomerates, engineering and industrial products, and metals (7%), and retail (6%).

The top benefit that CTOs expect from shifting to a more aggressive outsourcing or cosourcing strategy is addressing the problem of attracting and retaining in-house talent (52%).

According to KPMG, some CTOs use outsourcing to deal with more complex areas of tax that require specialized subject-matter expertise. Outsourcing time-consuming compliance processes can also assist tax departments in overcoming human resource shortages, particularly in foreign jurisdictions where tax may lack local personnel and expertise.

According to KPMG, cosourcing can provide comparable benefits while allowing the tax department to retain more control.

“The change that chief tax officers must grapple with is rapid, relentless, and coming from all directions,” said Greg Engel, vice chair for tax at KPMG LLP. “It makes perfect sense for CTOs to ramp up their interest in outsourcing models given the current economic, regulatory, and talent environment. In fact, it’s best practice for companies to periodically reassess their need for these models to address changing dynamics in the market and equip themselves with the right resources to compete and succeed.”

 

 

 

Source :cpapracticeadvisor.com

 

________________________

About Skyhigh.Vip

Skyhigh.Vip is a global institutional investor with a vast interest in Arts / Construction / Education / Business Services / E-Sports and various other growth industries.  

Several of its popular portfolios include GO Chambers which is the world’s largest business chamber listing provider with over 30,000 active chambers as its members.  

Outsource Guru is the global choice for Business Process Outsourcing that offers a full stack of services for all aspects of business process flow and together with Flexgigzz.com as a platform for freelancers aims to provide best services for many businesses.

For growth industries there is Point of Authority for a professional E-sport team and gaming hardware superstore, and there is AtelierAuction which is an investable art auctioneer and being in the art scene for decades.

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The Advantages of Hiring a VA for Real Estate or Brokerage Company

As a real estate agent or broker, you understand how things work on the back end. It’s not all glitz and glamour, and while you and your team are out showing potential buyers houses on your books, there’s a mountain of administrative work that’s going unfinished back in the office. This is where Virtual Assistants who specialize in admin and support work for your industry come in.

A virtual assistant (or VA) is a remote, usually outsourced, business support person who assists with repetitive, menial, and time-consuming tasks that keep you from doing what you do best. Virtual assistants can assist with data entry, website maintenance, bookkeeping, scheduling, and a variety of other tasks with a focus on efficiency and effectiveness.

Not only that. Virtual assistants for the property industry can help you acquire leads, get more properties on your books, and even manage the properties you look after, in addition to general administration. So, if you’re looking to outsource some of your business administration, keep reading to learn how remote-working virtual assistants could be a good fit for you.

Why Should You Outsource Your Admin?

Saving money is one of the most significant advantages of outsourcing your administrative tasks. Admin work is time-consuming, but it is also relatively simple, so having your highly skilled and trained employees spend their valuable time on this task makes no sense.

Outsourcing your company’s administration not only allows it to be completed more quickly, but it also allows your employees to focus on high-value tasks such as building relationships, moving the company forward, and closing profitable sales.

What Could You Outsource in Your Business?

When you start outsourcing parts of your business, you’ll wonder how you ever got along without them. There are many areas that work well for outsourcing – payroll and accounts, for example – but for work that will truly free up your valuable brokers and estate agents, consider the options below.

Telemarketing and Cold-Call Outreach

Everyone knows that sales calls and telemarketing can be time-consuming, and the rewards for your efforts can take a long time to come, but that doesn’t mean it’s not an essential part of your business.

With cold-call outreach outsourced, you can relax knowing that there is an expert team, or individual assistant, dedicated to creating and building relationships with potential clients and investors, all while you are out in the field creating in-person relationships.

Property Management

Leasing, renting, or selling your property requires a significant amount of administration, particularly during tenant turnover. It’s time-consuming, repetitive, and unproductive. Outsourcing property and tenant management allows you and your team to focus on filling your next property.

Call Administration

You don’t want to waste your time calling potential customers back, especially when all you usually get is voicemail. It’s a waste of time when you could be doing something else. Many outsourcing partners provide 24-hour service, so your clients’ calls may be returned in other parts of the world while you sleep. Imagine waking up to new deal, tenant, or listing confirmations!

To sum up

If you or your team are spending more than a couple of hours a week on tasks that are repetitive, time-consuming, and not skill-specific, it may be time to consider outsourcing. You’ll have more time to focus on revenue-generating tasks to help the business grow, knowing that everything is taken care of for you.

 

 

 

Source : realtybiznews.com

________________________

About Skyhigh.Vip

Skyhigh.Vip is a global institutional investor with a vast interest in Arts / Construction / Education / Business Services / E-Sports and various other growth industries.  

Several of its popular portfolios include GO Chambers which is the world’s largest business chamber listing provider with over 30,000 active chambers as its members.  

Outsource Guru is the global choice for Business Process Outsourcing that offers a full stack of services for all aspects of business process flow and together with Flexgigzz.com as a platform for freelancers aims to provide best services for many businesses.

For growth industries there is Point of Authority for a professional E-sport team and gaming hardware superstore, and there is AtelierAuction which is an investable art auctioneer and being in the art scene for decades.

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Should You Outsource Payroll or Keep It in-House?

Payroll is becoming increasingly complicated year after year. Compliance obligations are constantly changing, from superannuation to awards, benefits, and wage reviews. The costs of ensuring accurate payroll are rising, as are the risks and personal fines associated with getting it wrong.

While many businesses in Australia and New Zealand continue to process their own payroll in-house, an increasing number are looking to outsource, as has been the trend in other countries such as the United States, where over 70% now outsource their payroll. According to Jo Sutton, People & Payroll marketing manager at The Access Group, the compliance burden is often intimidating for businesses, especially at the end of the fiscal year. As a result, businesses are increasingly looking to outsource the administrative burden of payroll to an external expert who can assist them in ensuring accuracy, timeliness, and compliance, as well as helping to cut costs and eliminate people risks.

“If you want a really qualified payroll person to handle your payroll, that’s quite a big resource spend,” Sutton told HRD.

“They’re doing processing, which is very administrative, but they also need to know the legislative background and be aware of all the ongoing changes. If companies find that operational piece of the business too hard, or if they don’t want to spend as much money in-house and create a key person dependency, they can outsource to a company that specialises in payroll.”

“We’ve seen a lot of major companies that have gotten it wrong,” she explains. “There can be significant consequences in those cases, and that’s another reason to outsource to a specialist.”

Compliance, according to Head of Marketing Stephen Duncan, is a “ever-moving beast” that can introduce a lot of risk to an organization.

Only in the last 12 months has Australia implemented a number of changes to its Superannuation system, rolled out phase 2 of Single Touch Payroll, and updated Fair Work Australia guidelines for the fiscal year 2022/23. Different organizations will have different compliance requirements and needs, so delegating the entire department to an outside expert relieves the business of a significant burden.

Duncan adds that outsourcing makes sense from an HR standpoint because it ensures business continuity in the event of any unforeseen circumstances. It reduces the risks of losing key in-house experts, protects against uncontrollable local and global events such as the Great Resignation and the shift to flexible working, and frees up staff to focus on the core functions of the business.

“Outsourcing is about taking the overheads, costs and burdens that companies face in-house and putting them into an external environment,” Duncan said.

“From the HR side, there is an opportunity for better business. Instead having your staff do administrative process tasks, you can rely on that external expertise. That leaves you free to focus on your most important asset – your people, their journey and their wellbeing.”

“It’s also a good step from a business continuity perspective, particularly with trends like the Great Resignation,” he adds.

“If your payroll people leave for whatever reason, whether that’s maternity leave or just normal attrition, how do you fill that gap in a way that isn’t disruptive to the business? You need to ensure accurate, compliant and timely payroll, irrespective of what your issues are, and outsourcing is a great way to do that.”

Currently, the Access Group processes tens of thousands of payslips per month and has access to a large team of expertly trained payroll professionals. Discover how Access Outsourcing can help you transform your payroll.

 

 

Source : hcamag.com

________________________

About Skyhigh.Vip

Skyhigh.Vip is a global institutional investor with a vast interest in Arts / Construction / Education / Business Services / E-Sports and various other growth industries.  

Several of its popular portfolios include GO Chambers which is the world’s largest business chamber listing provider with over 30,000 active chambers as its members.  

Outsource Guru is the global choice for Business Process Outsourcing that offers a full stack of services for all aspects of business process flow and together with Flexgigzz.com as a platform for freelancers aims to provide best services for many businesses.

For growth industries there is Point of Authority for a professional E-sport team and gaming hardware superstore, and there is AtelierAuction which is an investable art auctioneer and being in the art scene for decades.

Read more

Outsourcing HR: Benefits, Risks, & Everything You Need to Know

Every department in a company has a limited amount of time and resources. And, regardless of the company’s size or the available budget, there never seems to be enough of either. Instead of overburdening and overloading their workforce, businesses turn to third-party organizations to relieve some of the strain. Expertise and consistency play a role in the solution. HR departments serve a wide range of companies around the world, but the work performed in various roles is very similar. Employees, whether new or seasoned, have the same basic needs and requirements. After determining the specific areas to be outsourced, a company can draft an outsourcing agreement and begin the transition process.

Outsourcing HR can be a difficult process when it comes to specific functions, different types of services, and the demands of both large and small businesses. So how does one go about seeking external support for a traditionally internalized model? Fortunately, we know the answers.

Considerations for HR Outsourcing

HR outsourcing is defined as the agreement between a company and an external third-party provider to transfer the management of specific HR functions. But, before we get there, we must first take a few important steps, beginning with looking inward. Most notably, to determine how your company currently fulfills its HR obligations.

When it is clear that improvements can be made, a critical question must be asked: is now the right time? Other questions arise from this point. Are you looking to hire new employees? Are people still being onboarded or on probation? Are there any important or upcoming company-wide events that could consume resources and attention?

Understanding the far-reaching consequences of removing some or all of your HR functions can often dictate when you decide to act. Because, as with all ventures, there is inherent risk, and the question is whether the reward outweighs those concerns.

What are the various types of HR outsourcing?
Software as a Service (SaaS)

Using Software as a Service (SaaS) applications, possibly the gentlest touch, allows businesses to investigate the most recent programs that cater to an organization’s HR needs. The adoption process necessitates becoming acquainted with a new platform, but this is easily accomplished with simple training. The main functions of SaaS are overall talent management and various payroll applications.

Outsourcing business processes

If learning new programs and applications seems too daunting, business process outsourcing can be a welcome substitute. As with SaaS, you can contract a third-party provider to not only provide the software, but also to operate it on your behalf.

Outsourcing to a single source

Single source outsourcing is a more extreme example of the preceding model. Single source options cover the entire employee life cycle within your organization, acting as a comprehensive start-to-finish service. Employee movements, training, development, benefits, and contractual obligations are all tracked using HR technology.

Services shared

The shared services option is one step further. A third-party provider will handle the majority of day-to-day functions, as well as employee monitoring and development, allowing your core HR teams to concentrate on strategic initiatives.

Employer organizations for professionals

The largest HR outsourcing handover is through collaboration with a professional employer organization. These organizations, which primarily serve companies with 50 or fewer employees, are hired to handle almost every HR function. This means that the employer regains the capacity and flexibility to carry on with business as usual.

Why should you consider outsourcing your human resources function?

Outsourcing HR responsibilities and functions frees up time and resources for an organization to focus on long-term planning. Whether you provide a leading service or manufacture a highly sought after product, realigning your attention to prioritize that primary operation should be paramount.

Naturally, some businesses may be concerned that these models will result in the loss of control over an important aspect of your identity and culture. In contrast, outsourcing HR allows businesses to reduce the burden of daily tasks and necessities that ultimately distract and detract from delivering on your primary mission statement.

The Benefits of Outsourcing Human Resources
Expertise in a specific field

One significant benefit of hiring outside consultants is that they are required to pursue ongoing HR training as part of their job. Giving you access to an ever-changing set of skills and knowledge without the need to monitor micro and macro industry shifts.

Legislative adherence

When it comes to payroll, pensions, and salary sacrifice benefits, it is critical that your company is legally compliant. Not only now, but also in the future, with new hires and ongoing expansion.

increased productivity

Companies can focus their attention and efforts on maximizing efficiency in key areas by reducing the amount of daily administration and monitoring. This is especially true when it comes to saving management and planning time, as well as reducing tasks generated by employees who have special or extenuating circumstances.

Cost-cutting measures

The financial investment in outsourcing human resources is undeniably a barrier. However, as with most properly applied services, the costs saved by avoiding tribunal fallout, avoiding compliance fees, and incurring fewer training bills are beneficial. Furthermore, lower turnover due to insufficient HR services means that outsourcing almost pays for itself.

Increased employee engagement

For some, having the ability to devote resources to improving the experience of your workforce is a luxury. However, it is necessary if you want to attract and retain top talent. As a result, outsourcing HR for small businesses is a fantastic way to boost much-needed satisfaction and engagement.

The Risk of outsourcing HR
Subject to approval

When you remove a function from your company, you become reliant on an entirely separate business and, to some extent, subject to their schedules, commitments, and response times. Granted, you’re the customer, and several of these concerns can be alleviated with pre-contract research, but there’s no guarantee that this level of service will continue, and switching to another third-party provider could cause unnecessary disruption.

Changing contracts

The agreement you reach when first outsourcing HR responsibilities may meet your current needs, but it may not be as adaptable as an internal HR department over which you have more direct control. Furthermore, if your organization requires a one-of-a-kind one-time service or if new ongoing needs arise, additional support may necessitate renegotiation and a higher cost.

Unpersonal encounter

HR is a fundamentally person-based experience in organizations ranging from small independents to large conglomerates operating across multiple sites. And a lot of that is earned familiarity. However, relying on an external agent increases the risk of impersonality. This is not to say that third parties are cold or unwelcoming; it can take the form of uncontrollable staff turnover, which results in constantly changing names at the bottom of emails.

Security concerns

The data being accessed and worked on on a regular basis is extremely sensitive. As a result, data security must be all-inclusive. We’re not saying your security measures are inadequate, or that your third-party provider’s security is inadequate. However, there is a gap, which allows for a breach.

However, by taking the time to evaluate the various types of HR outsourcing, weigh the pros and cons, and determine if the time has come to act, outsourcing HR could be the answer to regaining valuable time and resources.

 

 

 

Source : unleash.ai

________________________

About Skyhigh.Vip

Skyhigh.Vip is a global institutional investor with a vast interest in Arts / Construction / Education / Business Services / E-Sports and various other growth industries.  

Several of its popular portfolios include GO Chambers which is the world’s largest business chamber listing provider with over 30,000 active chambers as its members.  

Outsource Guru is the global choice for Business Process Outsourcing that offers a full stack of services for all aspects of business process flow and together with Flexgigzz.com as a platform for freelancers aims to provide best services for many businesses.

For growth industries there is Point of Authority for a professional E-sport team and gaming hardware superstore, and there is AtelierAuction which is an investable art auctioneer and being in the art scene for decades.

Read more