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Saudi Arabia is outsourcing ‘hot spot’ due to Vision 2030

RIYADH: According to a new estimate, business outsourcing in Saudi Arabia is predicted to reach $5.7 billion by the end of 2027, thanks to a Compound Annual Growth Rate of 10%.

According to a study conducted by the Boston Consulting Group in collaboration with Forward MENA, formerly known as Beirut Digital District Academy, the Kingdom is now a “hot spot” for job outsourcing and is emerging as a strategic hub where entities can easily outsource parts of their value chains and source talent from third parties.

Financial services, manufacturing, and telecommunications are among the key growing sectors in this area.

“Turning key strengths into enabling tools for a fully diversified future, Saudi Arabia has set ambitious yet achievable targets, which express long-term goals and expectations and reflect the country’s strengths and capabilities,” said Leila Hoteit, managing director and senior partner at BCG.

She added: “Its Vision 2030 reflect 11 Vision Realization Programs and large-scale transformation projects such as Giga projects like NEOM, Qiddiya, and Diriyah Gate all point towards vast outsourcing opportunities in the years to come.”

According to the survey, overall spending by Saudi Arabia-based enterprises on outsourcing services from local and offshore suppliers in 2018 was anticipated to be more than $2.3 billion.

This is expected to increase to $5.7 billion by 2027.

In terms of the Kingdom’s future economic outlook, three job clusters have been identified to assist drive long-term initiatives, indicating substantial growth potential for job outsourcing.

Infrastructure management services include cloud engineers and cybersecurity analysts; software and application development includes software engineers as well as application developers; and data and artificial intelligence includes data scientists and blockchain developers.

According to the survey, Saudi Arabia’s talent pool supply for outsourced work comes primarily from local service providers, India, and nearby Arab countries such as Egypt, as well as the US, China, and European countries for more advanced professions.

 

 

Source : arabnews.com

 

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Outsource Guru, headquartered in Singapore, is an established Industry Leader in Business Process Outsourcing Solutions and Software As A Service (SAAS) Integration. Currently partnering MSME’s and large corporations across 12 different industries globally, Outsource Guru has produced phenomenal results by successfully integrating AI technology and restoring workflow efficiency.

With its integrated grid of business solutions and a highly skilled international workforce, Outsource Guru is now the partner-of-choice for business establishments globally.

 

 

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Accounting Services: What You Should Know

A Summary of Common Accounting Services

Accounting services can include a wide range of services that businesses or individuals may require. Tax compliance, bookkeeping, payroll, cash management, and financial reporting are common services.

Tax compliance entails preparing and filing tax returns in accordance with the applicable laws and regulations. Bookkeeping aids in the organization of financial records.

This includes invoices, bills, and receipts. It enables a company to keep track of its profits and losses. It allows you to make informed decisions about your future growth.

Payroll entails the processing and creation of employee-related documents. This includes pay stubs, off-cycle payments, bonuses, and employee benefits.

Cash management necessitates effective planning and financial resources. This is for the smooth operation of the business.

Finally, financial reports show the company’s financial status. This can provide stakeholders with transparency about the quality of accounting for businesses.

Accounting Professional Selection

An accounting professional should be able to inform you about every aspect of your company. It includes accounting services like taxes, investing, and budgeting.

It is critical to hire a qualified, experienced accounting professional you can rely on. You can find local accounting services to get a consultation for your business.

Check your credentials and credentials before hiring. A qualified accounting professional can assist you with taxes, business transactions, and investments. Before hiring, request examples of work and recommendations from previous clients to ensure the highest quality service.

The Advantages and Disadvantages of Outsourcing Accounting Services

Accounting service outsourcing has advantages and disadvantages. To make the best decision for their financial needs, business owners must understand both. On the one hand, because experts in the field rarely overlook a detail, outsourcing these services frequently ensures high quality.

Outsourcing also allows a business owner to concentrate on other aspects of the operation. Meanwhile, there are risks to outsourcing, including a greater need for trust and control. Data security breaches are possible, and outsourced services can be costly and difficult to manage if something goes wrong.

Accounting Services will help you keep accurate records for your business.

Accounting services may be required to keep accurate business records. An accountant can help you manage your company’s finances.

They can assist you in tracking and recording all of your financial transactions. Financial statements can also be generated by these services. They can also provide advice and information on how to manage and maximize your financial resources.

They can also assist with tax preparation and filing. This helps you stay tax compliant while maximizing your returns.

Using an experienced accountant can help take the guesswork out of financial management. It will give you the power to keep your company on track.

 

 

 

 

Source : startupguys

________________________

Outsource Guru, headquartered in Singapore, is an established Industry Leader in Business Process Outsourcing Solutions and Software As A Service (SAAS) Integration. Currently partnering MSME’s and large corporations across 12 different industries globally, Outsource Guru has produced phenomenal results by successfully integrating AI technology and restoring workflow efficiency.

With its integrated grid of business solutions and a highly skilled international workforce, Outsource Guru is now the partner-of-choice for business establishments globally.

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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

 

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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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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.

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3 Outsourcing Trends to See in 2023

Hiring a full-time employee is costly, with estimates ranging from three to four times the salary of the position. After you hire someone, you must provide adequate compensation (especially in a tight labor market where talent is at a premium). Paychecks, perks, and benefits all add up quickly. The risk of overspending on hiring is very real, especially for companies in the startup or rapid growth stages. Outsourcing is one way a growing company can avoid the mistake of rapidly expanding its team.

However, just as with hiring, you don’t want to outsource anything to anyone. Here are some outsourcing trends that can help a healthy business stay on track as it expands in 2023.

  1. Financial Management Outsourcing

Finance is always on the cutting edge of innovation. For years, fintech has been simplifying commercial activity. Bringing in a third-party accountant is nothing new when it comes to outsourcing.

The rise of outsourced financial leadership is expected to change things in 2023. A growing number of outsourcing firms are taking on the task of making 10,000-foot financial decisions for others.

Outsourced CFOs, such as the team at Aquifer (who refer to themselves as “Financial Jedis” with “professional financial expertise”), are providing startup-specific finance departments. From late seed to series A, these services help manage spending and maintain transparency.

Finance has always been difficult to delegate. Outsourced CFOs will provide a much-needed lifeline to struggling startups by 2023.

  1. Marketing Management Outsourcing

The chief marketing officer is another C-suite position being outsourced. The current trend in this case is to go with a fractional CMO.

These are highly skilled marketing executives who work on a contract basis with businesses. This is usually for a few hours per month.

Neal Schaffer is a fractional CMO who exemplifies how valuable the position is to both clients and service providers. The outsourced executive assists multiple companies in marketing themselves successfully at a fraction of the cost of a full-time salaried CMO. Schaffer adds that fractional CMOs are even more cost-effective because they do not require long tenures at a company.

Fractional CMOs are an excellent choice for startups and SMBs (small and medium-sized businesses) that do not yet have the resources to hire a full-time CMO. They offer a limited amount of high-quality advice that can assist a smaller company in its early stages of development.

  1. Business Process Outsourcing Expands

The preceding two examples demonstrate the impact of outsourcing on the C-suite. However, the majority of outsourcing activity occurs further down the organizational chart, and this trend is expected to continue in 2023.

According to one Grand View Research report, the global BPO (business process outsourcing) market will be worth $261.9 billion by 2022. Outsourcing a wide range of business functions, operations, and responsibilities to external service providers is referred to as BPO.

Upwork and Power Publish are two platforms that demonstrate this type of outsourcing in action. They provide a fleet of freelancers and SMEs (subject matter experts) who can relieve a smaller marketing team of the burden of content creation.

The savings and flexibility offered by the BPO market are constantly attracting new players. As a result, Grand View expects the market’s compound annual growth rate to be a staggering 9.4% over the next few years, equating to the market more than doubling to $525.2 billion by 2030.

From the rise of outsourced CFOs and fractional CMOs to the explosive growth of the BPO market, it’s clear that delegating business activities to third parties will continue to be a hot topic in 2023. As the quantity and quality of outsourced responsibilities increase, it will be interesting to see how they set the stage for future interactions between an increasingly smaller, intertwined global economy.

 

 

 

 

Source : forbes.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