TMF Group acquires Proven’s corporate services business in Saudi Arabia

The Middle Eastern business outsourcing company Proven’s business process outsourcing (BPO), corporate services, corporate immigration, and visa services businesses have been acquired by TMF Group, a provider of compliance and administrative services.

Since its founding in 2009, Proven has played a leading role in making it possible for companies to run smoothly in Saudi Arabia and other Middle Eastern nations, including the UAE, Bahrain, Egypt, and Kuwait. Since then, it has grown to serve global markets while continuing to uphold its standing as a reliable partner for businesses seeking to optimize their operations.

Proven’s staff has ten years of experience, and they bring knowledge, cutting-edge technology, and a contemporary service delivery strategy to assist their partners create the most value possible. By making the strategic acquisition, Proven can grow its corporate services value chain and support inbound business from TMF Group’s 125 offices throughout the world.

TMF Group will gain from incorporating Proven’s regional corporate services companies into its current worldwide infrastructure.

In order to expand its clientele in Saudi Arabia, TMF Group will establish a new office there.

Frank Welman, head of EMEA at TMF Group, said in a statement following the announcement of the acquisition: “This acquisition marks a critical turning point in TMF Group’s expansion strategy. Proven has shown great success in the region.

In the Middle East, where we already have a reputable presence in Qatar and the United Arab Emirates, the kingdom of Saudi Arabia is a jurisdiction full of potential, and this acquisition will allow us to expand our high-quality service capabilities there. After the purchase closes, we eagerly anticipate welcome 57 of Proven’s skilled staff members to the TMF Group’s MEA team.

The purchase of a portion of Proven’s business will increase TMF Group’s service offerings to foreign corporations seeking to operate in and invest in the kingdom of Saudi Arabia, according to Stewart Adams, market head for Middle East and Africa at TMF Group.

The acquisition is a fundamental part of a continuing growth story for TMF Group and demonstrates strategic intent to develop and grow its global corporate services and HR business. PROVEN adds high-quality capability to TMF Group’s portfolio of services in the GCC (Gulf Cooperation Council) region, helping it to increase its share of this fast-growing market.”

Proven CEO, Omer Saleem, commented: “Saudi Vision 2030 aims to build a business ecosystem that sustains and supports the growth of the private sector, and corporate services are an integral part of this ecosystem. Today, both Proven and TMF Group are at a maturity level that allows for maximum value creation in the country.

Saudi’s private market is in urgent need of the next level of corporate services that can help existing firms keep pace with regulatory and compliance needs. Our partnership with TMF Group is perfectly timed, foreseeing the next level of growth that the Kingdom is envisaging in the near future.”

 

 

 

 

source : gulfbusiness.com

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BPO market is expected to be worth USD 544.8 billion by 2032

The market for business process outsourcing worldwide was estimated at USD 245.9 billion in 2016 and is projected to reach USD 544.8 billion in 2032. This market is anticipated to grow at a CAGR of 8.5% between 2023 and 2032. company process outsourcing (BPO) is a technique that enables businesses to delegate non-core company activities and processes to outside service providers. BPO providers provide specialized knowledge and efficiencies that can result in cost savings and increased production. Companies can concentrate on their core skills and business goals by outsourcing operations like customer service, accounting, payroll, and data entry. Business process outsourcing (BPO), which includes knowledge process outsourcing, front-office outsourcing, and back-office outsourcing, can be carried out globally. Even though BPO has numerous benefits, it’s important to be aware of potential risks and difficulties related to outsourcing business processes, such as losing operational control or potential security or privacy breaches.

Top Business Process Outsourcing Market Trends

The market for BPO services is experiencing a spike in growth as a result of the increased usage of AI and automation. This is because there is a growing need for services like robotic process automation (RPA) and machine learning, which help streamline processes, cut costs, increase efficiency, and reduce overheads. Another trend that is starting to emerge in the BPO industry is cloud-based services. Businesses can now obtain BPO services thanks to a flexible, scalable, and cost-effective strategy. With chatbots and social media management, BPO companies are placing more and more emphasis on the customer experience. Additionally, the BPO industry is becoming increasingly specialized thanks to service providers who specialize in particular fields like medical billing, legal outsourcing, and research and analytics.

Market Growth

The Business Process Outsourcing (BPO) market has had impressive expansion in recent years, and it is anticipated that this growth will continue in the years to come. Cost savings, technical developments, and a skilled labor pool are all contributing to this expansion. BPO services offer scalability and flexibility, enabling businesses to quickly modify their operations in response to changing market conditions or client requests. As businesses turn to these providers for continuity during their crises, the COVID-19 epidemic has increased the adoption of BPO services. Analysts predict that the BPO market will continue to grow as more companies attempt to outsource non-essential jobs in order to concentrate on their key strengths and cut costs.

Regional Analysis

With a projected CAGR of 9.7% and a market share of 35%, North America is predicted to dominate the worldwide BPO market. In the near years, regional expansion should be fueled by the expanding demand for BPO services in this region from a number of IT companies as well as rising cloud computing use and service customisation to meet specific customer needs. Due to labor cost issues, an increase in the demand for experienced individuals, and steady digital investments made by market players throughout this time, Asia Pacific is expected to have the greatest compound annual growth rate (CAGR) of 10.2%.

Market Drivers

Business process outsourcing (BPO) has emerged as a rapidly popular and economical strategy in the digital sphere, allowing business owners to free themselves from tedious activities and concentrate on other crucial facets of their operation. The current digital transformation gives businesses the chance to move away from traditional business process services (BPS) and toward contemporary technical components like business process as a service (BPaaS), which will encourage long-term market growth.

Market Restraints

Cybercrime and data breaches, which can put the security and confidentiality of private corporate data in danger, are becoming a growing concern for the BPO industry. An further challenge could be the rising cost of labor in nations like India and the Philippines, where BPO services are commonly outsourced. Because of this, businesses must hunt for alternative outsourcing locations because outsourcing is no longer as cost-effective. BPO providers and their customers may also be at risk from geopolitical unrest and legislative changes in outsourcing nations. There may be reduced demand for some BPO services in the next years as a result of the growing usage of automation and artificial intelligence technology in corporate processes.

Market Opportunities

Businesses have a wonderful opportunity to modernize their processes, reduce expenses, and increase efficiency thanks to the business process outsourcing (BPO) industry. Customer service, technical support, accounting, human resource management, and back office operations are just a few of the many services that BPO providers offer. organizations can utilize the knowledge and resources of BPO organizations by outsourcing these tasks to specialist providers, freeing up their staff to focus on their main business operations. Since BPO providers frequently operate across numerous countries and are linguistically and culturally savvy, they provide businesses rare opportunities to access global labor pools. Furthermore, as more providers offer services like robotic process automation (RPA) and artificial intelligence (AI), which help businesses update their processes and improve customer experiences, the trend toward digitalization and automation is opening up new opportunities in the BPO market.

 

 

 

 

 

 

Source : globenewswire.com

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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

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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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Strategic Outsourcing: Which Services Will Help Your Small Business?

Running a small business is similar to being a one-man band in that you must play multiple instruments to keep the show going.

But have you ever heard the expression “jack of all trades, master of none?” Trying to do everything yourself as a small business owner can result in burnout and, ultimately, a lack of progress.

This is where outsourcing can help. Strategic outsourcing can assist you in delegating tasks to experts and technology that you may not have in-house, allowing you to focus on growing your business.

What are these services, exactly? Let’s explore!

Accounting Outsourcing

As a small business owner, you may lack the time, resources, or expertise to effectively handle your accounting needs, which can lead to costly mistakes.

However, by outsourcing your accounting needs, you can leave the number-crunching to the experts, giving you more time to focus on what you do best. The professionals can help you with bookkeeping, payroll, tax preparation, and financial analysis, as well as ensuring the accuracy of your financial statements.

Not only that, but with their expertise in the most recent tax laws and regulations, you can ensure that you are always compliant and avoid any costly penalties.

Software Outsourcing

It’s a popular choice for small businesses that don’t have the resources or expertise in-house to handle their software needs. By outsourcing software development, you can gain access to one of the top software outsourcing companies that have the knowledge and experience to develop high-quality software solutions that meet your specific needs.

You can outsource tasks such as web frontend and backend development, app development, and quality assurance. It will save you time and money while ensuring a high-quality product.

Marketing Outsourcing

To state the obvious, marketing is essential for any business to grow and reach new customers. However, developing an effective marketing strategy can be a daunting task, especially if you are not a marketing expert. This is where marketing outsourcing comes in.

You can gain access to experts who can help you develop and implement an effective strategy to increase brand awareness and drive sales by outsourcing your marketing needs such as social media management, content creation, search engine optimization, and email marketing.

In fact, if you have a limited budget, you can look for freelance marketers rather than a full-service marketing agency.

Human Resources Outsourcing

Human Resources Outsourcing (HRO) is a strategic approach to managing your company’s human resource needs. It includes recruiting, onboarding, payroll processing, benefits administration, and compliance. Not to mention, HRO providers are experts in their field, which means you’ll have access to HR professionals who can help you navigate complex employment laws and regulations.

Outsourcing your HR needs can also help you manage your employees more effectively, resulting in higher employee retention and productivity. Finally, it will streamline your HR processes and improve your overall business operations.

To Sum It All Up

If you’re feeling overwhelmed and struggling to keep up with all of the demands of running a small business, remember that outsourcing is an option! Accounting, marketing, human resources, and software development are all services that can help you take your company to the next level.

 

 

 

 

 

Source : businesslancashire

________________________

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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The Advantages of Outsourcing Technical Support

Technical support outsourcing services are available at several levels, with first-level customer service resolving most issues quickly and easily. They also collect client information and categorize problems based on their complexity. More complex issues are escalated to the next tier of agents, or Tier 2, who are trained in specific areas. These agents deal with complex coding issues, bugs, and other uncommon errors.

It lowers risk

Outsourcing technical support has numerous advantages, and it is especially advantageous for small businesses that lack the resources to handle complex projects in-house. Outsourcing allows companies to meet the workload of larger organizations while also lowering overall risk. Outsourcing firms have industry knowledge and security expertise that can assist businesses in managing their risk levels. These services are typically less expensive than hiring in-house personnel and provide economies of scale.

Outsourcing technical support also allows you to focus on running your business. A third-party technical support provider has experience with similar systems and technology and is thus more likely to be familiar with issues. Third parties are also more likely to be competitive and efficient. Companies that keep in-house tech support staff will incur higher costs in R&D and implementation, which will be passed on to the customer.

Most small businesses cannot afford to hire specialized technical support employees because they are more expensive. Outsourcing is also less expensive than in-house technical support, and economies of scale can lower the risk of hiring the wrong people.

It is less expensive

Outsourcing technical support is a more cost-effective option than hiring in-house technical support personnel. This method eliminates the need for additional equipment and space required to house in-house technicians, resulting in a lower overall company cost. Another advantage is that it saves time. Training in-house employees to provide technical support takes time, and small businesses may find it ineffective to invest in this type of training. Companies can focus on other aspects of their business by hiring a third-party service provider.

Outsourced customer service costs vary according to the complexity of the work, the number of employees needed, and the hours of operation. Hiring an outsourced team can cost anywhere between $20 and $40 per hour. This is significantly less expensive than hiring an in-house team, especially if you outsource to an Asian country. In addition to lower labor costs, offshore technical support outsourcing is more cost-effective because the workforce is more competitive and affordable. Outsourced technical support teams are usually half to one-third the price of in-house teams.

Unlike in-house tech support, an outsourcing company can provide an infinite knowledge pool. The technical support team will be trained and constantly improve their skills. Furthermore, the budget for in-house tech support teams is limited. Outsourcing technical support enables businesses to rapidly scale to meet the demand for their products. They can also hire qualified employees whenever they need them.

It saves money

Outsourcing technical support services allows businesses to cut costs while still having access to highly trained and experienced employees. Hiring a service provider eliminates the need for a company to invest in costly equipment and additional space to house its own staff. Furthermore, the company does not have to pay for training or recruitment. This means lower long-term overhead costs.

Another cost-cutting benefit of outsourcing technical support services is lower labor costs. Contractual technical support costs as little as one-third of what hiring a full-time employee would. Salaries, benefits, and office space are among the expenses. Some expenses, such as benefits and retirement plans, are fixed, whereas others are recurring.

After-hours service may be charged extra by the third-party vendor, which is not required for mission-critical IT systems. As a result, many small businesses find that outsourcing technical support is a far more cost-effective option than hiring in-house personnel. This is because of economies of scale.

It enhances customer service

Outsourcing technical support can be a great way to improve customer service while lowering costs. An outsourced team can provide customer service support 24 hours a day, seven days a week. This adaptability can benefit businesses that are experiencing rapid growth or significant change. It also allows them to reallocate resources and personnel to the company’s core functions.

Outsourcing also allows you to customize the work schedule of your technical support team. You can keep your help desk open around the clock depending on the number of agents required. Outsourced agents can work in different time zones, allowing them to provide excellent customer service at any time. Hiring employees in-house, on the other hand, can be costly and time-consuming.

 

 

Source : laprogressive

 

 

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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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What Are the Most Popular Outsourced Services?

Many businesses are opting to outsource certain tasks and services rather than handle them in-house. There are numerous advantages to doing so, including increased expertise and more time to focus on more pressing tasks. However, which services are the most commonly outsourced? Who is doing the majority of the offshoring?

In this article, we’ll go over the various types of outsourced firms that exist, from outsourced accounting firms to office cleaning services. Whether or not to outsource depends on your time, your company’s working bandwidth, and the amount you’re willing to spend on the services you require.

It also depends on the size of your company. Many small and medium-sized businesses lack the resources to outsource their services; instead, they try to handle them in-house or simply go without. Larger companies have the resources to handle the outsourced services they want to add to their arsenal. It’s not fair, but when has business ever been fair?

According to Forbes, the United States outsources nearly 300,000 jobs per year. The main reason for this is that businesses want to save money while still having access to dependable services. However, there are numerous advantages to outsourcing. More information is provided below.

5 Advantages of Outsourcing

The following are five of the most important advantages of outsourcing:

Save the money you would have spent on hiring additional employees

Hiring an outsourced expert on a contract or other agreement is much less expensive than paying another salaried employee, or employees. You also don’t have to train them, acclimate them to the environment, or risk missing out on a hire, which would set you back even more.

Access to difficult-to-find expertise

Certain jobs require expertise that is difficult to find in new hires. For example, an outsourced CFO, or chief financial officer, has financial experience and knowledge and the expertise to make recommendations for your company, monitor your expenses, and assist you in making critical decisions.

More time to focus on business matters:

As a business leader, you cannot afford to spend significant time and money attempting to implement a new service that diverts attention away from your existing demands. Simply delegating to an expert provides peace of mind and stress relief, allowing you to focus on what you do best.

Access to a larger pool of talent

The best experts in the field for which you require outsourced services are unlikely to apply for your position. However, as outsourced experts, they can frequently juggle multiple clients or focus solely on your business. You can look through various outsourced firms before making a decision to find the best solution for your specific company’s needs.

Improved business efficiency

Your employees will have more tools at their disposal to make their jobs easier if an outsourced expert implements a new service into your business model. If they have more resources to succeed, your company will grow and improve on what you specialize in. Expert advice can help a company make important decisions and increase overall productivity.

These are just a few of the many reasons why businesses choose to outsource their service needs. However, there are some drawbacks, which are listed below. 3 Drawbacks of Outsourcing

Outsourcing may have some disadvantages for some businesses.

  1. You give up some control over your company: Allowing an outside force into your business is not easy. It can be difficult to hand over control and trust an outsourced expert, especially if your company is small or new.
  2. Potential for inconsistency: Unlike hiring a full-time employee to handle the services you want to add to your business, an outsourced firm will not be able to provide the same level of attention. Hiring a new employee provides some security, which many businesses prefer.
  3. Less flexibility: Many outsourced firms bind you to a specific contract or time period for their services. If you decide you no longer want the services for which you are paying, you may be out of the money you have already spent. With a new employee, you can shift responsibilities and roles.

Which Services Are Most Commonly Outsourced?

Companies are increasingly outsourcing their services to broader industries. Many things you simply would not do on your own, such as designing your own kitchen. That’s why you would pull out your phone and search for something like “kitchen designers near me”. We cannot excel at everything. We outsource because of this.

But who does the most outsourcing? Or, more specifically, what services are most in demand for businesses as they seek outsourced firms? More information is provided below.

Accounting

Companies that do not primarily work with numbers are not interested in them and do not wish to be. Hiring an outsourced accountant simplifies many business issues and makes it much easier to track your finances and expenses. They can provide automated accounting reports and make recommendations for future changes.

Marketing

Marketing strategies are constantly evolving and taking on new forms. As a result, a marketing firm can perform previously unknown trade secrets. They can also assist with content marketing, SEO, and web development and design.

IT Services

Information technology is a difficult field with numerous difficult problems. As a business owner, all you need is for your technology and data software to function properly. Outsourced IT professionals can monitor your systems, predict and prevent problems, disasters, or shutdowns, and do a variety of other things.

Customer service and contact centers

Companies frequently lack the resources to personally respond to every customer service question or inquiry. They instead delegate this to off-site outsourced experts who have the bandwidth and technology to handle high volume calls or requests.

Social media services

Social media can provide a variety of tools and platforms, such as increasing brand awareness or determining who to target as an audience. Social media specialists can use all of these tools, provide web performance reports, and create strategies to increase visibility or promote a specific promotion.

Conclusion

If you have the resources, outsourcing can help businesses of all sizes succeed. You need experts on your side, and you need to be able to save money for their services. Outsourcing is less expensive than hiring and often provides a better return on investment.

 

 

 

 

Source : eastendtastemagazine

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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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Skyhigh.Vip acquires Outsource Guru, one of the fastest growing tech startups in Asia

Outsource Guru has been recently acquired by Skyhigh.Vip and has been recognized as one of the fastest-growing and most valuable tech startups in Asia and the Middle East as well as the best Outsourced Workforce in the market today.

Running full-fledged operations in the Business Process Outsourcing Industry, Outsource Guru currently provides the following services to its clients, with a few recent additions.

– Administration & Virtual Assistance (New addition)

– Game & AI Development (New addition)

– Programming & Cyber Security (New addition)

– Think Tank & Business Intelligence

– Sales & Digital Marketing – Accounting & Finance

– Graphic & Interior Design – Business Process Management

– Customer Service

With the launch of these new virtual and AI integrated services, Outsource Guru is poised to save its clients, time and money. Outsource Guru, with its focus on its mission to reach out and assist businesses across the continents, continues to exceed its clients’ expectations every time. Get to know the team behind Outsource Guru and learn how they can drive the success of your business thru their revolutionary non-disruptive integration system. Contact Outsource Guru now and enjoy a waiver of the onboarding charges of USD$3888/-

 

 

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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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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

 

 

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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 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.

Read more
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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

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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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