At the core of outsourcing is the business principle of Globalisation. Access to the global market to utilize the best quality service in the most cost-effective manner. Offshore Outsourcing is the act of having certain Business Processes of your company, performed by another Company that is located in a different country. In the case of Obox Accounting, this Business Process Outsourcing (BPO) is a service dedicated to Accountants and Finance functions of Small-Medium Businesses.
Offshore outsourcing has been a key ingredient in the success of large corporations for decades. Some of these even moved across continents to open their own back offices to get access to a relatively cheap highly-skilled workforce. Of course, that required a capital investment back then. This gave rise to entrepreneurship opportunity in lesser developed countries to provide exclusive outsourcing services to the developed world. Furthermore, the rapid growth in technologies has made online communication & virtual management completely effortless and cloud software for work performance/sharing the most efficient way to work. As a consequence of these developments, offshore outsourcing is available to virtually everyone, at zero capital investment. This is your opportunity to play on a global scale.
Looking at Accounting and Finance functions specifically in Accounting Companies, we see the same rising trend in Offshore Outsourcing. It started in the 90s with the big 4 who had the capital to invest in their own back offices. Over the years, Companies were formed in South Asia to provide this service to other smaller Accounting companies in the developed world. By the mid-2000s the smaller firms started to catch on to the idea which had made the top companies tremendously efficient in their operations. Now even the companies that have an internal workforce of 0 – 10 employees are thriving with the use of Offshore Outsourcing. To learn more about how your company can benefit from this read ahead in “Accounting, For Accountants”, or simply give us a call.