Benefits of Business Process Outsourcing (BPO)

What is Business Process Outsourcing (BPO)?

Business Process Outsourcing (BPO) is the practice of using a third party, contracted to perform specific, specialized process on a company's behalf.
BPO is typically categorized into back office outsourcing and front office outsourcing. Back office outsourcing, which includes internal business such as human resources or finance and accounting. Front office outsourcing includes call center services.

BPO is about optimizing business performance to attain value creation. BPO provides quantifiable benefits through flexibility, improved efficiencies, focus on core business, lower overhead, reduced payroll and benefit expenses, and fewer capital investments.

Business process outsourcing (BPO) is the delegation of one or more IT-intensive business processes to an external provider that, in turn, owns, administrates and manages the selected processes based on defined and measurable performance metrics. BPO offerings are categorized in two major categories: horizontal offerings (those that can be advantage across specific industries) and vertical-specific offerings (those that demand specific industry vertical process knowledge).

The intersection of technology and globalization has changed the way business is done and created new business opportunities in the international marketplace.

Business process outsourcing (BPO) has evolved with time and the strong innovation in technology. The BPO trend is very quick. It is a subset of outsourcing that involves the contracting of the operations and responsibilities of a specific business process to a third-party service provider. Originally, outsourcing was associated with manufacturing firms that outsourced large segments of their supply chain.

BPO is typically categorized into back office outsourcing, which includes internal business functions such as human resources or finance, web or application development and accounting, and front office outsourcing, which includes customer-related services such as contact center services. In addition, other outsourcing segments within the global industry include business services, energy, technology, healthcare and pharmaceuticals, retail, travel and transport, and telecom and media.

Benefits in Business Process Outsourcing

If you have your accounts to be done from an accounting firm can be a beneficial one. If you are new to this concept then in brief, it is having the task done from someone usually the professional at their office and at their convenience. The task will not be done in your office and therefore it is easier for you to manage other task and focus more on the things that matter to you. The following are some of the advantages.

Cost Saving

When the company accounts are being done through an accounting firm, you do not need to hire an in house full time accountant. You can save on the monthly salary which usually cost around 25000 onwards for an accountant. Besides that, you do not have to worry when you’re in house accountant decides to resign or even apply sick leave or annual leave. When you outsource the task, the accounting firm will work on your accounts and completed within the specify time. The responsibility of the work to be done is on the accounting firm. If you are a cost understanding person, then you wouldn’t mind having your accounts done by an outsource accounting firm.  

  

Time Management

For small business or newly Startup Company, it is understandably that the owner will try doing everything by its own. This can be due to budget constraints on employing or there is no need to. However, possibly in term of business sense, the owner should make good uses of its time in increasing the performance of the business. Time spent on non-profiting process, should be minimize. And one of it has to do data entry in the accounting system. This process can be outsourcing to an accounting firm. In fact the return of investment is higher, if you can generate more profit when you have more time for yourself. And by outsourcing, it gives you more time to focus on important matters. Additionally, you do not have to worry about due dates and then suffer late filing penalty. This in fact is a very good point to list out, as time is money.

Benefit of Getting Expert Service

For some cases, company may not be able to hire someone with all the expertise. For example, the company hires an accountant to handle the daily transactions. However, the accountant only knows how to do accounting but do not have the expertise to do business grants or maybe even taxation. So it is quite difficult to hire someone with all the expertise. In this case, you can seek professional help through an accounting firm. When you engage the accounting firm, you can rest assured that the company is aligned with regulations ability to solve your inquiry.

Manage workflow promptly

Although we always highlight multitasking in the job description, employee might not be able to cope with stress due to overloading of work and lack of knowledge to perform. Nevertheless when you have your accounts outsourced, you can allow your staff to focus on other works that are more critical during that period. For some company, they usually don’t do the accounts until it is reaching the filing due date. During that period, they will find the employees to work on it and thus making the work difficult. Moreover the work done might not be accurate or ethical. To prevent such incident, business owner should start planning earlier.

Task is done professionally

When the task is assigned to an accounting firm, the task would be done professionally. This would be beneficial as the company may not be able to hire a professional on monthly salary basis. Therefore the professional will be the person doing your accounts in the accounting firm. Normally the task will go through checks and reviews before submitting to the company for approval. You actually get the best of both worlds, having a professional and also higher standard of work completion.

Mainly this process of BPO involve offshore preferably companies based in another country providing the services. These days American and European clients/firms constantly outsourcing BPO and call center activities to Pakistan as the country distinctly developing in IT industry. ESOLPK's technology driven services deliver BPO, outsourcing and consultancy facilities to many customers in different countries.

Outsourcing BPO services to Pakistan is popular practice in today's competitive environment. The BPO industry in Pakistan is constantly growing. By keeping in focus of the competition, we are consistently climbing stairs by hiring professionals, increased services circle and viewing quality assurance at every stage for client satisfaction, at very lower rates.

All together from Outsourcing financial, administration (F&A) processes, human resources (HR) functions, BPO services, customer at support service activities to accounting and payroll processes. ESOLPK is well equipped to handle its clients all business needs for providing successful ideal results.

ESOLPK is a trend-setter among business process outsourcing companies in Pakistan. We have cutting edge technology and robust infrastructure to manage all our projects efficiently. We deliver versatile and proven Business Process Outsourcing solutions in Pakistan that alliance various aspects of enterprise to give a single view of business. ESOLPK is the best one stop business process outsourcing firm for all outsourcing requirements. All you need to do is experience us.