Updated: Sep 16
Process outsourcing is one way to improve the efficiency of SMEs
SMEs have limited reserves and financial resources. One of the main difficulties is how to maintain focus on core business activities and retain people with key competencies in the company. Other non-core or support functions can be outsourced to external professional service providers - marketing, accounting, payroll and human resource management, etc.
Many companies outsource their accounting, tax and payroll processes to external professional service providers. In the context of the expected downturn in business that many SMEs are currently facing, it may not make sense to retain an in-house finance or tax person.
Indeed, what are the pros and cons of outsourcing non-core functions to external professional service providers? Why do many companies consider Business Process Outsourcing (BPO) as one of the most logical ways to improve resource management and efficiency? Many of our customers agree that one of the key benefits of this solution is that it allows companies to focus on their core competencies. Maintaining internal departments consumes a lot of time and energy in an organization and requires constant monitoring and innovation. Companies prefer to focus on their core strengths and/or money makers through outsourcing.
BPO can also be a key tool in cost reduction. In addition to salary costs, maintaining an internal finance department has many cost components of training employees, and hiring full-time staff who have peak and off-duty periods creates significant inefficiencies. Add in many other costs for employee retention and incentives, office space, hardware, software licenses and tools, expensive admin time and more... Many SMEs do the math and decide, it just isn't worth it.
In addition, outsourcing accounting, tax and payroll functions allows companies to hire specialists they would not normally be able to hire permanently. A range of related and highly complex services are provided by specialist external providers, readily available on request. Since SMEs use the systems of the service provider, there is no need for further investment in IT, system upgrades for legislative changes and related training. In fact, specialised statutory accounting and payroll compliance software can easily be cut because they are often unrelated to a company's core business. Today, there are many regulatory changes taking place in the context of and outside of the pandemic. Legislation in the countries of the region is dynamic and constantly evolving. Wrongful termination of contracts, security breaches, tax compliance issues, etc. pose the threat of sanctions (or even legal action). This headache becomes their problem when the service is outsourced to an external professional provider.
Most importantly, outsourcing solutions improve the quality of finance and payroll functions as professional providers bring higher productivity and quality through better processes and expertise. As a professional organization, it typically develops customer-motivated individuals driven by a front-office mindset, as opposed to those in internal back-office functions.
Outsourcing certain business activities is an effective cost-saving strategy and is becoming an increasingly common business practice. By outsourcing back office activities to outside experts, businesses can increase efficiency and reduce operating costs. This frees up valuable time, allowing businesses to focus on core business activities and drive growth.
We understand the needs and challenges that local businesses face. The Bestar BPO team professionals use their understanding of the local business environment, as well as their knowledge of how SMEs operate, to provide clients with tailored consulting services at competitive fees. Our team leverages their extensive technical expertise and experience to quickly understand client needs to identify and recommend outsourcing solutions that not only improve the way the business operates, but add value to the entire business.
Today, companies need to devote resources and time to core business activities. We are your best choice when it comes to management consulting, solving complex business problems, supporting the integration and standardization of operations in multinational organizations, increasing efficiency and reducing costs, having highly qualified professionals, and providing services based on quality and integrity.
Bestar's BPO practice offers a wide range of efficient, cost-effective outsourcing solutions in accounting, payroll and company secretarial services. Our services include the outsourcing of all or part of the finance function and the secondment of financial staff.
Working with Bestar in Singapore, Malaysia or Hong Kong in outsourcing accounting and payroll services brings many benefits, including the help from an interdisciplinary professional team that provides solutions tailored to the company's size and specificity, as well as appealing price concessions tailor-made based on individual customer needs.
Our BPO professionals at Bestar help clients reduce costs and improve the efficiency of their core business processes. By outsourcing, our clients can fully focus on driving their business forward while we take care of the 'back office' activities. Our BPO team supports top and middle managers by enabling effective business optimization and providing them with assurance of critical business data and information that supports business decisions and processes. Bestar's BPO services are designed to support companies' day-to-day accounting processes so they can focus on their business.
Benefits of outsourcing your process to Bestar:
We provide a team of interdisciplinary professionals in accounting, financial reporting and payroll, focused on working together and completing assigned tasks within a set time frame. Our outsourcing services provide access to qualified talent and technical support.
By ensuring compliance with current regulations, compliance with official deadlines and regular employee training, you can reduce business risk in a frequently changing legal environment.
Your financial and salary data will be kept confidential.
You can reduce operating costs by eliminating expenses on specialized software, employee retention and training, or monitoring legislative changes, which can translate into significant savings that you can use to grow your business.
You can focus on your core business, make the most of your existing capabilities and rely on a reputable accounting firm to build a good image.
Our BPO Services
Our BPO services allow companies to focus on the core aspects of their business, delegating administrative and back office functions through an outsourcing model.
Our services include the following processes:
General Accounting, Accounts Receivable and Accounts Payable Processing
We provide end-to-end accounts payable and accounts receivable services, including scanning, invoice processing, approval management and inquiry resolution, service desk, payment, and month-end and internal/external reporting.
Accounting and Secondment Services
We set up accounting functions, record accounting transactions and report management information systems (MIS). We also send staff to clients to provide on-site support for finance and finance related administrative tasks on a short/long term basis.
Accounting System Implementation
We help clients choose and effectively implement accounting systems that support and improve their business operations.
We help clients manage payroll for their active employees. We configure our payroll processing services to meet the specific needs of our clients.
Policies and Procedures Manual
We review the current process. We develop policies and procedures manual.
We work with entrepreneurs to help them develop robust plans that include detailed strategies in every aspect of their operations, including finance, sales and marketing, operations, supply chain and procurement.
Budget and Cash Flow
We help clients prepare entity-level budgets based on business functions and the growth trajectory of the organization.
We work closely with customers to identify potential loss of revenue or areas/functions of concern. We design and manage business processes for faster, improved and more cost-effective operations. Whatever the problem, we review the current process, provide "as is" process documentation and conduct a full gap analysis. We address the identified issues.
Additional Value-Added Services
We help clients build the best team for their accounting function. We source candidates, conduct initial interviews, screen qualified candidates and facilitate final interviews.
Fixed Assets Labelling
Creating a register of fixed assets can be a major task for any organization. We help clients prepare fixed asset registers after counting and tagging assets.
Value Added Tax (VAT) Consultation
We help businesses understand the impact of VAT on different business functions and operations such as finance, IT, supply chain, procurement, sales and marketing and measure the impact on prices, profitability and cash flow. We can also assist companies in implementing the necessary changes to comply with VAT requirements.
Our valuation experts determine and apply the most appropriate methods based on historical financial performance and management's business strategy to provide reliable analysis and provide tailored financial models.
We help companies apply for the licenses they need to do business.
Company Secretarial Services
We provide company secretarial services, including holding annual general meetings (AGMs) and extraordinary general meetings (EGMs), writing minutes, changing the board of directors and authorised signatories.
We would be delighted to discuss your opportunities and challenges and how we may be able to help.
For further information on our BPO services, please contact Bestar.