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Offshore Accounting Bpo - Myths and Realities

There is a myth that efficiency and
profitably of offshore business can only beExtensive IT integration is required in
seen in big business. But that's not true.outsourcing - this was a misconception.. the
Today small business organizations are takingoffshore vendors only require just server and
to outsourcing to increase their businessInternet connectivity is sufficient to
efficiency and profitability. With IT basedprocure value-added services. The outsourced
transaction processing has expanded toservice provider can use Remote Server model
accounting, HR management, public relationsto access client's computer securely to
consultancy, financial services etc,perform services like Accounts. In case of
outsourcing today is the latest tool forSecure File Transfer all the accounting
transformation of any conceivable businessrecords are transferred securely from
process. Small businesses are still not surecustomer's computer to the outsource vendor
whether offshore vendors can really createto perform the work. Then the vendors upload
value  for  their  company.the files back into customer's computer
securely. The technology for outsourcing is
Myth: Outsourcing is only and only for Bigchanging day by day as concept of offshore is
Business  onlyincreasing everyday. A IDC study entitled US
Finance and Accounting Outsourcing Market
Reality: that's not true. It has equal valueForecast and Analysis 2003-2008 has predicted
in  Businessthat the global market for finance and
accounting outsourcing services, which
There is a myth that business with abundantreached over $30 billion in 2003, will reach
wealth can get good return from account$47.6  billion  in  2008.
outsourcing. But the fact is this is
absolutely wrong. Small business can also getMyth:  Accounting Outsourcing is not reliable
good return. In today's fiercely competitive
industry, every thing your save whether it isReality: False. The services are 100%
wealth or time is very important for yourReliable
business. India, China, Philippians are the
front runner in the offshore vendors. HereThere is no chance of unauthorized use of
you get quality service in fewer prices thanyour resource. . Through secure FTP software,
the money required to do it in the country ofoffshore units transfer all the documents
origin.securely into the client server. Using
customer specified accounting software, they
Myth: Only Transaction Processing can beperform all the work and export the finished
outsourced  but  Accounting  BPO.accounting files back in to customer's server
securely. . Small business outsourced
Reality: False. Almost all Non-core Businessaccounting services do not ordinarily involve
Activities like Accounting BPO can behandling of business critical data. Even if
outsourcedthey are there, a reliable service provider
with proven experience and credentials can
High-end technology platforms were used byhandle the assignment with trust and
big business in last decade for outsourcing.confidentiality to secure efficiency and cost
Now every thing has technology. Big and smallsaving  for  small  business  units.
companies routinely outsource their work to
cost-effective destinations like India. InMyth: Accounting BPO cuts jobs, indirectly
last few years accounting has taken aharming  economy  of  outsourcing  country
tremendous growth. . Companies with a
full-time bookkeeper can save about $30,000 aReality: False. It promotes Growth and
year by using outsourced bookkeeping servicesEfficiency
to highly competent service providers in
India.Small business outsourcing accounting
services is a major budget-balancing act and
Myth: Complex IT integration is needed ina must-consider option for increasing
Accounting  Outsourcingbusiness returns and lowering process time.
The efficiency gained through fast and less
Reality: False. Just a Server and Internetexpensive outturn makes end-price
Connectivity  is  enoughcompetitive.



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