Overcome the Talent Shortage By Leveraging These 4 Key Benefits of Outsourced Bookkeeping and BPO Services
No doubt you’ve seen the signs of the current labor shortage all around you – the ones that say, “Now Hiring.” Then, there’s the ongoing flood of available positions on LinkedIn and across the web from other talent recruitment sources. Perhaps you even see these signs in your own business, especially if you are struggling to find qualified help to take care of your accounting and bookkeeping, and run your back office effectively.
This is not your imagination – there truly is a talent shortage. In fact, a Manpower Group survey recently revealed that 32% of U.S. companies are struggling to find good employees.
The pain of personnel recruitment is real, and the talent shortage can have an extremely detrimental effect on your business. This is why I believe that, in many cases, outsourcing specific business processes is essential. Business Process Outsourcing (BPO) is a cost-effective method of overcoming the talent shortage. It will also save you time and free up human capital (perhaps even your own!) that you can then allocate toward the achievement of larger organizational goals.
Tap Into These 4 Key Benefits of Strategic BPO
When you look at the following benefits and the opportunity to remain flexible in your ability to obtain and retain talent from “best of breed” third-party providers, it’s easy to see why outsourcing business processes is gaining traction across many different industry verticals:
Efficiency. When you outsource key business processes to an experienced third-party provider with the expertise to support the company seamlessly, it eliminates the time related to onboarding, the steep learning curve, and the extra time associated with hiring an inexperienced person to do the job.
Expertise. When you hire a dedicated provider of a specific service or set of services, you get the benefit of having an expert who can take care of your needs with ease, without wasting your time with errors. Plus, they are more likely to think strategically and add value with new ideas and innovations.
Economics. When you consider the time and cost savings of outsourcing key business functions to a qualified and experienced partner, compared to the investment required to recruit, onboard, and train an employee who may or may not stay with your organization, the return on investment is usually very favorable.
Empowerment. When you have the right people doing the right things for your business (including you!), it’s easy to empower everyone to do their best work to the maximum benefit of your organization. Focused efforts can produce much better results than scattering time and attention on unrelated tasks, or worse, tasks that you or someone else on your team do not have the skills to handle at an expert level.
This being said, you need to outsource your services strategically. The best place to begin is with back office business processes that require specialized expertise, which is often difficult to recruit and retain qualified staff to execute.
Using Outsourced Accounting and Bookkeeping
Two perfect examples of leveraging the benefits of outsourcing to overcome hiring issues are found in companies who take this approach with accounting and bookkeeping, and business processes, including monthly financials, accounts payable and accounts receivable, reporting, or a combination of all or some of these essentials.
Outsourced bookkeeping relieves the burden on you and your team, and will help you avoid errors and the time-consuming tasks related to data entry. When you outsource your bookkeeping to an experienced service provider, they should also offer you the opportunity to take advantage of a cloud-based bookkeeping system such as QuickBooks® Online, which allows all of the data your company collects to flow seamlessly into their system, making it a much more streamlined and secure process. You can also access real-time information.
Another reason why this approach makes sense: consistency. The same service provider can handle other business processes, such as your accounting, accounts payable, and other services to increase your efficiency and get more insight into your company’s overall financial picture.
If you are experiencing negative consequences in your business due to the talent shortage, our Certum team will find powerful solutions to meet your business’ needs and create a structure for long-term growth. We will create an actionable plan for outsourcing your bookkeeping and business processes, using our specialized team.
If you’d like us to take a look and provide a solution for your talent shortage challenges, schedule a complimentary chat with us today! We’d love to hear from you and help you meet your needs and grow your business.
