Outsourcing payroll solutions have allowed companies to enjoy benefits such as being able to avoid facing penalties fined by government tax agencies which may be caused by late and incorrect filings of documents and payments needed.
By having outsourcing companies do this particular branch of your business, penalties and surcharges may be avoided.2 Outsourcing your marketing team has recently become a more common practice. If you’re a start-up, small business, or an organisation focused on other growth initiatives such as product, bringing your marketing efforts to an agency that can strategise and execute across multiple marketing channels could be key.
With a competent service provider and good management control, companies of all sizes can obtain the advantages of outsourcing. If you’re still not convinced with the benefits of outsourcing that we have previously shared, here are five more that you should know:
- Risk Management
Companies are exposed to risks resulting from changes in the market. Outsourcing reduces these uncertainties as your outsourcing provider will be sharing the costs. It becomes a joint responsibility of the company and the vendor.
- Increase turnaround time
Having specialized systems provide more efficiency, allowing a quicker turnaround time, but still achieving high quality. Also, you’ll get access to highly skilled workers who specialized on tasks that are not your core competencies.
a. Business Goals
It is important to consider your outsourcing service providers short and long-term business goals in order to determine if they are the right partner for your business. You can also ask for references from their customers so that you can get first hand feedback.
b. Financial Stability
Identifying your outsourcing partner’s stability helps you determine it can survive in the long run. You can use fundamental analysis to measure the value and performance of a company relative to other companies in the same industry.
1. Get the team together and map out the process from the first contact with a client, to the ongoing relationship and what you deliver to clients.
Once you have the client process mapped out, put it into a workflow mapping software so you can see the map of workflow and your client journey with your firm. Once you have done this, every step of the process needs a training video and written instructions.
2. Get the people doing the work to document the process
The easiest way to do this is to set-up an office or quiet space within your firm for staff to go to and record themselves doing their work. What we mean by this is screen capturing (recording their computer screen as they do the work) and talking through what they are doing.
100% more capacity, meaning they could double their revenue without any increase in staff (and or less than $30,000 per month) Some of the most common roles to outsource include:
- Corporate secretarial and ATO correspondence management and work
- New entity set-ups
- Client service roles – from engagement agreements to ethical letters to database management and tax lodgments
- Executive assistants
- Marketing roles (one firm has 7 marketing roles)
- SMSF tax and compliance
- Personal tax returns
- Business tax returns