Business Process Outsourcing (BPO) is the contracting of a specific business process to a third-party service provider. BPO is most popular in Accounting & Bookkeeping services, Payroll services, Fixed assets management, Account receivable & payable, Information technology services and management reporting services.
World Trend
Outsourcing of business activities has become a trend in the global economy. It has created potentials and gains for both parties. It is a win-win situation to all the involved. United States, United Kingdom, Germany, and France are the major countries which are outsourcing part of their work to Asian countries. . Today’s business environment, Multinational companies are outsourcing their business functions which were traditionally carried out in house due to various benefits associated with it.
It is expected that Outsourcing market will grow at an annual compound growth rate of 7% over next 5 years. Cost reduction and operational efficiency are the key factors driving outsourcing market in the recent years. Increasing demand for specialized services and unique requirements have also contributed for the expansion of BPO industry.
Benefits to You
- Reduce costs
Outsourcing helps Companies to reduce costs and save money for the business. BPO has access to a talented pool of experts available at low-cost result in huge cost reductions and economies of scale.
- Access to experts
BPO allows you to collaborate and obtain service from professionals who are expertise in their field. Outsourcing functions would take away the Company’s troubles hiring and training of staff.
- Scalability & efficiency
Increase in the efficiency and flexibility to handle the changing business environment by leveraging the capacity of the service providers.
- Ability to focus on core business
Companies management can focus on their core competency by outsourcing their non-core business segments. This leads to better employee productivity and helps them make better and more informed business decisions.
- Froster innovation
Innovation is the key to success in today’s VUCA world. New products and services with competitive prices would create business opportunities for the company. Outsourcing will help companies to focus on this area more
Business Areas You Need to Outsourced
Design and implement cost-effective and value added solutions for managing your various business functions enables you to direct time and resources towards the core business while leading to cost efficiencies, better risk management and improved confidential information.
Accounting and book-keeping
Entrycircle team experienced and deep industry insights will help our clients formulate and implement accounting solutions to better efficiency with an affordable price.
Our Accounting and book-keeping services includes:
- Recording sales, receipts, payments and journal entries through the accounting software
- Preparation of bank, receivables, payables and other balance sheet reconciliations
- Maintenance of the fixed assets register and calculation and posting of depreciation
- Preparation and maintenance of schedules for accruals, employee advances, end of service benefits and prepayments
- Preparation of trial balance at each reporting date
- Preparation of financial reporting package according to your reporting requirements
Accounts receivable
Entrycircle team can handle your accounts receivable functions by taking care of tasks including invoicing customers, tracking payments, following up on unpaid bills, etc.
Our accounts receivable services include:
- Maintain customer master data
- Discuss with management and implement policies for issuing credit and recovering debt
- Establish a billing process to ensure that accurate invoices are sent on a timely basis
- Preparation and maintenance of receipts and journal vouchers including verification of sales invoices
- Ensures receivables are collected on time and updated accounts
- Debtors ageing and reconciliation on a regular basis
Accounts payable
An experienced third-party service provider Entrycircle team can process your vendor invoices, accounts payable, and payments.
Our services in this area includes:
- Review credit terms, purchase orders, bank payments and expenses to identify payables
- Preparing analyses of accounts payables and maintain regular reports
- Ensure payments are made to vendors to under the credit terms
- Reconcile the payables, verify entries and compare subledger and ledger reports
- Manage employee expense claims including verification and payment assistance
Payroll processing
An experienced outsourcing firm Entrycircle team can provider process of managing employee payroll functions.
Our payroll services includes:
- Record employee master file data
- Preparation of monthly payroll reports based on attendance/ time records
- Maintenance of withholding tax, deductions, advances schedules
- Uploading approved payroll payments on your bank’s online portal
- Preparation and forwarding of employee pay slips
- Manage payroll journal entries
Fixed assets register and management
Entrycircle team fixed assets services includes:
- Physical inspection and verification of fixed assets
- Review and analysis of Fixed Asset Register
- Reconciliation of Fixed Asset Register to the physical assets
- Tagging/grading fixed assets
- Delivery of the updated Fixed Asset Register
Why Entrycircle ?
- High Skilled Team
- High Performers
- Client Commitment
- On-time Delivery
- Cost Efficiency
‘’We create a growth in your business’’
Connect with us : www.entrycircle.com