Category: Outsourcing

Support in a Challenging Labor Market

Post author By Admin
Post date July 19, 2021

The recent Wall Street Journal Article – ‘Tight Labor Market Returns the Upper Hand to American Workers‘ reports what all of us have seen and experienced in the labor market – it is hard to get ANY employee, and especially difficult to find people at a reasonable wage.

Causes of Labor Shortage

Today all throughout the country there are a huge number of businesses that are struggling to hire the desired number of skilled employees, be it restaurants, resorts, accounting firms, companies in the healthcare industry, property industry, and many more. There are an array of factors that are causing loss of labor as per the economists. A few of them are:

Child-care responsibilities
COVID
Ongoing health risks
Early retirements
Change in Career
The expectation of furloughed employees to be called back by their previous employer

The unintended consequence of this is even more pressure and stress on your current team.

Consequences of Labor Shortage

The labor shortage however has a big impact on organizations. A few of them are listed below.

Overtime Hours

Manufacturers generally increase production when the demand goes up. But when there are no laborers to fulfill the increased production job, it leads to the overtime of the existing laborers.

This eventually leads to frustration among the workers and a strained lifestyle which further impacts productivity. Not to mention paying 1.5x a typical wage for an employee that is likely LESS productive when working so many hours.

Lower-Quality Applicants

Due to the competitive and thin labor market, the hiring team is often left with very few options to choose from. This may cause the hiring departments to hire people with less talent just to fill a role. Thus accumulating a group of applicants with lower quality skills.

Higher Turnover and Frequent Re-training

There are situations where the employer has invested time, money, and knowledge into training new employees. Yet, their tenure is extremely short – often as little as a week or so. This again becomes a huge burden on the existing employees as they continuously are forced to shift responsibilities and train new people.

How to deal with Labor Shortage?

If you’re facing a labor shortage in your business, one of the best solutions to support your team is to utilize a combination of RPA (Robotic Process Automation) and smart BPO outsourcing to remove tasks of current employees.

Outsourcing is the best and most important strategy to solve labor shortages. Whether this is transaction support (data transfer, moving information between systems) or delivering a solution related to information management, we, here at Process-Smart are ready to help.

Check out our business use cases and services, including:

Accounts Payable Support

Process-Smart is able to handle a portion of the A/P process or the entire function. Completing data entry or management of invoices, and reconciling the three way match.

Payroll Management

Any kind of payroll-related functions that include processing, attendance, time, and all kinds of tax services of your company will be managed by us.

Customer Service Support (Text and Voice)

Even Disney is reporting extremely long handle times for customer service issues. Utilizing Process-Smart we can ensure text and voice responses to customers happen in minutes, not days. We can make your customer service a differentiator and at a significantly lower cost than domestic outsourcing.

Quality Assurance

We have the expertise to provide best in class, cost-effective, and efficient quality control services to provide insights about your customer, product, and processes.

Digital Marketing

At Process-Smart we are well experienced in providing effective, engaging, result-oriented SEO, SEM, SMM services with complete transparency in reporting and analysis.

General Back Office Support

Thorough back office support to free up time for client facing tasks.

Business Process Outsourcing can seem risky, and it is if you do not have the right partner. With collectively decades of experience in understanding client needs we at Process-Smart have the experience and competence to ease your labor burden and provide additional capabilities.

Outsourcing

What are the Pros and Cons of Back Office Support Outsourcing?

Post author By Admin
Post date July 5, 2021

Each business is different and each business demands varied things. But every business needs a back office support to flourish. The roles at the back office may differ based on the nature of the business, but the back office support can either make or break the business.

To ensure the smooth functioning of the business, many companies opt for back office outsourcing.

This article will give some insight on the pros and cons of outsourcing back office support.
Read on.

Pros of Back Office Outsourcing

Efficiency of Time and Cost
As you get into business, you would realise that the cost of the back office work turns out to be expensive. It demands excessive use of computers for large data processing, a bigger space to accommodate the computers, internet providers, manpower, training of the manpower, process of hiring, incentives and a lot more things. By outsourcing for the back office job, all this would be saved as an entire company with complete infrastructure and technological support would be ready at your disposal. This would save a lot of money and time.

Technological Resources, Service and Expertise Access
By outsourcing the back office work to a well versed company, you would get easy access to high-quality services, highly skilled resources, and technologically efficient people. These are no less than a boon for your business to grow qualitatively. All proper tools can be used to streamline the business process and expedite the process without bothering about the excess cost or training the personnel.

Prime Focus
By outsourcing the back office tasks, you would be able to focus on primary tasks like scaling the business and efficiency of the core areas of the business. Back office would also function smoothly as the experts would take care of it. It is a win-win situation for both the parties.

Scalability
It is obvious that your business will expand, so when it does, a good and efficient outsourcing partner will take care of the expansion of manpower and their training as well. So the scaling of the business is completely taken care of by them, irrespective of the degree of scaling the business.

Cons

Security Breach or Sensitive Information Leakage
Prime and important data of your company and business would be accessible by the outsourced back office company. This might involve great risk of data being leaked. This generally happens when you have no control over the outsourcing company. So ensure to thoroughly check the background of the company you are planning to outsource to and monitor the day to day progress.

Difference in the Time Zone
It is a little problematic to accomplish remote working with time zone differences. If you have outsourced to an offshore company there might be delay in the ongoing processes due to the time lag. But there is a solution to this as well, many offshore companies agree to work in your time zone in order to cut this time lag. This makes it extremely convenient to work. So, ensure that you outsource to a company which would willingly work in your time zone.

There are a few downsides to outsourcing but there are solutions to nullify the downsides as well. So, the key here is to just find the perfect outsourcing partner for your company who would justify all your requirements and fit in perfectly with your business model.

BPO Services At Process-Smart
BPO has boastful advantages while a few disadvantages as well. But these disadvantages can be easily managed if the outsourcing partner is right. So a right kind of deployment would carve the path of success. With Process-Smart you would gain access to the best in class technology, support along with young dynamic knowledge-filled outsourcing agents. We aim to provide cost-effective services without compromising on the quality. So, get in touch with us today.

Outsourcing

The Benefits of Digital Marketing Services for Business

Post author By Admin
Post date June 7, 2021

To be able to contact and connect with potential audiences at the right time and at the right place is the motto of marketing. Today when we are all in the era of digitalization and when everything starting from pin to plane can be bought online, it is great to do marketing digitally. This will help you meet your customers online. Read on to learn more about digital or online marketing.

What is Digital Marketing?

Promoting your services or your products through a wide range of electronic media and building online presence with the help of the internet is called digital marketing. This is not like traditional marketing. In digital marketing various methods and channels are used in order to anticipate the real time scenario. Thanks to this form of marketing, the companies can easily implement the required marketing strategies and steps for productivity.

In today’s date, innumerable companies have already tasted success with digital marketing over traditional marketing techniques. Below mentioned are the 10 benefits of digital marketing which would definitely help you in making the perfect marketing decision for your company.

Strategize with The Valuable Data and Analytics

You can plan all your marketing strategies using the information fetched through digital marketing. This would help you in understanding your customers and their requirements better. Having this knowledge enables you to easily predict and influence the buying patterns of the customers.

Content Performance and Lead Generation

In order to achieve a particular commercial goal, there should be appropriate content supporting the strategy. The content should be very interesting and informative in order to engage the audience and generate leads on social media.

Improved Conversion Rates

The best way to target your audience is to pave through digital marketing. Prompt actions at the right time and utilizing the generated leads is the key, which improves the conversion rates.

More Cost-Effective Than Traditional Marketing

Traditional marketing takes a lot of time for your brand awareness to be built, but that is not the case in digital marketing. You can save money through the promotional activities of traditional marketing. The same money saved can be used to a substantial extent for digital marketing.

Higher Revenues

Expect great revenue growth through all the strategies of digital marketing. Your business can benefit from the higher conversion rates.

Higher ROI from Your Campaigns

A huge generation of leads is possible with digital marketing. Digital marketing investments can get you an ROI based on the tactical use of CPL (cost per lead) or CPA (cost per acquisition).

Compete with Large Corporations

There would be a huge competition through digital marketing with all the leading corporations. But again you will get an amazing competitive advantage irrespective of the fact that you own a small business or a start up.

Get Prepared for the “Internet of Things”

It is a great opportunity to enhance your business, and promote it through all the electronic media as the people are moving towards becoming tech savvy nowadays. This helps in connecting with your audiences, irrespective of the time and location.

Earn People’s Trust and Build Brand Reputation

Consumer interest and brand objectives should always run parallel to each other. Through digital marketing, an unbreakable trust can be built among the customers in a very convincing way.

Ensure Online Business Survival

To keep your brand presence you can always use engaging strategies through digital marketing. Right kind of strategic steps need to be taken at the right time to enhance the business and its growth factor.

Isn’t digital marketing a great idea?

Now if you are wondering how to implement digital marketing, you can contact the agencies which would do the digital marketing for you. There are innumerable potential advantages of outsourcing to a digital marketing agency.

Process-Smart is one such organization which will facilitate great digital marketing strategies to enhance your business. Process Smart can provide customised digital marketing services to you at much lower costs and high efficiency.

Outsourcing

Understanding Customer Support Services: Why They Are Important To Your Business.

Post author By Admin
Post date May 28, 2021

If you are serious about your business and if you are looking to flourish your business, then you ought to know the importance of customer support services. The need for customer support services is beyond the fiscal requirements. It gets deeper into the depth of conveying what the company is all about and what it is that the company does. The very existence of the company is understood better through customer support services.

Being a company owner, the way we treat our customers shows the attitude we have towards them which eventually signifies the company etiquettes. Customers being the key to success it is very important to have knowledge about the long term implications of your actions.

Through this article let us understand why customer support service is the key to business success.

Customer Acquisition is Expensive, but Customer Retention is Not

You would be awed to realize the fact that retaining a customer is totally inexpensive while attracting a new customer is 5 times more the cost of retention. Isn’t this fact enough to gauge the importance of customer service? Old retained happy customers bring the new ones, so why risk losing them?

Existing Customers Buy More than the New Customers

Selling your product or service to a new customer is time consuming and the success rate is not so good either. But at the same time, selling it to your existing customers is easy and the success rate is high as well. Having great customer support service ensures the customer’s loyalty of buying products or services from you.

Overall Problems are Reduced with Great Customer Service

There is a saying in the business field that the customer is god. There is a reason for this saying. You directly eliminate any kinds of issues that might be caused by your customers if you are treating them well. Anything related to sales, your service issues or chances of getting into legal matters will be straight away nullified. But if customer support is not rightly given then innumerable problems would arise eventually hampering the business big time.

Brand Strengthening and Awareness is the result of Excellent Customer Service

To ensure that your brand awareness is created in the market and amongst your prospective clients and customers, you must have armstrong customer service. High quality customer service will do wonders for your business. Word of mouth marketing will take its A game and positive reviews would start pouring in. Anyone who is looking out for your kind of services or products would confidently approach you due to the awareness of your brand.

Long Lasting Customers

Your customers will never abandon you at any cost if you retain the quality and ensure great customer service. It is always a pain to find new business owners or companies for the customers. So, if they are getting good customer service and services or products as per expectation, they would not turn to anyone else. These are the people who would stand by you till you exist.

Through this article we have seen that customer service not only enhances the business or grows the business, but it also elongates the life of the business. In today’s date, as per a general survey, only 4 out of every 100 businesses survive through the 10 year benchmark, the rest of them can’t. This shows the failure rate is 96% while the success rate is only 4%. You could be in the 4% segment by prioritizing the customer needs and focussing on solving their issues by taking the extra leap. This is a task of precision and time consuming. But you can achieve longevity in business by outsourcing customer service to service providers like Process-Smart. Customers are your core and focussing on them will surely earn you more. Outsourcing the key for reliable, long lasting customer service.

Outsourcing

Accounts Payable (A/P) Offshoring

Post author By Joe Iafigliola
Post date May 21, 2021

What is Accounts Payable?

Accounts payable is a critical business function, controlling cash and ensuring that vendors are appropriately managed to deliver effective services. The function is both transactional and strategic.

Critical control points include:

Managing payment terms to ensure that all discounts are utilized within a contractual context.
Working with vendors to get better payment terms (discounts for faster payment or extended terms to improve working capital).
Executing transactional problem solving when a delivered quantity or service differs from a purchase order.
Working with vendors on under- and overpayments to ensure accuracy and responsibility.
Implementing effective cash flow management to avoid overspending and promote healthy business growth.

Why Offshore Accounts Payable Processes?

As described by Los Angeles-based finance and accounting consulting firm 8020 Consulting, the benefits of offshoring accounts payable processes are significant – especially when factoring the wage arbitrage offered by highly-educated but lower-income countries. This has the dual benefit of reducing the effective cost per transaction in accounts payable and typically improving the qualification level of the individuals performing the function.

In contrast, one of the potential issues the firm mentions is the time it takes to fully connect with an offshore partner. Typically, firms team with consultants or attempt find an offshore partner on their own. What makes Process-Smart unique is our full-employee integration in both the United States as well as offshore locations. Essentially, they are our global employees, which is a crucial differentiation that will protect your organization from the risk of receiving a “hand-off”.

As described in an 8020 Consulting article, communication can be rocky at first:

Your company’s managers and executives may be used to dealing with the same in-house senior manager to answer a variety of accounting/financial questions, for instance, while the new process will have them consulting with new personnel overseas. This can lead to frustration if you haven’t instituted strong change management within your organization.

The best way to smooth over these difficulties is to communicate with everyone before the transition and make sure they understand how their workflows will change. Provide them with liaisons that are both in-house as well as at the vendor to make the transition smoother. Selecting a finance and accounting outsourcing vendor that is in another country or time-zone requires creating buy-in among the teams who will be working with them.

Due to the unique advantages offered by Process-Smart, these issues are directly addressed. There is no liaison between the vendor and your company – we own it. This significantly reduces the friction points for implementation.

Proven Benefits of Offshoring

A recent article authored by Matchboard Managing Director Sharon Melamed highlights functions (including accounting) that directly benefit from offshoring. These include:

Large Cost Savings

Depending on which country you outsource to, you will be able to experience cost savings between 30-70%.

Broader Talent Pool

If you are struggling to find the right skillset locally, you can tap into the world’s vast English-speaking labor pool to accommodate needs.

Relieved Administrative Burden

Spend more time nurturing customer relationships and developing your business strategy while not having to attend to daily tasks.

Increased Flexibility

Offshore workforces can be ramped up-and-down in accordance with your changing business needs, with no investment in computers, phones or other assets. You can be up-and-running in as little as a couple of weeks.

Process-Smart is your key partner for identifying, analyzing, and developing strategies to increase your company’s capabilities. Check out our case studies. We have tackled opportunities in:

Accounts Payable
ERP system entry
Informational/Photo audits
Report/Back office information generation
Shipping and Tracking Information Hubs

Ready to Connect with Process-Smart?

We’re here to help you reach your goals – whenever you need us. To learn more about Process-Smart and how we can maximize your business, please complete the following form or just send us an email. One of our experts will contact you directly to discuss your company’s current needs

Outsourcing

What is Payroll Management?

Post author By Admin
Post date May 18, 2021

A system which is really important for a company as a compliance software is called a payroll system. It is a basic requirement for any kind of business to have and maintain a consistent and regular finance process which facilitates the salary distribution amongst the employees. It is very important to have a stable financial system in the company to avoid unnecessary delays in the salaries or in the worst case scenario, being unable to pay the salaries. This kind of mismanagement affects the workforce of the company. Thus a mandatory law of adapting a payroll system is made compulsory all through.

What is Payroll Management?

A process which manages the entire administration of the financial records of all the company employees is known as the payroll management. This includes a number of things like:

Salaries
Bonuses
Incentives
Deductions
Net Payment

The law enforced ensures that all the records as mentioned above of the employee must be maintained by the employer. There can be legal consequences if the employer fails in complying with the Income Tax Laws of the employee.

The Effectiveness of the Payroll Management on Your Workforce

Having a payroll system ensures the employees salary consistency and provides them with a grievance redressal system. A well organized and developed system for payroll management is very beneficial to businesses in many ways. Many of them are listed below.

Boosting the Employees Morale

It is very common that an employee would start hunting for a job if he/she feels that the job is not stable and salary is not processed on time. But having a payroll system boosts the morale of the employee.

Syncing the Important HR Tasks with Payroll Management

A payroll is influenced by umpteen Human Resource related tasks. By integrating additional HR functionalities in the system, there are many solutions which can be streamlined by the payroll process like attendance and time synchronization, record keeping, etc.

Check out how payroll management facilitate the HR Tasks:

Time and Attendance
Benefits Enrollment
Recruitment
Employee Lifecycle Management
Personnel Tracking

Reducing the Tax Bills:

An employer cannot afford to mismanage the records of the employees as it will cause a huge problem. The employer must adequately and timely deduct the TDS and taxes of the employees and make a record of them legitly. The payroll management system will help reduce the chances of paying up any kind of legal fines.

Support System to the Startups:

If you are planning to initiate your own startup, then you will have to adapt and perform many different roles. Payroll management would be one amongst them. Rather than manually doing the payroll and giving a chance of manual error, it is better to use an established software which manages the finances of your startup.

How to Decide a Payroll Software?

A payroll software is a very useful tool for an HR team. It helps set up the basic foundation for the future processes. As per a research it is seen that maximum SMEs (40% precisely) buy the payroll management softwares. This is because they know or ]have experience that the payroll system software is essential to overcome any kinds of obstacles in the employee management system. Check out the few essential features of Payroll Management Software

Automatic payroll generator
Swift invoice and quote creator
Swift tax filing feature
Must be handy with tax reporting tools
Vendor and Contractor payment tools must be incorporated
Integration of the software with the other in-house software must be easy
It should be easy to comply

Payroll Tasks by Professionals Matters:

When the payroll management is outsourced to a professional company, you can stay rest assured regarding the effectiveness and quality of the job. There are no chances of data loss, file corruption or any kind of software glitch as well. The experts would be in contact with the concerned people of the company before making any changes. You can outsource payroll management services, it will be a lifetime boon as you need not worry about it anymore..

Payroll Management System by Process-Smart

You can easily outsource your payroll management to Process-Smart and forget all your financial worries. Process-Smart will facilitate the financial management with ease and expertise so that you can concentrate on the main task of the company. You can think about expansion with a healthy and well suited payroll system. You can contact us now for the quotation.

Outsourcing

Who Outsources/Offshores?

Post author By Joe Iafigliola
Post date May 13, 2021

It is a common misconception that only large businesses have the scale and need to offshore business processes. In fact, independent business rating and review platform Clutch completed a survey revealing that more than a third of small businesses already offshore activities to develop additional capabilities.

In a post-COVID world, experience with a substantial remote workforce has eased many previous perceptions related to the challenges of working with people not physically located in the same space. Similarly, Clutch’s survey found that more than half of the respondents planned to offshore at least some activities in the following year. The most common areas of outsourcing included: accounting, IT services and digital marketing support. In addition, it was identified that the global market for these services topped $85 billion.

Other key findings:

About 1/3 of survey respondents currently outsource a business process.
Technical help is the most common activity outsourced(likely because activity is already outsourced domestically).
With difficulty in hiring people in the current environment (and associated cost) businesses are increasingly open to trying to partially or fully outsource functions.
Businesses with 50 or fewer employees are less likely to outsource compared to those with more than 50 employees.

Process-Smart is your key partner for identifying, analyzing, and developing strategies to increase your company’s capabilities. Be sure to review our case studies. We have tackled opportunities in:

Accounts payable
ERP system entry
Informational/photo audits
Report/back office information generation
Shipping and tracking information hubs

Ready to Connect with Process-Smart?

Tags offshores, outsourcing