2020

SEYON PRO Pte Ltd - Singapore :Blog :2020
CategoriesTrading
byadmin

TRADING BUSINESS IS AT A HALT DUE TO COVID19

In the recent 2020 global outsourcing survey by Deloitte, 70% of the participating companies cited that cost reduction is their primary objective when outsourcing staff.

This is increasingly critical with the onset of COVID-19, which affected many companies across the globe. Flexibility, speed to market, access to tools and processes, and agility are other objectives cited in the study:

Is outsourcing the next big thing for my business?

While the figures show the compelling benefits of outsourcing staff, you won’t be able to maximise them until you tackle outsourcing in a deeper sense.

One of the essential factors in successful outsourcing is finding the right outsourcing service provider.

But let us begin with the basic but a crucial part to your outsourcing success.

The best approach when outsourcing staff

Outsourcing staff can help you achieve long-term goals. On the other hand, it can be a road block for your business if you are not clear with your objectives.

The first and most important thing to do prior to outsourcing is having a clear understanding of your business objectives.

Depending on your business structure, KPIs must be in place to manage the outsourced functions easily. Outsourcing tasks means having a different team dynamic, so it is crucial to monitor the team’s progress efficiently.

Essential factors when finding the right outsourcing service providers

The truth is, you can find many factors online when finding an outsourcing service provider (OSP). Our years of experience in the industry allowed us to narrow them down into SMART factors.

Strategic

You need to assess if you need a short-term or a long-term outsourced staff.

Short-term outsourced staff are most ideal if you have time-based projects. If you are planning to outsource a staff who will be an integral part of your business process, a long-term outsourced staff is the best option for you. To identify this, list down the job responsibilities you will delegate.

It is an advantage if the OSP has an hourly-based pricing structure for certain services you need. Accounting and bookkeeping tasks, as well as digital marketing-related projects, are the most common hourly-based outsourced tasks by businesses.

Management structure

The management structure is a key consideration that is missed out by some businesses. In many cases, business owners switch OSPs because of unresolved management issues.

Aside from reaching a clear agreement between you and the OSP, the management structure must allow you and your outsourced staff voice out concerns with confidence and confidentiality. The management must guide you to transition smoothly, and help your outsourced staff hone their skills.

Application of structured transition

In the 2009 paper entitled Best Practices for Risk Mitigation in Outsourcing Transitions, the participants – who are outsourcing clients – agreed that the transition phase to outsourcing either threatened to derail their relationship or allowed long-term success. They also believed that a structured transition is a key indicator of a good relationship between the client and the outsourcing service provider. This is because of how parties work together through challenges.

Many businesses fall short on the assumption that outsourcing is a process-centric business. Outsourcing is a people-centric business as the morale, retention, and cultural evolution are needed to make the process work.






CategoriesTrading
byadmin

OUTSOURCE YOUR CFO

Control the situation and don’t let the situation control you.

An act-after-the fire approach is a common phenomenon and it often brings the business to an abrupt halt. In contrast to this approach a forward-looking CFO is proactive in nature and he ensures the business is fully prepared for eventualities.

The CFO holds the financial reins of the business and plays a pivotal role in strategy formulation and execution. The success or failure of every strategy is bound to have an effect on the financials. The entire lifecycle of the finance function, right from bookkeeping to compliance to advisory comes under the CFO’s umbrella.

With this knowledge, Newgen CFO identifies the potholes, changes course at the right time and sets the company on the route to success. Newgen CFO has created a paradigm shift of the financial function from being a traditional one to a transforming agent that reflects across the organisation. Newgen CFO can therefore become the gatekeeper for your finances.






CategoriesFinance Uncategorized
byadmin

WHY OUTSOURCING ACCOUNTING IS BETTER

Perhaps the greatest inquiry we receive from our different clients is, How would you guarantee the quality?. It’s a reasonable inquiry and one that ought to be posed. As you begin pondering outsourcing accounting work, the quality will undoubtedly be one of your main concerns.

You realize that the time has come to recruit a bookkeeper to assist with your funds. Yet, presently you are confronting the difficult choice of picking the correct outsourcing group to deal with the services that are required.

Outsourced bookkeeping services work on your monetary reports, assisting with boosting the capability of achievement of your organization.

Nonetheless, you will have to understand few rules to guarantee that quality is recognized, adhered to, and persistently improved with your outsourcing partner.

Adhere to these best seven guidelines underneath to accomplish the best quality for consistent outsourcing accounting work.

Conduct a proper background research

You have to search for the best companies online and delve deep to look for their work samples, online reviews, awards, market reputation, and trade affiliations, etc. When you make sure with their online presence, connect and initiate a call. On the call, pose the hard inquiries and contrast them with different firms to decide whether they are the correct decision or not.

Check their technological usage

You have to be certain that your outsourcing partner can line up with your technology. The more control you have over the cycle, the simpler the change will be. Furthermore, by picking an organization that can function admirably inside your framework, your client would not even realize that you are outsourcing.

Learn more about their Culture

You should learn more about the outsourcing partner’s basic beliefs, culture, and ideologies. At the point when these things are adjusted, there’s no restriction to what you can achieve unitedly. Furthermore, while many ignore culture, it largely affects worker’s satisfaction, so finding a firm with an extraordinary and positive culture could truly profit you in your business.

Make everything clear on the call

You must try not to allow miscommunication to hinder growth. When you define your significant objectives and clear assumptions beforehand, you’ll eliminate misunderstandings later on.

If you feel like that there is any disarray, address it, before work even starts. So that your outsourcing company will realize how to serve your necessities and help to guarantee quality outsourcing.

Visit their workplace

You can get the right image of value by visiting the office and engaging with the workers yourself. By going on an outing to the site, you are uniting your groups in a demonstration of coordinated effort, while you get the advantage of seeing direct work, and with whom you will be working.

Conclusion

Rather than devoting your time or your worker’s obligations to bookkeeping and accounting, outsource these necessities to free up your assets for different duties. A lot of desk work is needed to perform bookkeeping tasks, leaving numerous organizations covered in invoices and tax structures. Allow the specialists to deal with the records, which will assist with boosting the efficiency of the team in your firm.

Yes, sir, our indexing numbers have gone down significantly. The main reasons for this decrease in numbers are:

  • We have no-indexed many of our pages that are in other languages like Arabic
  • The Google spider has also discovered 7.3M URL but hasn’t indexed them yet. Also, these pages can’t be indexed since they are APIs.
  • Many of our pages have also encountered 404 or 500 errors. We are already fixing these issues.

We are regularly monitoring all the issues that are causing this decrease and are trying to fix them asap. We hope to see some positive results soon and will keep you updated on this.






CategoriesBusiness
byadmin

PROS OF OFFSHORE BOOKKEEPING OUTSOURCING:

No matter the size of the company, Covid-19 has affected every type of business, which is why these businesses are not neglecting any opportunity that can help them to reduce expenses. One of the best approaches to decrease costs, increment edges, and possibly improve business workflow in the process is to leverage offshore bookkeeping services.

When an organization hands over a few or the entirety of its bookkeeping business activities to another country’s experts, normally to bring down costs or improve benefits, is known as offshore accounting services.

There are various pros and cons that you need to keep in mind while considering offshore outsourcing bookkeeping.

Saving expenses

Most organizations decide to outsource their accounting offshore because of the number of cost-saving factors. These factors include less expensive work, no tension in recruiting bookkeeping professionals, and more noteworthy effectiveness that drives income. Also, you don’t have to buy an expensive bookkeeping tool for payroll handling, data entry, and other bookkeeping-related jobs.

Experts handle your tasks

India has some of the best IT professionals in the world. Many countries worldwide prefer this country to outsource their business activities. Accounting is a type of field that requires extra attention at each step. Outsourcing companies only hire expert accountants to handle your important work.

Free up your staff

Small businesses don’t have a proper structure most of the time. A person from the HR team might be handling their accounts. This brings the chances of wrongdoing and inefficiency. Outsourcing bookkeeping procedures can help you save time and focus your attention on important client servicing tasks that bring revenue.

Fast services

Since experts will be handling your bookkeeping tasks, there is no denying the fact that you will obtain the accurate result in the least time possible. These experts will additionally keep you informed about the new trends in the industry and laws brought by the government.

Cons of offshore accounting services:

Less control

Though an outsourced accounting expert won’t do anything without your permission. There is still less control over workflow than in-house accounting. It gets tough in ensuring the quality of the work, and whether guidelines were followed or not. Less control means more misunderstandings and delay in working.

Language barriers

Not everybody is comfortable with the English language. The Philippines is one of those countries where companies prefer to outsource their accounting work. Facing language barriers is quite common in this country. When communication doesn’t happen properly it affects the quality of work.

Time zone impact

Differences in time zone between the offshore county and the home country has always been a problem. Affecting the management of the business, time zone differences lose the interest and attention of your workers. Not able to decide the right time to do a meeting or collaboratively work on project results in less productivity.

How Seyonpro can help?

Amidst the coronavirus pandemic, life has become somewhat fast. Business owners are looking for ways to curb expenses and improve productivity. Outsourcing frustrating and time-consuming bookkeeping tasks can ensure you divert attention towards essential work.

Our team of accounting experts will assist you to make better records and generate quality in accounting duties. They can easily take over your whole work while providing you with the whole control of your accounting system.