Outsourcing is becoming more and more common, as managers switch on to the benefits for their firms, their employees and their own job satisfaction.
Take a walk down to your local shops… chances are the local hairdresser outsources her book-keeping, and the chic bakery where you get your morning coffee has someone take care of their social media. Cast your mind a little further to your own professional network and it will become even more obvious… your accountant, your solicitor, your real estate agent, your bank and your financial planner all have some help behind the scenes so that they can deliver the excellent service that you value.
These days, no manager expects all their business processes to be taken care of in-house: all kinds of businesses in many different sectors are taking advantage of outsourcing and extended office support.
In fact, Globe News Wire reported that, worldwide, the business process outsourcing (BPO) market size was valued at US$251.1 billion in 2021 and expected to reach US$492.45 billion by 2028. That’s enormous growth since 2018, when the market was worth US$85.6 billion, with larger companies such as Apple, IBM and Cisco Systems outsourcing technical tasks like accounting, IT services, and digital marketing responsibilities (Source: Cloudtask).
Cost-cutting and efficiencies are often cited as the major reasons for outsourcing. At Sundaram Business Services, we find that our clients also appreciate the ability to scale up their workforce at peak times, and to tap into a skilled workforce and technology suite. Medium reports that Google has similar motivations:
“Google says they use temps, vendors, and contractors for two main reasons. First, it allows them to engage workers with expertise they don’t have in-house. Second, it helps them cover spikes in work and parental leave for employees.”
How Sundaram can help
Sundaram Business Services can help you minimise the routine and repetitive business tasks that slow you down – like payroll, general accounting, financial analysis and reporting, compliance checks and more. Top-tier financial management firms engage CFO Support Solutions, as do some of Australia and New Zealand’s leading accounting practices and wealth management fintech companies.
Case study: It’s likely that the 5-star hotel you stayed at for your last business conference creates efficiencies with streamlined operations by engaging an outsource partner. Read an example of one of Sundaram’s clients.
Which tasks could my business outsource?
Let’s start with the type of work that businesses simply cannot outsource. That’s the work that only you can do, like the work you do directly with people that’s of utmost importance to growing your business:
- supporting your staff
- going the extra mile for a client
- networking within your business community to grow your contacts
- talking to your stakeholders about best practice.
An outsourcing partner cannot do that essential work that builds relationships and nourishes your accounting practice.
However…
Outsourcing other tasks frees up managers’ time so they have more time to do all those really important things – and much more besides!
For Sundaram Business Services, it’s part of our own success story. We’re specialists. We make it easy for our clients to outsource time-intensive tasks, so that their managers can stop sweating the small stuff and get back to the leadership tasks essential for not only growth but also job satisfaction.
Sundaram Business Services can take on:
- Procure to pay
- Accounts receivable
- General accounting
- Financial analysis and reporting
- Tax, treasury and compliance
- Travel and expenses
- Financials and tax returns
- Business and instalment activity statements
- Fringe Benefits Tax returns
- Collection of data for tax planning
- Estate returns
- Closure of books and financial preparation.
Further, our SMSF division administers and audits self-managed super funds for administrators, accounting firms and financial planners. Our Portfolio Management Services division delivers Platform Support Services and Fund Administration Support Services. And some of Australia’s leading mortgage and financial services companies engage our Mortgage Support Services to support brokers and aggregators with tasks such as application processing, validating and vetting documents, submitting applications, managing compliance and commissions, and much more.
How does it work?
So how do we do it? At Sundaram Business Services, the very first thing we do with potential clients is make a thorough assessment of your needs. We use the most cutting-edge tools, and we embark on an extensive listening exercise to map out a bespoke solution.
Using our well-established customer engagement model, we map the customer journey to:
- nderstand your needs
- document our commitment
- agree on the degree of engagement.
We also initiate regular face-to-face meetings to work through any concerns.
As Sundaram’s Advisory Panel Chair, Harish Rao, says, our Service Delivery Pillars reflect the culture and the standard of excellence that we build on, year on year. “At the centre of everything we do is: People, Process and Customer,” Harish said.
“Our clients cut across a wide range of industry sectors, but ultimately they engage Sundaram for not just our quantifiably excellent results but also the care we take to ensure our clients’ business goals are met. We find our clients extend our relationships over time and as they see the difference that our outsourcing model makes to their growth.”
Harish Rao, Advisory Panel Chair, Sundaram Business Services
Ready to learn more? Contact Sundaram Business Services to discover how business process outsourcing can benefit your business – no matter which industry you’re in.
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Sundaram Business Services is a business process outsourcing company with offices in Australia, India and the UK. With over 20 years’ experience in the Australian market in providing outsourced teams to Australian businesses across Accountancy, Portfolio Management, Self-Managed Super Funds, and Mortgage Broker support, our business becomes an extension of yours.
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