Annual revenue for global outsourcing reached $85.6 billion in 2018. This data proves that businesses continue to delegate some of their company’s most important tasks to reduce operating costs. Meanwhile, smaller companies that choose to outsource let certain field experts take care of specific jobs. This can help them concentrate on taking care of their other business needs. If your company needs help from third-party sources, like a Professional Employer Organization, in running its operation, here are some of the most important business tasks that you can outsource.
Information Technology (IT)
Businesses, and especially startups, could benefit from outsourcing a team to handle their IT needs. IT consultancy firm CoreTech acknowledges that keeping track of all the latest in technology can be challenging because of constant updates and upgrades. It will be counterproductive if you designate someone from your staff to learn all the latest trends in IT, which you may end up only needing for a short-term task. Tapping an IT outsourcing company is also a better option since they can provide experts who have vast knowledge about the tasks. In addition, hiring outsourced IT experts is more strategic especially if the job needs to be done as fast as possible.
Human Resources (HR)
You do not need to allocate a lot of your time to acquiring employees or other HR tasks if you outsource them to a third-party provider. Outsourced HR teams are more knowledgeable at announcing the available jobs. They are also more skilled in screening potential applicants to see if they fit your requirements. These teams also have more time to check the applicants’ references. This will make sure that everything that the applicant wrote in the resume is accurate and that the process of job interviewing is streamlined. With the help of an outsourced HR team, the task of hiring the best person to add to your company will be made easier.
Accounting and Financial Tasks
It is very important for companies to keep track of finances. But if you are just starting up, it can be a challenge to manage all of the company’s money since you will also be busy doing other tasks. That is why hiring an outsourced accounting firm or a freelance accountant can help in completing these types of tasks. They will be in charge of all the bookkeeping and invoicing jobs. You can also get them to handle all your financial reporting and taking care of your taxes. To save you more time, outsourced accounting firms can also handle all the tedious jobs required in payroll processing.
Hiring third-party service providers to handle these business functions is now often considered a necessity as companies grow. This can be a strategic way to augment your business. You only have to make sure that you are hiring a competent firm that you can trust for these jobs.