Benefits of Outsourcing Human Resource Services
Human resources is the backbone of many small businesses, but it becomes a heavy burden when it comes to managing it! This side of the business becomes ignorant especially when things are running smoothly. Employee payroll, tax filing, administering health benefits, and ensuring a productive and effective office environment, recruiting and managing employees are all critical for business owners to ensure their business runs effectively and efficiently.
One of the challenges in front of small businesses is to reduce the human resource costs & optimize the utilization of its resources to maximize profits. It takes significant amount of time and resources to execute the human resource operations in-house. This may also hinder the other core activities, be it bringing business into the organization, effective client communication or delivering products. Most businesses prefer to outsource their HR services as they are of the opinion that HR functions are too complex to be dealt in-house.
Here are the 5 key advantages of entailing this practice:
1. Cost Effective Services: A proper functioning HR department requires qualified well trained staff and additional office space. Small businesses prefer to outsource HR services to avoid the overhead costs of additional space and hiring professionals.
2. Easy Risk Management: Most of the laws and services are updated regularly and it becomes difficult for companies to stay up-to-date with the latest methodologies. Outsourcing services keep themselves updated about the latest laws and services which in turn reduce the business risks.
3. Increases Efficiency: Outsourcing HR services streamlines the human resource activities such as tax filing, payroll and employee administration etc. This way the companies get more time to focus on profits and other core business activities.
4. Management of Employee Performance and Organizational Development: The overall development of the organizations directly affects the employee growth. The quality and time to deliver improves when you have in-house HR services. The outsourcing firms monitor the employee performance timely and helps them provide trainings.
5. Flexibility: One of the key reasons to outsource HR services is to ensure smooth functioning of the human resource department. It also avoids penalties from non compliance. Outsourcing HR services also streamlines the hiring process.
We at Spectra believe in delivering effective services with our highest competency and efficiency. To know about us, we are one of the fastest growing companies in the outsourcing industry offers a wide range of HR Audit Service Providers. We provide tailor made solutions through specialized team of expert having comprehensive understanding of clients business needs to deliver unparalleled quality resource and services.
Write us at https://sos.net.in/get-in-touch/ to get the complete outsourcing solution.
See more related blogs at:
https://spectrasos.blogspot.com/2020/01/hr-audit.html
https://spectra8.home.blog/2019/12/30/hrms-solutions/
https://www.merchantcircle.com/blogs/spectra-bethany-ok/2019/12/HRMS-Labour-Compliances/1789319
https://medium.com/@spectrasos9/manpower-recruitment-d8db32d27b6b?sk=84fb20032320a04c01ffd1ca3a54713b
http://spectrasos.over-blog.com/2020/01/contractual-staffing.html
Finance Processing Outsourcing
Spectra possess all the necessary, relevant and updated resources to provide cost effective and high quality accounting and business process outsourcing services.
We provide assistance for a wide range of finance and accounts processes from book keeping to accounts statements and finalization, from payroll processing to taxation compliance management etc.
When you outsource you FAO process to Spectra, you shall be rest assured of high level of confidentiality, integrity, accuracy and timely results.
AR / AP Services
Accounts Receivable
To manage cash flow for meeting the company’s working capital requirements is always prime focus for very organization to ensure seamless finance operations. To forecast the future working cash flow, it is important to know at any given point of time the status of receivables and payable along-with the time lag. Most of the time the reason for negative cash flow is due to unsystematic coordination and non-understanding customer process of Invoice processing.
Spectra manages your AR process (Accounts Receivable process) effectively through dedicated process experts who works in close coordination with the client’s payable team by creating a SOPs for each customer so as to minimize time taking in resolving queries at very first level . A full-fledged AR process cycle and related subset of processes help easy work flow and improved core functional assistance.
Accounts Payable
In every company vendor Invoice processing process / Accounts payable process has to pass through various stakeholders for approvals before it is finally paid. In the entire process vendor has no visibility of the status of outstanding invoices. In the whole process vendor and company both spend a lot of energy in follow-up / explaining the exact status of invoice and payment schedule.
For any finance department, tracking each and every vendor invoice status on real time is difficult because it travels through different departments in the company for approvals. To overcome this challenge, Spectra has developed a mechanism with the help of technology, process mapping and manual interface to track down or monitor the invoice status through Vendor Help Desk services.
Initiation regarding receipt of Invoices through Centralized Vendor Help Desk by electronic mode.
- Forward Invoice to respective department or departments for approval as per the approval hierarchy.
- Inform invoice related discrepancies to vendor and seek clarification.
- Forward vendor clarification and resolve query with concerned department.
- Ask vendor to re-submit the discrepant invoice.
- Forward approved invoice to finance department for cheque preparation / online transfer.
- Inform vendor about payment schedule.
- Monitor turnaround time for payment as per SLA.
- Keep record of correspondence with vendors.
- MIS reporting at regular intervals. Know more...
Finance Processing Outsourcing
Spectra possess all the necessary, relevant and updated resources to provide cost effective and high quality accounting and business process outsourcing services.
We provide assistance for a wide range of finance and accounts processes from book keeping to accounts statements and finalization, from payroll processing to taxation compliance management etc.
When you outsource you FAO process to Spectra, you shall be rest assured of high level of confidentiality, integrity, accuracy and timely results.
AR / AP Services
Accounts Receivable
To manage cash flow for meeting the company’s working capital requirements is always prime focus for very organization to ensure seamless finance operations. To forecast the future working cash flow, it is important to know at any given point of time the status of receivables and payable along-with the time lag. Most of the time the reason for negative cash flow is due to unsystematic coordination and non-understanding customer process of Invoice processing.
Spectra manages your AR process (Accounts Receivable process) effectively through dedicated process experts who works in close coordination with the client’s payable team by creating a SOPs for each customer so as to minimize time taking in resolving queries at very first level . A full-fledged AR process cycle and related subset of processes help easy work flow and improved core functional assistance.
Accounts Payable
In every company vendor Invoice processing process / Accounts payable process has to pass through various stakeholders for approvals before it is finally paid. In the entire process vendor has no visibility of the status of outstanding invoices. In the whole process vendor and company both spend a lot of energy in follow-up / explaining the exact status of invoice and payment schedule.
For any finance department, tracking each and every vendor invoice status on real time is difficult because it travels through different departments in the company for approvals. To overcome this challenge, Spectra has developed a mechanism with the help of technology, process mapping and manual interface to track down or monitor the invoice status through Vendor Help Desk services.
Initiation regarding receipt of Invoices through Centralized Vendor Help Desk by electronic mode.
- Forward Invoice to respective department or departments for approval as per the approval hierarchy.
- Inform invoice related discrepancies to vendor and seek clarification.
- Forward vendor clarification and resolve query with concerned department.
- Ask vendor to re-submit the discrepant invoice.
- Forward approved invoice to finance department for cheque preparation / online transfer.
- Inform vendor about payment schedule.
- Monitor turnaround time for payment as per SLA.
- Keep record of correspondence with vendors.
- MIS reporting at regular intervals.
Accounting Services
Spectra has a strong team of accounting professionals with core competencies in setting up of centralized accounting processes & its management thereof. We develop tailor made accounting processes, systems and controls based on the Client requirements. Our business approach is to create a satisfied customer by delivering set accounting processes. It is often seen small and medium companies do not have skilled resource and requisite expertise to manage accounting processes in systematic way. Spectra understand the constraints of small and medium companies to mange accounting internally, therefore, Spectra come up with accounting / book keeping end to end solutions for small and medium companies. Spectra methodology is first to migrate the existing accounting date to off site location and deploy a dedicated team of qualified and experienced accounting professional for future operation so as to deliver accounting services such as MIS reporting on payable, receivable, billing expense etc. on real time basis. Spectra accounting / book keeping services are cost effective and gives value to the customer in term of cost, quality, effectiveness and efficiency.
Setting up of Accounting System and Management
- Bills payable, processing & disbursement.
- Reimbursements Expense, processing disbursement.
- General Ledger Accounting & MIS
- AR Reconciliation and Collection from Clients
Accounting Outsourcing of your non-core business functions to third party experts can be an effective strategy to preserve limited capital and scarce management time. Factors driving the decision to outsource Accounting / Book keeping are as follows;
- Reducing overhead and personnel costs
- Controlling capital expenditures
- Engaging experts with specialized skills
Benefits of Accounting Outsourcing
- More time for your Core Business
- Cost savings
- Access to accounting experts
- Timely and accurate reports
- Satisfaction Guaranteed
HR Manual & Policy formations
To run an organisation whether it is for profit or non-profit or social or any other purpose, it necessarily requires definite policies, process and bylaws which shall be in line with existing geographical, social, legal framework and economic factors. To run an organisation HR polices, process and bylaws are not only mandatory but also plays a vital role in decision making in a given situation. These frameworks are back bone of any organisation and without having these in place organisation can not last long.
Spectra helps organisations to build their HR policy manual by adopting a systematic approach. Our HR drafting experts first holds personal decision with decision makers and understand the vision, mission of business and map with these with similar industries and identify what are common amongst similar industries, suggest management for adoptions with minor changes and also suggest where re-draft / reframing is needed. We adopt clear approach to avoid any interpretation issues while drafting a HR policy and also adopt flexible approach for further addition / amendment/ deletion / induction as per company needs. Our Policy Frame work majorly covers the following: Know more...
