Benefits of Out Sourced
Area of Distinction |
In House Accounting |
Outsource Accounting (Accounting People) |
| Work Review | No Review of Accounting Work (Day to Day) | Dedicated Senior Accountant to review the work done by the accounting staff |
| Training Program | No Training of Accounting Staff | Monthly Training Sessions are conducted by Head Office Team to improve the competence level of all Accounting Staff. |
| Mindset | Employee Mindset (Not Focused and Unprofessional) |
Client Servicing Mindset (Professional Approach) |
| Accounting Knowledge | 5 out of 10 | 8 out of 10 |
| Work Checklist | No Organised Work Checklist | Organised Checklist with Workflow and Due Date Compliances |
| MIS Reporting | No MIS Reporting from F&A Department | Multiple Types of MIS Reporting |
| Standard Operating Process | Error Avoidance Approach | Perfection Approach |
| Onboarding | No Onboarding Program | The Senior Accountants from Head Office shall conduct a 3-4 days onboarding program for all new Clients |
Admin & HR |
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| HR Policies | HR Policies of Client are followed | The Accounting Staff shall follow the HR policies of Accounting People (Not Client) |
| Attrition Rate | Employees leave the company (Without Work Handover) | Very Low Attrition Rate (With Handover) |
| Replacement | Hiring and Firing Problems | Easy Replacement of Accounting Staff |
| Behaviour Management | No Code of Conduct | Disciplined Code of Conduct - People |
| Employee Engagement | No Employee Engagement Activites | The company shall do Training, Networking, Party events and Site Off on a monthly basis. |
| Performance Appraisal | No Incentives for Support Staff | Promotions and Performance Appraisal done within the Company |