Netsuite BPO. Focus on Growth While We Manage Your Accounting and Administration

Business process outsourcing (BPO) refers to when you hire another company for a core business operation, such as accounting or payroll management.

Finance and Accounting outsourcing is one of the most popular forms of BPO. Outsourcing your accounting can be a great way to get as much or as little help as you need. If your company is looking into outsourcing accounting, we have prepared a guide to help you explore the benefits and rationalise the costs involved.

Top Benefits of Outsourcing Your Accounting Administration

Lower Overheads

You can avoid costly overheads such as equipment, insurance and office space by joining forces with a NetSuite BPO expert, such as TeamBlueSky's NetSuite BPO Partner program. Surveys estimate that benefits offered on top of salaries account for nearly 30% of the total cost of staff employed in-house. Outsourced BPO accountants allow you to only pay for what you require.

Eliminate Recruitment Costs

Recruiters charge between 20-30% of the annual salary of a candidate for their services. You can expect to pay $20,000 for a head-hunter to find an accountant or CPA. When you consider the various specialisations that can be needed in an accounting team, these costs quickly add up. Even more so if you experience a high rate of headcount turnover.

Systems and Process Training and Continual Education 

Two complex skills are required to manage a NetSuite accounting function. Your staff will need to have extensive accounting experience and, preferably, the CPA credential. However, they must also be proficient in NetSuite. It will take a lot of training to hire accountants who have not had much experience with NetSuite. Outsourcing your accounting to a NetSuite BPO provider will allow you to have access to CPAs who live and breathe NetSuite.

Increased Flexibility

Flexibility is an important part of small business strategy. An accountant hired in-house will usually be employed full time. You may find yourself paying more for an asset that is not being used during periods of growth and stagnation. Some businesses also try to hire less experienced accounting staff that are open to learning and willing to work in other departments. This approach can result in costly financial mistakes and expose your business to risk. Partnering with NetSuite BPO experts gives you access to full-time accountants in a way that is beneficial for your business.

Ensure Accuracy of Data and Reporting 

Outsourcing accounting to a third-party firm means you have access to an experienced team that is passionate about accounting. TeamBlueSky are accounting and NetSuite solution experts. Our BPO team can provide accurate bookkeeping using best practice methods that are accurate and follow industry leading practices and can be relied on, regardless of how complex your business may be.

Cost Savings

A NetSuite BPO provider such as TeamBlueSky can offer you a solution that is an affordable alternative to hiring in-house staff. We provide the following services: full-time bookkeeper, part time bookkeeper and ad hoc bookkeeping tasks so we can meet all businesses' needs. Finding the right CFO for your growing business can be difficult given their importance in helping you achieve financial security and growth.

Better Cash Flow Forecasting and Financial Modelling

Many organisations don't have the financial resources to close the books correctly. Your team may struggle to see the future due to seasonal fluctuations, growth periods and or unexpected contractions in the market. TeamBlueSky can help you assess the financial health of your business and present detailed models for future cash flow.

A Scalable Solution

As your business grows and your accounting tasks become more complex, it is possible to find yourself in a difficult spot between juggling the workload of your current accountant(s) and hiring another full-time. BPO accounts experts can provide the assistance you require for as many hours as you need. You can feel confident knowing your accounting functions will be handled professionally, regardless of how many hours you require.

Automating Accounting Administration with NetSuite 

Managing an accounting software solution can be a tedious and time-consuming task. Where possible, a good BPO partner will be able to advise you on how your accounting tasks can be automated. TeamBlueSky's certified NetSuite consultants can help you automate large amounts of your manual accounting labour. This will save you time, money and unnecessary effort.

What Should I Look For in a NetSuite BPO Partner?

It is crucial to find the right BPO partner when outsourcing your accounts. It is important to ensure that the BPO partner is not only a trusted advisor but also someone who is knowledgeable, experienced, and knows best practices specific to the NetSuite platform. This is a partnership that will have a lasting impact on your company and directly affect your bottom line.

Credentials & Qualifications 

To comply with tax and other regulatory agencies, accountants must adhere to strict standards. Qualifications such as CPA, and CA are a great way to prove that an accountant is knowledgeable and has experience with key regulatory standards, such as GAAP.

NetSuite Experience 

Your BPO partner should have extensive experience with NetSuite. This is a specific platform that requires significant training and knowledge to implement correctly. Finding accountants, like TeamBlueSky, who have worked on the software for many years will ensure your data integrity, security, and accuracy of the information stored within NetSuite.

Technology Savvy 

Accounting technology changes rapidly to meet changing needs of businesses. Your BPO provider must be able to adapt quickly without disrupting the growth of your business. They need to stay up-to-date with new functionality offered by NetSuite as it becomes available so they can act fast when you need their support or expertise most.

Experience

When choosing BPO partners, the number of years of experience should be a key determining factor. You'll need to ensure that your BPO provider has a thorough understanding of your ERP platform and industry. TeamBlueSky, for example, has helped many businesses rescue their accounts functions from poorly implemented solutions. Your BPO partner must have extensive experience with the NetSuite platform.

Range of Services

It's important to make sure that your outsourcing partner can provide you with an extensive knowledge base. TeamBlueSky, for example, has a well-established training program in place which helps ensure our clients get the most out of their ERP solution. Finding the right NetSuite BPO provider is crucial when it comes to successfully outsourcing your accounting needs. Look for someone who offers best practice solutions and industry leading expertise specifically designed around the complex challenges faced by growing organisations.

Recognition

You should ensure that your third-party partner has a track record of success with similar clients as you are outsourcing one of the most critical aspects of your company. It is best to partner with a company that has happy clients, so make sure to ask for some references to help you better understand the level of service that is offered.

Price

When searching for an external accountant, price is a major deciding factor. How much do outsourced accountants usually cost? This question is not easy to answer. The complexity and experience of the accounts professional will affect the price. Depending on many factors, businesses can expect to pay $2,500- $10,000 per month.

Professionalism

Finally, consider your outsourced accountants an extension of your existing team. Your outsourced accountants must take onboarding and the job as seriously as you would. You will be working closely with them for many years. Make sure they are professional, ethical, and understand the intricacies of your industry.

Conclusion

Are outsourced accountants worth the cost? Partnering with a BPO expert can lead to lower costs, better financials, automation and better forecasting. There is also less risk. In most cases, accounting business process outsourcing has many benefits that outweigh the cost. Outsourcing your accounts administration to a third-party partner is a major decision that must be made strategically. To learn more about TeamBlueSky's NetSuite BPO Partner Program, contact us today.