Glossary

The most comprehensive list of business process outsourcing related terms and definition.

Payroll

Definition

What is payroll?

Payroll can refer to three things: 1) the calculation and distribution of paychecks, 2) the record of wages, taxes, contributions, and withholdings of employees, and 3) the total amount paid to employees by the company.

Payroll is important in different ways. For employees, the payroll is important for living expenses, and a timely or late paycheck can spell the difference between good and bad morale. For businesses, payroll is important to see the actual net profit for the fiscal period. For business owners, a properly done payroll is important for compliance with the law. For this reason, many businesses entrust their payroll to dedicated professionals who can process them with speed and accuracy.

Outsourcing payroll services

One of the more popular outsourced function is the payroll process. Because of the importance of having an efficient payroll, companies that can afford to do so tend to outsource it to dedicated professionals. Outsourcing companies in the Philippines are experienced with the Generally Accepted Accounting Principles (GAAP) that are being followed in the country they are servicing.

Outsource Accelerator connects you with payroll firms that have extensive experience with the regulatory framework in the US and have a proven track record in accuracy and timeliness in payroll delivery. We make it easier for clients to learn about, and engage with payroll outsourcing.

Outsourcing payroll service

Outsourcing payroll service

Outsourcing FAQ

What is Bookkeeping?

What is bookkeeping?

Bookkeeping refers to the process of recording transactions to general and special journals and posting these transactions to their respective ledgers. This should be done by applying generally-accepted accounting principles (GAAP) the Financial Accounting Standards Board (FASB) for US companies. Bookkeeping is an important record-keeping function of financial accounting that is essential in a duly-registered business of any kind.

Bookkeeping function consists of the first three steps of the accounting cycle: analyzing transactions, recording transactions in the general journal, and posting the transactions to the ledger. Most businesses outsource bookkeeping because hiring bookkeepers is expensive and most small-medium businesses doesn’t do large volumes of transactions per day.

Outsourcing bookkeeping

The bookkeeping function is best outsourced in order to keep administrative costs low while helping small businesses grow and become stable. Another advantage is that you are assured that you are working with a skilled and competent professional that has the appropriate experience and educational background for the job. Outsource Accelerator provides you the best bookkeeping outsourcing companies in the Philippines, where you can save up-to 70% on staffing cost.

What is Finance & Accounting?

What is finance and accounting?

Finance and Accounting are two aspects of a business that work together. It is all about keeping track of financial records and transactions. These transactions are recorded and balanced using accounting standards. The financial report is where all the transactions can be found and are then presented to the management team or client. This is essential in any form of companies or corporations as reports about finance and accounting will measure the return on investment, assets, and liabilities the company has.

However, did you know that there is such a thing as finance and accounting outsourcing? It is now one of the best digital resources expanding in the online world. Many businesses are looking for ways to save costs. One specific way to do that is by hiring somebody who can do finance and accounting offshore. This process can be incredibly beneficial for both clients and employees.

Outsource finance and accounting

This is the reason why outsourcing became a trend and a wise alternative for businesses. It has become the go-to service to leverage businesses in reaping the benefits of working with trustworthy and skillful finance and accounting outsourcing companies. Most outsourcing companies have an experienced recruitment team who is capable of hiring individuals that are adept and experienced in the field of finance and accounting.

Outsource Accelerator provides you access to great finance & accounting specialists that you can outsource from the Philippines starting from $6 per hour, where you can save up-to 70% on staffing cost. We have over 3,000 articles, 200+ podcast episodes, and a comprehensive directory with 700+ BPOs… all designed to make it easier for clients to learn about, and engage with finance & accounting outsourcing.

What is Back Office?

What is back office?

Back office is a term used to classify business activities that are not directly attributable to frontline customer support, sales, and services. Back office functions relate to administrative functions which do not directly generate income or accessed by customers, but such is necessary to streamline the other processes involved in a business.

Back office functions include, but are not limited to the following: data entry, account processing, website content management, data verification, mediation, graphic design, writing and editing services, and accounting and finance services. These functions are necessary to a business yet attribute additional cost. Some companies find back office jobs costly since you need to allow a substantial amount of capital for recruitment, salaries, and employee benefits.

Outsourcing back office

In the advent of the internet age, companies can now take advantage of outsourcing, which can lessen the cost of running back offices while maximizing its full benefits. This also translates more time for you and your core team to focus on income-generating functions. Outsourcing back office functions guarantees that you are working with skilled professionals minus the hassle and cost of recruitment, as well as other operational and employee benefit expenses. BPO companies make sure that their representatives are competent enough to handle the client's needs. Outsource Accelerator lists over 700 business process outsourcing companies in the Philippines that specializes in back office administration.

 

What is Business Process Outsourcing (BPO)?

What is business process outsourcing?

Business Process Outsourcing (BPO) is the engagement of services from a third-party provider. BPO uses various technology-enabled services to hasten the delivery of services. The business activities could be back-office such as, but not limited to, payroll, accounting, human resources, or front office jobs like customer service, sales, and marketing, etc.. In the case of content providers, these business activities could mean hiring writers, remote editors, or virtual assistants.

BPO speeds up processes and enhances efficiency. Companies that outsource some of their business activities use their time on core services and competencies. With this shift on focus, companies improve their current processes that may result in improved customer satisfaction. BPO helps companies divert their resources to more critical business strategies. Often, companies find it impractical to hire a full-time position inhouse because of the cost associated with doing so.

Business process outsourcing services

Outsource Accelerator is the most trusted source for independent information & advisory for Business Process Outsourcing (BPO). We have over 3,000 articles, 200+ podcast episodes, and a comprehensive directory with 700+ BPOs… all designed to make it easier for clients to learn about, and engage with, business process outsourcing.

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