It is a known fact that Finance & Accounts processing outsourcing can give you tremendous cost benefits. However, a survey pointed out that the biggest reason some companies haven’t embraced this model yet is for fear of giving away a critical function of the organization to an outsider. Secondly, companies question how they can evaluate them for effectiveness.
The best approach is to look inwards and start the process by understanding one’s strengths and weaknesses. The question at the forefront is always ‘what ought to be complemented through outsourcing?’ Nonetheless, there are certain other factors, too, to consider when you are working with an external provider.
- What is their background and what qualifies their leadership?
- Have they been in this business for at least a few years?
- What schedules or SLAs will be adhered to?
- Do they have the capabilities to review your processes, suggest useful changes to remove inefficiencies, and make it smoother?
- Can they add team members at short notice when your business suddenly requires it?
- How will information be exchanged between you and them (e.g., via e-mail, instant message, telephone, fax, or hard-copy documents)?
These are key questions that you would want answered by providers that you are auditioning.