| Offshoring the entry of mundane accounting data | | | | document would be used for further referencing. |
| like voucher entry, statements preparation of | | | | Third, make sure the data is stored on your |
| monthly or quarterly management accounts, | | | | server. All your passwords could be shared with |
| annual accounts, cash flows, year end returns | | | | the outsourced entity's employees strictly on a |
| such as P35, P11D, P14, invoicing sales, aged | | | | need to know basis and these passwords must |
| debtor reports, creditor lists, payment picking lists, | | | | be regularly updated to maintain integrity. |
| bank reconciliation and others certainly sounds | | | | Fourth, build quality control into the offshoring |
| nice. But is it practical? | | | | process as it adds another dimension to the |
| India might boast of experience and qualifications | | | | output. Normally, when the accounting data entry |
| of personnel equal to or better than their British | | | | is done in-house, quality control is conducted only |
| counterparts. Accounting data entry companies | | | | at the end of the period, during audits. Offshoring |
| might also harp on the extreme cost savings, | | | | would not mean losing control over the process |
| lower wages, zero recruitment and personnel | | | | or the data... rather, it would result in better |
| management costs involved, and lack of | | | | control by way of well defined SLAs and quality |
| overheads in outsourcing. | | | | control. |
| But wouldn't the main issues be about quality | | | | Fifth, look into the specifics of the company you |
| control and confidentiality? Here's what you must | | | | are outsourcing accounts to. Ideally they should be |
| watch for if you are an overseas small and | | | | young and energetic and currently doing some |
| medium enterprise planning to outsource | | | | work with a select few quality conscious clients. |
| accounting data entry work. | | | | They should be willing to give you a copy of their |
| First, make sure your outsourced data entry | | | | agreements with other clients. Also ensure that |
| service provider gives you 240 hours per month | | | | the principal contact person is a Chartered |
| per head instead of the usual 160 hours per | | | | Accountant with over 20 years of experience. |
| month per head. This will ensure they double | | | | Their former corporate experience will make sure |
| check their outputs as part of the SLA. | | | | he/she drives the team in the direction best for |
| Second, at the start of each assignment, set up | | | | you. |
| training sessions with the provider (either online or | | | | And finally, prepare your organization for a new |
| on site or telephonically) to orient its personnel on | | | | way of thinking that transforms the way |
| the accounting software used by your company. | | | | accounting is done at the back-office. And you |
| This training must be adequately documented by | | | | can be sure to enjoy the offshoring experience. |
| the accounts data service provider. This | | | | |