Frequently Asked Questions about Accounting Outsourcing
What is Outsourcing?
Outsourcing can be defined as "the strategic use of outside resources to perform activities traditionally handled by internal staff and resources." Such activities are considered "non-core” to the business and could be done more efficiently and therefore more cost-effectively, by other companies with specialized tools and facilities and specially trained personnel.
Why should I outsource?
The key reasons why an organization should outsource are to: improve company focus, gain access to world-class capabilities, free internal resources for other purposes, time management, and reduce fixed operating costs.
What benefits are typical of Outsourcing Accounting?
Benefits may vary by company depending on a number of different factors including current efficiency of processes, level of centralization, technology, internal support for outsourcing, focus on continuous improvement, degree of partnership with provider, and the list goes on. Our experience shows that following benefits are generally realized:
• Cost savings
• Improved efficiencies and speed of access to financial information
• Flexibility through a variable cost structure and ready-access to talented and skilled professionals
• Transparency into processes
• Superior controls and risk management
How can you do my bookkeeping without coming to my office?
When we initially signs an agreement with you we will pick up files to make sure your company is correctly set up within the relevant accounting software. Once the company has been set up, you will provide us, on a regular basis as agreed during our set up meeting, all information that relates to the financial picture of your company. This will include all invoices, monies received, statements and billings from vendors, bank statements and other bank obligations, purchases made for supplies or inventory, as well as any other industry specific data. This information can be couriered, copied and mailed, faxed, or scanned and emailed. We will then supply you with reports via email or through our secure, online client database.
What service does Cerebra provide?
Cerebra provides all of the services one should expect from their accounting department. As well as data entry for financial information, we will provide you a set of financial reporting such as balance sheet, income statement, cash flow statements, aged accounts receivables and payables listing (see our financial reporting portfolio). We can invoice your clients and can handle collection efforts on your accounts receivable. We can make payments on your behalf if authorized. If you want to have budgeting and cash flow reports we have the capability of assisting you and providing you with periodic reports (weekly, monthly, quarterly or yearly) with comparisons to budget.
What types of companies or businesses use your services?
Cerebra Outsourcing is a full service accounting and financial reporting business that does not limit its services to any particular industry or sector.
Can you help me setup my bookkeeping and accounting systems?
We will gladly and easily setup a business' bookkeeping and accounting systems. During the initial setup meeting and the conversations prior to, we will assess the company's needs. Based on our assessment we will create and implement a sound and efficient system to manage your financial processing structure while consuming as little of your time and effort as possible.
Will I lose control of my business if I outsource my bookkeeping?
Actually our clients have found they have more control of their business because they finally have accurate and timely financial reports and projections that allow them to make business decisions based on timely and accurate numbers and not on guessed numbers. You now have the freedom to get back to business because we are handling your books and you don't have to take time away from planning and strategy to do the bookkeeping and accounting.
How do I get started?
We invite you contact us to learn more about outsourcing and how to get started. Once we receive your inquiry we will contact you and begin the process of helping you with your bookkeeping, accounting and financial reporting needs. Contact us.
What can I do to not suffer "loss of control” over my processes when outsourcing?
It's quite common for organizations to initially prefer local onshore support as it is a common misconception that proximity allows for better oversight and control of outsourced operations. However, this perception of control comes at the expense of additional costs, longer cycle times, and less flexibility. Our onsite-offshore delivery model offers the ideal balance of both connectedness and efficiency. By retaining key employees and locating them on-site at the client's office, the client always has a direct contact for communication, updates, questions, and exceptions. As these our onsite employees are generally former employees of the client, they likely have a relationship with key executives throughout the company, are familiar with company policies and culture, and can provide the necessary insight to executives. This provides for a strong connection with the company and avoids any "loss of control” one might experience when simply moving operations to a service provider or the like.
How do you ensure your professionals have the necessary accounting and finance skills and what kind of training do you provide to your employees?
Our firm, at its core, is an organization of highly skilled finance and accounting professionals. Finance and accounting aptitude is critical and we have established minimum education and related experience requirements for our professionals.
Cerebra's chartered accountants' team has completed rigorous training and testing to provide you with only the most accurate and reliable information.
How do you ensure quality standards?
We strive to deliver the highest quality services and take deliberate measures to meet and exceed our strict quality standards. Our foundation for ensuring quality and consistent delivery is grounded in our adherence to the rigorous standards of ISQC1. This is further supplemented by ongoing communications as well as regular governance committee meetings and satisfaction surveys.
How does Cerebra work to minimize turnover?
We actively work to provide our employees with interesting and challenging work as well as ongoing training and learning opportunities in order to drive high employee satisfaction rates. Our low turnover rate provides for smooth operations and long-term continuity for our clients that is an important driver of our high client satisfaction rate.
Why is outsourcing sometimes not successful?
Outsourcing is designed to create strategic value beyond cost savings, including better access to information, decrease in error rates, better internal controls, and elimination of staffing problems, innovation, and so on. These results can be more difficult to achieve and largely depends on the client's relationship with the outsourcing provider and the level of strategic partnership developed. Therefore, selecting the right partner that delivers the necessary level of communication, change management, process knowledge, and partnership is critical to the long-term success of outsourcing.
What if I decide outsourcing is not right for our business and we would like to bring the function back in-house?
Should you decide to bring outsourced functions back in-house due to a change in corporate direction or other reason, there are a number of benefits provided by Cerebra's methodology. The most important factor is our detailed workflow process documentation that is developed at virtually the key-stroke level. This documentation can be leveraged for training of in-house staff and to ensure all quality and compliance requirements are achieved during and after the transition.
What makes Cerebra different than its competitors?
Cerebra is a full service accounting, assurance, tax and consulting firm in a wide range of industries in Turkey. We offer intelligent solutions to a client base that ranges from small and medium sized entities, owner managed businesses, high net worth individuals to large corporations by using a highly-personalized service approach.
Cerebra has been founded on 1 January 2009 with the aim of becoming one of the largest accounting, assurance, tax and consulting firm in Turkey. Our top management having "Big Four” accounting firm experience is determined to create an environment where national, international expertise and experience are made available to our clients through innovative and proactive manner. Thus, our professionals strive to be viewed as business advisors beyond the traditional auditor or accountant role. This philosophy set us apart from other service providers in Turkey.
