- Identify Core Competencies
Outsourced accounting firms should assess their core capabilities and determine which tasks best fit the in-house teams and which can be outsourced without compromising quality.
The very first step of any project development is to identify the project requirements, objectives, and goals of the business. These specifications will mandate the course of the project, from opting for the hybrid outsourcing models that you will be using to plan to establish roles and responsibilities.
The project requirements must be clear and solid—there is no room for vagueness. Create project requirements documents to ensure that they are very specific and easily understandable. These documents will be handy at the time of planning.
At the time of setting goals, it must be realistic and attainable. Setting goals that are too imposing will lead to a cumbersome development process and roadmap, as well as disappointment down the road.
Always be aware that your accounts outsourcing partners can help you reinforce and develop your goals, giving you their expert opinions and suggestions about whether the goals are achievable or not. However, you must have a basic idea of the comprehensive objectives you are looking to achieve.
- Choosing the Best Combination of Outsourcing Models
When opting for outsource accounting services, accounting firms should prioritize well-established providers that have strong goodwill and reputation, relevant industry experience, and most importantly a commitment to data security and confidentiality.
At this point, you’ll need to decide which types of outsourcing models you would prefer for your business. You should also be aware of a few combinations of models like onshore model, nearshore model, and offshore models that will ideally fit your project. Take into account the mentioned factors below that will impact your business.
Factors to be considered when you appoint your hybrid outsourcing team at work:
- The complexity of the ongoing project
- Total time to complete the project
- Cost of the project and budget of the project
- Cultural and time zone differences
- Communication requisition
- Assemble the Hybrid Outsourcing Team
To put your hybrid team together at work, you have to choose team members grounded on the below criteria. This process means that you are choosing professionals and vendors from several different locations. Besides this, the hybrid team needs to manage and coordinate with a multicultural team. Also not to forget the time zone and the language difference.
Along with this, the team members should be able to communicate in their preferred language.
This will eliminate the chances of misunderstandings and miscommunication. Moreover, if your time zones are different, you need to come up with a time favourable to both of you.
- Having Transparency In Communication
Having effective communication between in-house teams and hybrid outsourcing teams is pivotal. Defined workflows, clear expectations and regular updates ensure flawless integration of both approaches.
Communication is one of the crucial parts of establishing a strong professional relationship with your outsourcing partner. This becomes even more important when you are putting together a hybrid outsourcing team because the team is a combination of people working differently.
For successful communication, you should mention the process in detail. Based on mutual understanding with the partner, decide how the communication should occur. Also, determine the channel or medium of communication to be used.
- Technology Integration
Leverage technology to grease collaboration between in-house and hybrid outsourcing teams. A few technological advances like cloud-based accounting platforms, communication applications, and project management tools, enhance real-time information sharing and connectivity.
- Continuous Evaluation and Improvement Process
Regularly review the hybrid outsourcing model’s performance and adaptations as demanded. This iterative process ensures the model remains aligned with business goals and evolving client requirements.
Concluding Statement:
There are multiple options available to choose but the main advantage that makes hybrid outsourcing different from others is – it is cost-effective, flexible, and efficient There are many different options to use, but the hybrid model is flexible, and efficient and should certainly be on your radar.
Outsourced Accounting & Bookkeeping 