Askews utilise BPO to create up to 30% in cost savings for businesses
Cost savings of up to 30% can be made by employing the service of Business Process Outsourcing (BPO) as reported recently in a white paper by Siemens Insight Consulting. Following a trade trip to Sri Lanka in March, leading Midlands accountants Askews is encouraging businesses to embrace BPO to help them become more competitive.
Following reports the UK is in yet another recession and the Resolution Foundation think tank claiming a third of adults are cutting back on spending this year, companies will be looking at further ways of reducing their outgoings. The latest Business Distress Index published by Insolvency Practitioners’ trade body R3, found that 37% of businesses say they have seen a reduction in sales volumes and 36% say they are experiencing decreased profits.
BPO is not a new concept. However, Askews is spreading the message that the quality has improved significantly in recent years, and are firm believers that Sri Lanka is one of the best countries to outsource to.
A recent report from leading Strategic Advisory firm, Tholons, places Sri Lanka in the top 20 outsourcing destinations of 2012. Following his trip there, Neil has taken it upon himself to outline the benefits of BPO whilst also using it as a basis for the company’s innovative ‘online accounting’ website which uses new software called ‘BPO Mate’ to cut costs for businesses.
Research from business saving advisor, Make It Cheaper, suggests businesses are failing to revise their expenditure in the face of rising costs and BPO is one way of cutting costs by outsourcing elements of the financial function. Askews is one of the more forward thinking accountancy practices to begin adopting this appliance with their online services.
For years India has been seen to be the ‘outsourcing’ capital, but there has been a decline in the work that is outsourced there due to factors that have affected the quality of work. Sri Lanka has a relatively high literacy rate compared to some Asian countries and also has the highest number of CIMA accountants outside of the UK; an aspect of BPO that Askews is keen to promote.
Another key benefit of outsourcing business processes to Sri Lanka is the time difference. This enables work to be done outside the UK office hours, and helps to increase productivity. Outsourcing offices in Sri Lanka are handling financial work for some of the world’s largest companies including the Hong Kong and Shanghai Banking Corporation (HSBC).
Askews already has a number of clients using their BPO services including environmental regulatory compliance company, Foresite Group, which fully outsources the financial functions for its group of companies across the US, UK, Cyprus, and a holding company. Lance Allison, chief executive officer of Foresite said: “Askews take care of all of our accounting and bookkeeping in multi currencies, provide payroll for all our companies, provide monthly management accounts, and carry out our year end accounts and world wide tax. We have seen a significant cost benefit by handling our finances this way, whilst also increasing productivity in the company.”
Askews offers a broad range of financial and legal services including the more traditional forms of accountancy as well as more cost-effective BPO, and online services.
Darryl Holmes, director of Angels Childcare Recruitment Ltd also outsources the company’s entire payroll and said: “The service of outsourcing saves us a laborious task, whilst also saving us money.”
Neil Askew, managing director of Askews Accountants said: “It is important that businesses are aware of the benefits of BPO. We are constantly developing our expertise in that field and are happy to give consultation to any businesses who want to reduce their financial costs whilst also increasing their productivity time. ”
Neil Askew on 024 7623 1000 or enquiries@askews.co
Denise Taylor, Bridge PR and Media Services on 024 7652 0025 or denise@bridgepr.co.uk
Askews Accountants was founded in 1997 by Neil Askew and currently helps businesses stay up to date with their accounts from its headquarters in Coventry. Askews boasts a highly professional team of dedicated and loyal staff, ensuring clients enjoy a consistent and informed business relationship.
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