Outsourcing,Financial,amp,Acco business, insurance Outsourcing Financial & Accounting (F&A) Have some c

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Often times small businesses will consider only the costpaid to the offshore vendor in their ROI analysis when considering offshorevendors for their financial and accounting work. But there several other onetime and monthly costs they need to consider in their total cost calculations.This article explores what are all the different costs small businesses mustconsider in their Total Cost Analysis so that they can estimate the overall ROIof their offshore engagement.? 1.Financial & Accounting Work have some costWhile offshoring their work small business will consideronly the hourly rate they need to pay to the offshore vendor for variousaccounting works like bookkeeping, accounts payable, accounts receivable, etc.Typicallya small business goes through following offshore accounting work cycle in theiroffshore engagement:Verifying the finished work from the offshore vendor Answering questions for the offshore vendorSelecting an offshore accounting vendorSending the work to the offshore vendorReceiving the finished work from the offshore vendorMonitoring the quality of the finished work from the offshore vendor2. Cost of Selecting offshore accounting vendor  is very small The cost associated with selecting an offshore accounting vendor will be smallcompared to other costs through internet. For detailed discussion on this topicread Offshore Accounting Success. This cost is the one time cost and it will besimilar to selecting an onshore vendor. 3. there is a cost of sending the work to an offshorevendor Small businesses must consider various types of cost likeScanner, High speed Internet, Backup Server, etc, to send their financial andaccount documents to an offshore vendor, but the good news is that it will be aone time investment and most of the small businesses will have these in placealready. There are three different offshore accounting modelsyou can use to send your accounting andfinancial work to the offshore vendors and for these you will incur followingone time cost. 3.1. Scanner & Scanning softwareMost of the accounting and financial data will be in your accounting softwarelike QuickBooks, Peachtree etc, but there will be other documents like Bills,Checks, Invoices, Goods received notes, etc will be on paper and these shouldbe digitized using a scanner and a scanning software to convert it into PDFdocuments which will be stored in your computer. Once the documents are in yourcomputer then you can give access to the offshore vendor to view the PDFdocuments or they can retrieve it from your computer to perform their work inthe offshore location. 3.2. High speed Internet Connection Cost You need to have high-speed Internet connection to send and receive the work toand from offshore location. Again all most all small businesses already haveDSL/T1 Internet connection if not they can get a DSL Internet connection for$60-100/month.3.3. Secure FTP software Small businesses need secure FTP software to securely send accounting documentsto offshore vendor and can receive it back from them securely. For this purposesmall businesses can use several open source FTP software. The open source FTPsoftware is free and small business need not spend any money to use it. The FTPsoftware will be installed in the computer that is connected to the High speedInternet.If small businesses are using Application Service Provider (ASP) likeQuickbooks online, cpaasp.com, etc, then it is possible for offshore vendors todirectly access your accounting data directly from the ASP vendor. In this casethere is no need to use secure FTP software. 3.4. Backup Server Once small businesses start digitizing theiraccounting documents for their offshore vendors, they need to start planningfor the backup server to backup all their accounting documents. Most of thesmall businesses will have this feature already, if not it is a good investmentto have a backup server to backup all their accounting and financial data fromtheir main computer to the backup server. For any business “Businesscontinuity” is a vital task and the backup server will help the smallbusinesses to recover all the accounting data in case of main computer failure.3.5. Additional Accounting software License costSmall businesses use various accounting software packages like QuickBooks,MYOB, Microsoft Office Accounting etc, for doing all their accounting andfinancial work. When they offshore the work the offshore vendor will use thesame accounting software to do the work. It is very difficult for the smallbusinesses to find an offshore vendor who already owns the licenses for all theaccounting software. As described in the offshore accounting models if smallbusinesses decides to use Remote Server or ASP then there is no additional costfor small businesses. On the other hand if the small businesses decided to use SecureFile Transfer then small businesses needs to buy additional accounting softwarelicense for the offshore vendor to use. Small businesses will incur this costeven if they outsource the work to onshore vendors. This cost is truly soleybased on the accounting software package used by the small businesses.Accounting software packages comes with various flavors types of softwarelicenses like concurrent users, fixed number of users, CPU based, Network basedetc., Some times small businesses can completely avoid this cost altogether.  4. Managing Financial & Accounting offshore vendor Onceyou send your accounting and financial work to the offshore vendor, you need toconstantly mange and monitor the quality of finished work that comes back fromthe vendor. Initially you may need a full-time person educating the offshoreaccountants and bookkeepers about your accounting process and preparing properinstructions for them to follow in their work. Once you and the offshore team arecomfortable in the working relationship then all you need is to verify the workperiodically. Basically you need to consider the offshore team as your virtualteam and educate them in your accounting processes and procedures, once you arecomfortable with their work your own employee(s) will spend less time with theoffshore vendors. 5. Offshore vendor wage Typically the wagecost will be 50-70% less than the cost paid to the onshore accounting andfinancial vendor. Small businesses need to consider several costs intheir financial and accounting offshore engagement. As shown in the table Smallbusiness F&A offshore outsourcing - Fixed Cost Vs Monthly Cost some of thecosts are fixed and some of them are monthly expanses incurred by the smallbusinesses