What are the benefits of Knowledge Process Outsourcing and Research Services

Knowledge Process Outsourcing is the one of the booming branches of the BPO. This information driven service sector is based on comprehensive information research, advanced technical skills, and excellent analytical and interpretative power in the decision making process.

Apart from BPO services, the KPO services also involve Business Research and Analytics services. By creating huge opportunities for the business enterprises, the professional researchers track and analyze the market trend, followed by a thorough understanding of the customer needs and requirements.

Shortened process-time for the introduction of products/services into the market and dearth of professionals with sufficient technical experience are some of the major challenges faced by the flourishing businesses worldwide. This calls for expertise in consistently supplying the businesses with industry-best business solutions to keep these enterprises running on the track of profit and to stay one-step ahead of their competitors.

According to recent studies, the global KPO market is expected to grow at a CAGR of 46%, that is from $1.2 billion in 2003 to $17 billion in 2010. By 2010-2011, the Indian business market is expected to witness wide expansion of the KPO sector by 70%.

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Knowledge Process Outsourcing Services In India

India is one the major players in world’s KPO industry.In accordance with the report published by NASSCOM (National Association of Software and Services Companies), US corporate clients are expected to outsource their kpo projects worth USD 17 billion by 2010, of which the Indian share is estimated to be around USD 12 billion.

It is expected that high potential knowledge process outsourcing (KPO) will not be restricted to Information Technology (IT) or Information Technology Enabled Services (ITES) sectors alone but will extended to other sectors like Business Research and Analytics, Intellectual Property related services, Clinical Research, Legal Research, Publishing, Market Research (Market research KPO), etc. It provides wide range of job opportunities for doctors,architects,graphic designers and lawers.

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What Are The Benefits Delivered By KPO?

Companies can obtain a range of substantial benefits by outsourcing selected functions to KPO firms.First,they gain access to expertise on a scale that might be too costly and quite often unattainable.

Western companies are increasingly looking for access to specialized knowledge professionals who command high salaries in developed countries.Companies choose to tap into knowledge process outsourcing or kpo companies mainly to lower operating costs and so look to outsource in developing countries like India.

Challenges and competitions have become the buzz words in today's business market. This requires them to give their hand and attention to the mundane non-core tasks, which can make them devote comparatively lesser time to the core tasks or their customers. To keep up with the pace of the demanding market, the enterprises have initiated outsourcing of their non-core tasks to companies that offer services at relatively lower price, alongside a short TAT.

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Knowledge Process Outsourcing (KPO)

Knowledge Process Outsourcing and Research Services offers a competitive edge, to the business and research activities, that will lead your business to high growth and prosperity.

KPO (Knowledge Process Outsourcing) is generally known as the more specialized and complex brother of BPO.Companies choose to tap into KPO companies mainly to lower operating costs and so look to outsource in developing countries like India.

Countries that wish to be competitive in the KPO and BPO industries will need to concentrate on training to supply the demand for highly skilled and experienced manpower. Governments will need to offer friendly policies and export tax exemptions as well to draw in more clients.

It is concerned with the preparation of financial statements for decision makers, such as stockholders, suppliers, banks, employees, government agencies, owners, and other stakeholders. It is used to prepare accounting information for people outside the organization or not involved in the day to day running of the company. Management accounting provides accounting information to help managers make decisions for managing the business.

Management Accounting and Analysis

Management accounting is concerned with the provisions and use of accounting information to the managers within an organization, which help them to make informed business decisions that will allow them to be better equipped in their management and control functions.

Accounts payable contains money that a person or company owes to suppliers, but has not paid yet. Once the payment is settled, the invoice is removed from the file.Accountants also keep track of the money to be paid to the suppliers by an individual or organization, and also, the money owed to that organization by the entities of other companies. Automation of the entire process has made the enterprises to outsource the accounting tasks or projects which would generate faster output at a fair price.

In order to keep the business on the track of growth and to maintain a long-living customer relationship, it is imperative to concentrate more on the core activities of the business rather than non-core processes. Hence tedious and time consuming tasks like accounting and financing are outsourced to offshore companies to reduce the expense, increase efficiency, optimize customer relationship and decrease risks.

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Payroll Accounting

The over all time spend in filling up legal papers, completing formalities, complying with different formalities, calculating wages, etc can be eased due to the payroll processing services introduced into the outsourcing field. Be it a small or big organization, payroll is a crucial aspect for every organization.

Hence the payroll financial statement gives the total amount due to the employees after the necessary deductions. Factors like additions, deductions and allowances are taken into consideration while preparing the payroll statement.

Some companies offer online accounting services that include comprehensive bookkeeping services, financial accounting services, e-accounting services for any types of bookkeeping company and organizations of all types and individuals.

Accounting and Payroll Services

Accountants also keep track of the money to be paid to the suppliers by an individual or organization, and also, the money owed to that organization by the entities of other companies. Automation of the entire process has made the enterprises to outsource the accounting tasks or projects which would generate faster output at a fair price.

Payroll process undergo consistent changes in the payroll legislation. Factors like statutory payments and deductions, Pay as you earn (PAYE), annual changes in tax codes, national insurance bands, etc. have to be often eyed for while processing the payroll statement of salaries, wages, bonuses and deductions.

Tax preparation services are executed by an attorney, certified public accountant or enrolled agent. The client's data and balance sheets are first examined and then entered into an appropriate tax software. After data processing, the tax return is verified to check all the information received has been correctly entered and accounted for. The returns, after required reviews, modifications and updations are then transferred to the client.

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Accounting for Goodwill

The financial accounting is one such area which requires great attention in corking the business from slipping into a crisis. Hence, companies with dedicated professionals provide financial accounting services at relatively fair price, with the best output. Confidentiality of the records is maintained throughout the transaction.

The business or personal financial accounting records require effective management to generate an accurate accounting report on a timely and proactive basis. The major financial accounting services provided by outsourcing organizations include

• financial bookkeeping services

• accounts payable services

• account receivable services

• payroll management services

• tax preparation services