Co-Sourcing – As a Business

Co-sourcing, in very simple terms, can be defined as a partnership between an organisation and an external service provider where these two parties agree and work together to ensure that the specialized needs of the organisation are met. Co-sourcing is a unique sourcing model Although, co-sourcing may seem very similar to outsourcing and consulting at … Continue reading “Co-Sourcing – As a Business”

Co-sourcing, in very simple terms, can be defined as a partnership between an organisation and an external service provider where these two parties agree and work together to ensure that the specialized needs of the organisation are met.

Co-sourcing is a unique sourcing model

Although, co-sourcing may seem very similar to outsourcing and consulting at the first instance, it is actually a very different sourcing model. When you choose to outsource or hire a consultancy, you choose to relinquish control to a great extent; where as in co-sourcing, your staff continues to take active part in planning, development and management. Additionally, when it comes to deploying new systems in an organisation with limited number of employees, no other sourcing model is as facilitating as co-sourcing. In fact, many companies see co-sourcing as an arrangement to bring highly qualified experts from specialized fields onboard, without having to employ them on the Company’s payrolls.

Co-sourcing can help save costs while maintaining control

Today, many companies prefer co-sourcing over outsourcing as it helps cut costs as well as to maintain control. When an organization opts to co-source, the in-house staff retain responsibility of the overall project or operation, but depend on the third party for technical skills and personnel. Co-sourcing contrasts the outsourcing set up where the organisation loses day to day control over its functions to the vendor. Not only that, it also helps the organization obtain maximum value, especially as the organisation saves on long-term investment in staff. Unlike in the case of consulting companies that plan and implement projects independently, co-sourcing allows the organisation’s personnel a persistent role in the project.

Co-sourcing is more ethical than outsourcing as the internal staff is not replaced in the co-sourcing model and they continue to work in coalition with the service provider’s team.

How can co-sourcing help

Co-sourcing can help you decipher the myriad of technologies in this competitive and complex global marketplace. The whole arrangement can help you with well-designed and effective solutions for your organisation’s unique needs and environment. In some instances, the service provider is required to manage all other vendors; in such cases, the co-sourcing partner ensures that your company receives the best rates and highest level of services. Last but not the least; co-sourcing, by reducing the burden on your internal resources can help you focus on your core competencies.

Business Financial Planning

Businesses often find financial planning a hassle. At the same time, it is critical to plan your finances well through the entire business cycle, be it before commencing, or after folding up (if you decide to merge or sell etc.) In truth, creating a financial strategy isn’t as tough as it seems to be. There are some steps which need to be kept in mind while planning your finances. Some of these steps are as listed below:

Establishing and defining the financial planner – client relationship
Gathering client data, goal – setting and expectation – defining
Analysis and evaluation of the existing financial status
Development and presentation of recommendations / alternatives

It is important to note here that some of these steps will determine and influence the other ones. At the same time, some of these steps need to be carried out simultaneously. To understand these steps better let’s look into how each of these steps work.

Establishing and defining the financial planner – client relationship

In this step the financial planner, explains his / her services to the client. This means that they explain or document their responsibilities towards the project. Further in the same step he / she also chalks out the responsibilities of the client. The payment and terms and conditions are also negotiated in the same step and the time frames are negotiated as well. Decision making processes, SOPs, Specific Points of contact etc. are also decided at the same time.

Gathering client data, goal – setting and expectation – defining

In this stage the data related to the financial state of the client’s business is collected. The personal and financial goals are defined. A thorough SWOT analysis will also give an insight into the risk taking capacity and the estimated productivity of the business. This stage is actually where planner gathers all necessary information before advising the client anything.

Analysis and evaluation of the existing financial status

In this step, the client information is assessed and analyzed. This gives a clear idea about the current status and also helps in deciding what to do in order to achieve client’s business goals. Further, on the basis of the requested services, this stage may include the assessment of liabilities, assets, cash flow, tax strategy, investments, current insurance covers etc.

Welcome to Las Vegas

Las Vegas is a famous American city situated in the state of Nevada. It’s the largest city in the state and it’s widely known for its fine dining, shopping and gambling. Las Vegas was named the ‘World’s Entertainment Capital’ because of the numerous casino resorts. Other nicknames that this city got are the World’s Marriage Capital, the Second Chances Capital, Sin City and the World’s Gambling Capital.The fantasy-like atmosphere in Las Vegas is created by the giant and glamorous casino hotels. Their names evoke exotic destinations, mystery and romance.

Besides many casinos, Las Vegas also features numerous other attractions and sights. Go to the Fremont Street Experience. This is a pedestrian mall situated near the casinos. Every night you can see amazing multimedia shows on the canopy placed over the street. Another landmark is the Fountain Show from Bellagio. During the evenings, for 15 minutes, you can admire the ‘dance’ of these beautiful fountains. On Sunday and Saturday afternoons, the show lasts for an hour.

Las Vegas is known for their mega hotels…not just for casino play but also to stay and relax while you gamble and have fun! The question is not where do you stay but how do you get the best rates? Well, that is where HotelHut comes in. Booking online can be a tedious job because all those big popular online travel agencies are of no use. Their rates are basically the same and trying to find a discount can be a pain…unless you book thru HotelHut is a private membership hotel booking site offering their members deep discounted “unpublished” rates you’ll find nowhere else! Their Members can save up to 71% off retail!

Trolling Lake Michigan

There is no doubt that the Great Lakes are incredible fisheries. Thousands of people take to those lakes every year for a variety of fish. Lake Michigan is no different. There are many ways to catch fish on Lake Michigan. One of the best ways, though, is to always hire a guide.

There are many guides on the lake who specialise in different types of fishing. Look for a reputable guide who’s been working on the lake for a while and who can provide you with some references. Fishing Lake Michigan for the first time can be a daunting task. It can also be dangerous, if you have never fished big water before. Even the most seasoned of anglers pick up tips and trick from experienced guides. They understand which fishing lures are catching fish and where and how to use the most effectively.

Trolling is one way to catch fish on Lake Michigan. This requires knowing the depths at which the fish are holding and also the speed at which the fishing lures will work the best. The speed and depth of the fish will depend on the recent weather, the time of year, and the water temperature at various depths, among other factors. The fishing lures that worked on Lake Michigan in the spring may not be the same ones that will put fish in the boat in the fall.

Outsource Businesses

With the advent of globalization, businesses have hit the rim of success. Technology has conquered the problem of distance. Getting connected to near and dear ones, no more remained an issue. The call center industry emerged in the early 21st century. Huge multi-national companies have been outsourcing their non-core business functions, so as to drive efficiency. Outsourcing is a major platform for the accomplishment of our country. The BPO industry helps in bridging the gap between the customers and clients. Telemarketing companies specifically in Asian countries have outplayed all major business players of other countries in terms of human resource, capital and infrastructure, thereby offering varied benefits, which other countries do not.

Let us discuss briefly the factors laid behind outsourcing business functions to call centers

The BPO industry has helped businesses by employing the best technologies along with the best resources to ensure quality services to its clients.

Educated workforce:Every year, huge numbers of qualified, tech-savvy students pass out from top colleges of world. The main advantage of outsourcing to call centers in Asian countries is to retain highly skilled professionals with large speaking English population. Owing to the problem of unemployment owing to oversized population, large workforce is ready to work at low price. The labor cost is 50-60% less than what people earn in developed countries. The flawless communication skills give them an edge over others.

Cost-effective:Outsourcing non-core business functions to call centers helps in increasing revenue of the organizations at reduced expenses. Businesses need not invest on hiring highly skilled employees or spend huge amount of capital on finding an office space for starting up an in-bound call center. Meanwhile, by extending services to an outsourcing company, businesses can concentrate on its core operations.

Business Financial Analysis

Planning and Control are the two most important ingredients to a Successful Business. A Business Plan takes most of the guess work out of Business Strategy and Control through solid Financial analysis. Financial Data provides a way to gauge where you are in your Strategic Plan, telling you where changes in your Plan are necessary. Because of this, Financial Data Analysis and Management are vitally important to running a successful business.

It is extremely important to have a suitable Accounting System installed throughout your business so data acquisition is easy. You cannot manage your Business for Profitability without a good Accounting System. My CPA has a bookkeeper who comes out to the business to help install the Accounting System and show us how to work it. All of this is done with the guidance of the CPA but at a fraction of the cost. A good Bookkeeper is invaluable in helping capture Financial Data. Having an established working Accounting System in place will minimize the fees a CPA charges to analyze your tax liability and prepare your tax returns.

An Accounting System is typically built around the following key Financial Management tools:

– Income Statement (Profit & Loss Statement)
– Cash Flow Statement
– Balance Sheet
– Budget
– Breakeven Analysis

By having a Financial Management system in place, you can easily identify early warning signs or spot particularly profitable areas. Not having a system in place to analyze and organize Financial Data makes it impossible to effectively manage, grow and control a business. It makes it impossible to gauge the success (or lack there-of) of your Planning and Strategy. Moreover, used incorrectly, inaccurate Financial Data can be disastrous for a company’s livelihood.

An Accounting and Financial Management System is only as useful as it is used systematically throughout an entire business. It is extremely important to implement the system into the very fabric of the business and be used systematically. The Accounting System is a reflection of the health, or lack thereof, of a business and from which business decisions are made. Make sure to set it up right, train your people on it and most importantly, use it!

Two principal objectives of any business are to be Profitable and have Cash Flow to pay obligations. The Income Statement and Cash Flow Statement figure prominently in this area. The Income Statement represents how well a Company is operating, and the Cash Flow Statement shows how well a business is managing its Cash. Profit or Loss on one side and Liquidity on the other.

Outsourcing in Your Business

If you’re running a shop front, a restaurant, an office, or other brick and mortar business, you should be attempting to always have your operations run more smoothly. When you can use other outside services to help you out, and you have a little bit cash to spare, it’s best to let other people take care of those little jobs.

Outsourcing the work around your business that takes too long or is too difficult is the best way to free up resources around the office that are better spent elsewhere. You may think that you’re saving money by doing things in house, but the reality is that time is money – and employees should be doing the work that they are specialized in. Save time (and thus money!) by getting in someone from outside to do these jobs for you.

Here are the services that you should consider outsourcing first if you have a business.


This one is fairly obvious, but it’s important to find a good cleaner. A good cleaner will clean your business exactly as you wish, whereas inferior ones will do, you guessed it, an inferior job. Cleaners can be engaged through a cleaning company, or just through the individual themselves.

Commercial waste removal

Let’s face it – you probably often struggle to fit all your waste into council bins or shared skips. Engage a professional commercial waste removal service to set up regular removal of all your garbage. Waste Choices make it easy to link up with the perfect business waste collection company in your area. Try them out and you’ll never look back!


Unless you’re an accountant yourself, you’ll never be able to keep track of everything that you need to have your business running smoothly, legally, and tax compliant. An accountant does all the hard work for you so that you don’t have to. They don’t study their profession for many years for nothing.

Business of Financial Planning

We have learned from the economic crisis of 2008, to take care of where we invest or what we do with our money. It also taught us that in times of doubt, consult your advisor. The economic downfall in 2008 also opened opportunities for expert financial planners and newbies who wants to help people and business maximize their resources.

If you are wondering why you or your business needs financial planning, we have enlisted the perks here.

Financial planning enables businesses or individuals to allocate the right amount to the right area that needs improvement or more investment in a timely manner. This minimizes risk-taking and bad investments. Efficient financial planning would then eventually lead to better revenue and effective cost management.

Financial planning presents the costs and gains of a company or individual in numbers, giving them a clearer view of what they will be investing in. This makes it easier for decision makers to go or stop a contract or project.

A financial plan is prepared annually. This financial forecast explains how much the business or individual should expect and when to expect it. This not only shows how long the wait is going to be, but also the quantity of its profitability. Every month, a financial plan is also done to compare the annual plan prepared earlier to see if the target is being met, exceeded or otherwise. This warns the business owner or individual of possibilities and posed threats in the investment, and if it’s time to give up or not yet. Although it is not always correct, as there are so many things that could affect the business’ financial status, financial planning and management makes it easier to see what is and what can be.

While some people or business owners would want or need a financial planner as they can do this on their own, there are some who would need a planner’s help to get the load off their backs. Either way, when looking for a financial planning company to handle this hefty job, here are the things you have to consider.

License – find a licensed or certified financial planner, which signifies their abilities and credibility. Do not just jump on the first firm that comes your way in a desperate move to find one.

Pay structure – there are two major pay structures your planner may be a part of: fee-based and commission-based. Nothing of the two is better than the other; it is really up to the company or person what he/she prefers. There are also planner who, like free-lancers, can be paid by the hour or when you only need them

Financial Health of Your Business

A business must enter all its financial transactions in its books of account. It helps the accountants in tracking the incoming and the outgoing flow of cash through the business. Nowadays, the cloud based accounting systems maintain and process the books of account.

The corporate environment of every country is bound by certain statutory obligations. ACRA (Accounting and Corporate Regulatory Authority) of Singapore governs the corporate sector in Singapore. This agency has the duty to ensure all industries, irrespective of their size or niche, comply with the amended set of statutory requirements. Updated books of account, filing of financial statements, and paying taxes in time are the essential factors of these obligations.

The act of recording each financial transaction of the business and then, periodically checking the books of account has a far-reaching meaning to the business owners. The accounting software reduces the amount of manual work involved in the task. Each time, it processes the business data accurately and unfailingly. The software takes only a few seconds to process the data. The results obtained denote the financial health of the business.

On-the-Go Access

A cloud based accounting system saves and processes the business’ financial data on the cloud servers. It transmits the results to the business owner’s device, which can be an internet capable mobile or tablet. The software can also transmit the reports to the laptops, net books, and desktop computer.

The accounting software systems generate financial documents like cash flow, balance sheets, and profit and loss accounts for the inspection of the owners. They get a detailed info about the working and the financial standing of their businesses. The software also updates them about the financial position of their businesses with respect to their suppliers, customers, and creditors of their businesses.

The accounting software allows the owners to know about the fluctuations in their bank balances. It allows the owners to keep a firm control on their credit and debit situation. It ensures that they do have a chance to take appropriate actions before the commencement of a financial disaster or a broken commitment.