Business Process Outsourcing: COVID-19 and cost-cutting ways in Vietnam

Business Process Outsourcing: COVID-19 and cost-cutting ways in Vietnam

Running a business at the same operational cost while under such strict lockdown and preventative measures against the covid-19 has become a herculean task. To maintain a smooth operation and management, excessive overhead costs are most likely to occur. Under such circumstances, business processes outsourcing is quite efficient and budget-friendly, allowing top-level management to focus on your bottom line. 

The Benefits of Business Process Outsourcing

Following promising covid handling in 2020 and Q3 2021, Vietnam is now facing a massive covid surge during its fourth wave. Ho Chi Minh City, Vietnam’s industrial hub, has now become the epicenter of the country’s fourth covid-19 wave, which began in late April. It has documented 137,008 local cases so far, the most in the country. The southern city has been subjected to a series of social distancing orders, the most recent of which is set to be extended for a month beginning August 15, according to VNexpress. Hence, it is time to outsource with Business Process Outsourcing service to save money during the lockdown restrictions that are affecting businesses in Vietnam.

Reduced Overhead Costs with Business Process Outsourcing

By outsourcing their business processes, firms can cut their overhead by half. Major expenditures in infrastructure, software, and personnel can be avoided by paying for services on a need-basis. Furthermore, a business’s efficiency is enhanced by receiving professional assistance without needing to hire full-time specialists.

Maintained Quality Standards and Effectiveness

Firms have to hire, train and provide extensive employee benefits to get a job done. And that too doesn’t guarantee quality if the employee lacks talent, or is new to work, or has an old, inefficient method of operation. Outsourcing these business processes to professionals instead can save a significant amount of time, and more importantly, get standard, and industry-relevant quality of work, done by veterans and experts who specialize in their respective fields. 

Focus on Core Business

Every firm aspires to be able to focus on its main business rather than back-office operations. A firm can focus on proper strategic areas (customers, markets, and rivals), detect particular trends, and adapt to changing market conditions by outsourcing its business processes to specialized firms.

Increased Time Efficiency

When a business process is outsourced, a work burden is shared with the outsourcing partner. The partner will be solely responsible for ensuring that results are delivered on time and to high quality standards. This enables the company to turn ideas into concepts more quickly and efficiently, and to get the products to market more quickly.

Risk Management

One underlying benefit of outsourcing is that, in the event of a natural disaster, technological difficulties, or a market shift, the firm will not be impacted. The outsourcing partner can continue to work on their projects. As a result, the firm can get back on track shortly.

What Business Processes to Outsource:

Outsourcing can be used for a variety of business processes, including but not limited to the following: 

Accounting and payroll

It’s a difficult and complex sector for most firms. To guarantee that everyone gets paid on time and fairly, specialized software and people are required. A company can save a lot of time and money by finding specialized outsourcing partners to take care of all these needs while complying with local laws.

Human Resources 

In human resources, there are numerous steering gears. It includes not only recruiting and terminating employees, but also benefits management, retirement program setup, payroll management, and much more. Consider outsourcing to a professional company that already has everything in place rather than hiring and training a full-time staff.

Corporate Tax Reporting and Compliance

In Vietnam, all businesses, both domestic and foreign, are required to follow all applicable laws. Whether or not your company does business and has tax obligations, tax statements should be filed on a monthly, quarterly, and annual basis. Tax statements should be handled in a timely and accurate manner to ensure on-time filing. However, you must have a thorough understanding of business rules and regulations. Having an outsourcing partner is the best way to stay on top of compliance and tax reporting without having to add a dedicated unit.

Business Processes Outsourcing With Metasource

Under Metasource’s umbrella, multiple business processes can be consolidated for increased efficiency. By offering comprehensive Business Process Outsourcing (BPO) services in Vietnam, we are committed to meeting our clients’ needs and assisting international companies and entrepreneurs in establishing and developing business operations in Human resources, finance, and marketing services. 

Our prime BPO services include Recruitment, Payroll Processing, Accounting, and Tax Reporting, Audit Reviews and Services, Visas, and Work Permits, etc.

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