Outsourcing – Ethical check points

February 9, 2022

Outsourcing – Ethical check points

Offshoring or Outsourcing non-strategic activities go a long way in saving overheads for organizations and enhance their profitability.  While the outcomes seem highly attractive for managements in form of reduction of costs, it is crucial to ascertain the outsourcer’s service practices before getting in bed with one.  It is vital to judge their practices in order to convince yourself that you have the right partner.

Opting for GJM & Co., you can assure yourself to be in partnership with an ethically sound outsourced service provider for your finance & accounts function.

Let us look at what are the primary concerns for a company before it seeks to venture out offshore:

1.     Security & Privacy: Sharing of a company’s private financial information is a huge concern for managements today.  They need assurance of all necessary security systems in place for information exchange.  So it is imperative to assess your outsourcing vendor from stand point of adequate information security measures.  One’s that do not demonstrate satisfactorily their information technology infrastructure to be secure, should not be evaluated.

2.     Quality of Service & Experience: Managements tend to be wary about the quality of offshore service providers in delivering consistent work.  It is absolutely fair to ask your vendor what is their track record, the types of industries they service, their years of experience outsourcing and the qualifications, competence and experience of their accountants.

3.     Ability to Scale up: Companies should also assure themselves their offshore vendor capability to scale up in providing necessary resources as and when its operations grow and require higher support.

GJM & Co. is well equipped to demonstrate its readiness for the aforesaid concerns:

To brief you on GJM & Co.’s journey as an Outsourced service provider, we have been in the finance & accounts outsourcing industry for over 8 years now and worked for over 100+ companies across USA, UK, Australia and India.  Our majority of clients still are based in USA and spread across industries like information technology, chemicals, education, hospitality (hotels/restaurants/cafes), entertainment, e-commerce, professional services like CPAs, Lawyers, Doctors, Dentists, real estate services, NGOs/Non-profits, staffing, healthcare & nutrition etc.  We offer accounting & bookkeeping, payroll, financial reporting, account receivable and account payable management, virtual CFO/Controller services, tax preparatory services to all these companies.

We are completely hands on with our Customer concerns through our Customer Experience teams, which are entirely about bridging our accounting teams with that of our customers’ requirements and goals.

Let us talk about how we address the aforementioned concerns at GJM & Co.:

1.     Security & Privacy measures:  Our office networks are well protected with firewalls and encrypted servers, in place VPNs and password protected logical user accesses.  This warrants complete confidentiality of our client information and offers secure exchange of data.  Our office devices such as Laptops, Desktops are all secured by restricting external devices, blocked online drives/clouds, unavailability of printers, usage of mobile phones at work, constant manned supervisors etc.

2.     Best Legal practices:  Our relationships with our customers are transparently documented with detailed service agreements defining scope of work, commitments to non-disclosure to protect our customer interests.  Our employees too have water tight employment agreements that assure they are abiding to customer confidentiality.  They are also selected through a tough screening process whereby their backgrounds are thoroughly vetted before on boarding.  We take pride in our team comprising of honest, ethical and accountable individuals.

3.     Service quality & Team’ competency: We are always forthcoming with our clients by establishing clear communication channels and keeping them posted on their assignments through thorough and period reporting.  Our work schedules are pre-defined post transition and work is monitored for delivery as per deadlines.  Our team of accountants is subject to constant knowledge upgrade by training in software updates, new accounting practices, changes in laws, to be as hands on as much as possible for supporting our clients.  The accountants average 3 to 4 years of first hand work experience in international accounting, especially for the US.

4.     Scalability:  GJM & Co. can today support its clients for any demand in terms of resources required to address growing business needs.  We have the bandwidth to instantly accommodate increased seating for at least 50 full time accounting resources.

Reach out to us today by Scheduling a Call, to know more about our Finance & Accounts Outsourcing services.  You can also write to us for any questions at info@gjmco.in and we shall be happy to guide you into making your outsourcing decision.