What is OutsourcingYour front office will generate sales and profits, but it needs support to do so. The heart of your business relies on proper accounting, bookkeeping, data entry, and more.
Though these functions don't relate to your core business model, they serve a vital role in overall business functions.
Your back office needs management from professionals, but having an in-house team can be a financial burden. If you own or operate a business, you might choose to outsource these functions to a third party company.
Here's a quick guide to outsourcing these operations and why your business needs it.Your back office the lifeblood of your business. Your business can't operate if these functions don't run smoothly.
You can think of your front office as the face of your company. This is where your business meets and serves the public.
In contrast, the back office typically concerns itself with more administrative functions. This may include the accounting, human resources and tax consulting.
Why Outsource These OperationsFor new and small businesses, or even larger companies, it may be tempting to do much of this work yourself. This can rob you of valuable time you could use to improve other business operations.
When you outsource back-office operation, you free up time and resources. One of the biggest benefits of outsourcing is the reduction of costs and freeing up time and capital. You no longer need to pay for a full-time employee or team to run your back office functions. You can have access and benefit from professional services when and how you want.
Setting up an office with full back office services can be costly both in terms of employee maintenance and office space. Opting to outsource the operations will save you and help your business to grow.
The market grows more competitive each day. This is largely due to the role of new technologies in the changing business environment and to new regulatory rules. This forces businesses to adapt quickly and to cut costs wherever and however they can.
Many business owners are reluctant to relinquish control of the back-office functions. You'll retain control of how and when you use the outsourced services.
Accounting & MoreAdvances in technology and globalization over the last decade have prompted organizations to rationalize resources. Decisions to outsource activities such as accounting and administration are not taken easily, save where a trusted partner can be found. Companies need timely and accurate data in order to make educated decisions about their current situation and future goals. WEALTHINGS provides assistance to entrepreneurs and companies that are looking at accomplishing various accounting and administrative tasks, with quick turnaround and competitive costs.
What we do:
• Real-time accounting
• Reporting services
• Internal control services
• AML compliance
Human ResourcesImagine the possibilities of partnering with a company that takes responsibility for the management of your company's HR functions. We provide outsourced human resource services uniquely tailored to meet the needs of Small and Medium Size Enterprises (SME), so you can focus on growing your business. These services include regulation compliance, insurances management, payroll administration, recruiting and employee relations. WEALTHINGS can serve as your off-site human resources department or can provide support to your existing human resources department.
We also specialize in start-up operations.
What we do:
• Payroll administration services
• Relationships with insurance companies
• Work and residency permit for UE and third countries citizens
Tax ConsultingTax consultancy, as we at WEALTHINGS understand it, doesn’t only mean being aware of and exploiting current opportunities, but also the formulation of fiscal strategies designed to secure the future. The services offered include, without limitation, the issuance of legal consultations, the providing of tax advice, the assistance in estate planning, the issuance of legal opinion, the set up of efficient tax structures, the assistance in reorganizations, the conduct of tax audits, the obtaining of tax rulings, the conduct of tax negotiations, the assistance in tax litigation, the assistance in criminal tax law procedures, the preparation of tax returns, including VAT returns.
What we do:
• Tax planning
• Tax structuring
• Lump-sum Taxation
• Negotiations with tax authorities
DomiciliationWe offer a comprehensive range of services relating to the administration, domiciliation and management of companies.
What we do:
• Provision of registered office
• Day-to-day management, assistance and coordination of each project
• Provision of independent directors, managers and legal signatories
• Coordination of the incorporation process for companies
• Provision of a registered office for the company, creation and maintenance of a dedicated file and register
• Provision of a dedicated office space and assistance with setting up physical infrastructure, including setting up phone lines, network connections
• Liaising with a credit institution with respect to the opening of a bank account
• Registration of the company with the competent authorities
• Maintenance of all documents, accounting records, prospectuses and annual reports for 10 years
Business ConsultingThe strategic and operational decisions concerning the direction of a company determine both its long-term development and success. To assist our clients in making the most profitable decisions, we offer them an evaluation service together with advice with which they can optimize the management of their business.
What we do:
• Strategy services
• Economic and financial advisory services
• Mergers and acquisitions
• Transition and change management
• IT audit
Other ServicesWe truly work as a team to provide better outcomes for clients. We believe in possibilities through partnerships. The best successes are not achieved alone, so we build strategic partnerships that allow us to offer a range of services to our diverse clients.
• Financial consulting
• Legal advice
In life, as in football, you won’t go far unless you know where the goalposts are.
Efficiency, which is doing things right, is irrelevant until you work on the right things.
The people who are doing the work are the moving force behind the Macintosh. My job is to create a space for them, to clear out the rest of the organization and keep it at bay.
Taxes are not good things, but if you want services, somebody's got to pay for them so they are a necessary evil.
Before you can really start setting financial goals, you need to determine where you stand financially.
If the only tool you have is a hammer, you tend to see every problem as a nail.