Whenever the term “Insolvency” comes in mind, it often takes a person towards negative thoughts. Could we blame on the pressure on the person whose company is going through an Insolvency procedure, or is it that the complicated, technical and long procedures through which any Insolvent has to go through?
Everyone will agree on the point that the procedure to come out of this situation is very long, need lots and lots of checks, piles of paperwork, meeting for formalities, advertisements etc. But, it is necessary and mandatory in the eyes of law to go through and pass every stage in Insolvency.
Talking on the positive side, the Insolvency Practitioner has a solution to lessen this burden by simply “Outsourcing”. Outsourcing insolvency administration work to India helps insolvency practitioners to concentrate more on clients. For an Insolvency Practitioner, outsourcing is more beneficial.
Lots of back-office work can be Outsourced by an Insolvency Practitioner to concentrate on the front-facing work like where they need to get involved and catch the clients/creditors and other parties, schedule the meetings and other mandatory checks.
The documentation part can be fully outsourced to a country like India, where there are skill and talent both available at lower rates compared to UK.
Benefits Of Outsourcing Back-office Administration Work To India
- Reasonable Rates: The biggest benefit of Outsourcing basic back-office functions to India is getting work done at a reasonable rate for which you pay a lot in the UK.
- Salary Expenses: Staffing and the related employee benefits and taxes you pay to the government will be saved.
- Better profit margins: As you save on hiring staff, you can add those funds in investing in Capital or grow more profits with better margins
- Save infrastructure cost: Lots of Infrastructure cost will be reduced like the cost of systems, electricity bills, bonuses, basic infrastructure, rent of office space, its maintenance etc.
- Back up Issues: If you are outsourcing, you don’t need to worry about backups to fill whenever a staff is absent. An Outsourcing Company gives this added benefit of creating back up, no matter whether an employee is sick or going on maternity leave or leaving for a better opportunity, your work won’t be stopped.
- Training Expenses Saved: Training a new employee is a very time -consuming activity and getting productivity quickly from the staff is very unpredictable. It is a one-time activity when you outsource your work to India. You need to train the team one time and after that even if any staff leave, your outsourcing partner take care of the training to the new staff. You don't have to spend again for training new member.
- Experienced staff: Outsourcing is trending and many companies around the world are outsourcing their Insolvency and other legal administration work to India. So, often you will find a staff who is already having a basic knowledge of the subject and is already doing or has done similar work in past, Thus you have a good opportunity to get experienced staff at a much lower rate than the one you hire in the UK.
- Company’s Goal: You can work on core strategies of capturing the market, marketing your firm and building network at your end to take your practice to the next level.
- Government Rules: By outsourcing to India is quite easy process. The Norms and Rules of Indian Government are very simple which is an important factor.
- Time Zone Gap: Time zone difference is one of the major advantages of outsourcing to India. Any urgent work, you can just assign before leaving for the day, and it’s ready when you come back to work the next day.
- Standard Formats: Insolvency paperwork is mostly in standard formats, spending your precious time in drafting those standard minutes, resolutions, checklists, doing searches, online checks, searching the articles, etc. will be a waste of time and money for a highly paid and qualified professional in the UK. Outsourcing this service can relax you a lot as you just need to review the paperwork before finalising and filing the documents.
The competition is intense in the market of insolvency practices. You need to focus on core activities of the business to bring more clients. By outsourcing back-office administration work, you not only reduce cost but also saves lot of time. Let us take care of all your back-office administration work. We are having skilled and experienced team to handle insolvency administration work.