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 Here we offer answers to some of the most frequently asked questions about outsourcing and OPI.
1. What benefits are typical of F&A outsourcing?
Benefits will vary by company depending on a number of different factors including current efficiency of processes, level of centralization, technology, internal support for outsourcing, focus on continuous improvement, degree of partnership with provider, and the list goes on. That said, Outsource Partners International’s client-partners typically experience benefits such as:
- Cost savings of 40-60%
- Flexibility through a variable cost structure
- Ready-access to talented and skilled professionals
- Improved speed of access to financial information
- Transparency into processes
- Ongoing focus on process improvement
- Superior controls and risk management
2. How long does it take to transition F&A processes to OPI?
OPI’s approach to transitions is methodical and takes into account people, processes, and technology as well as risks. Transition time will vary depending upon complexity, scope, content, and timing issues, however, OPI’s detailed documentation and training approach enables OPI to successfully transition most processes within 60 days, with more complicated processes requiring 90 to 120 days.
3. What can I do to avoid “loss of control” over my processes when outsourcing to OPI?
It is quite common for organizations to initially prefer local onshore support as it is a common misconception that proximity allows for better oversight and control of outsourced operations. However, this perception of control comes at the expense of additional costs, longer cycle times, and less flexibility. OPI’s onsite-offshore delivery model offers the ideal balance of both connectedness and efficiency. By retaining key employees and locating them on-site at the client’s office, the client always has a direct contact for communication, updates, questions, and exceptions. As these OPI onsite employees are generally former employees of the client, they likely have a relationship with key executives throughout the company, are familiar with company policies and culture, and can provide the necessary insight to executives. This provides for a strong connection with the company and avoids any “loss of control” one might experience when simply moving operations to a shared service center or the like.
4. How does OPI ensure its professional have the necessary language and finance skills?
OPI, at its core, is an organization of highly skilled finance and accounting professionals. Finance and accounting aptitude is critical and we have established minimum education and related experience requirements for OPI production professionals in India, Malaysia, and Bulgaria. In India, for example, at a minimum all professionals have earned a 2 year degree and possess 3 years of practical experience. A large percentage of our professionals possess a 4 year degree with 3 – 5 years of practical experience and are Chartered Accountants.
Prior to joining OPI, new recruits are subjected to multi-level screening interviews, language and skills aptitude testing, and extensive background checks. We pay special attention to our candidates’ communication skills, and in Bulgaria we look for capabilities in English, Bulgarian, Danish, Dutch, Flemish, French, German, Italian, Polish, Portuguese, Spanish, Swedish and Russian. Importantly, all employees must embrace OPI’s culture of professionalism, continuous improvement, and commitment to providing world class client service.
5. What is OPI’s approach to US GAAP, SEC, Sarbanes-Oxley and other regulatory requirements?
The majority of OPI’s executives are former Big Four accounting firm partners, senior managers and experienced CFO’s and Controllers. As accountants by training, we appreciate the importance of internal controls and understand the practical implications they have on our clients’ business operations. With every client, we work closely to identify and document all regulatory requirements so that all offshore processes and reporting mechanisms are customized to ensure compliance. These issues are a regular component of what we do and all professionals working in our Service Centers are trained in US GAAP, SEC, and Sarbanes-Oxley requirements.
6. How does OPI ensure quality standards?
We strive to deliver the highest quality services and take deliberate measures to meet and exceed our strict quality standards. Our foundation for ensuring quality and consistent delivery is grounded in our adherence to the rigorous standards of ISO 9001:2000, ISO 27001, and SAS 70. Additionally, we regularly report on Service Level Agreements (SLAs) and provide our clients with a performance dashboard which details key performance statistics, key process indicators, continuous improvement initiatives, and noteworthy events that may affect processes. This is further supplemented by ongoing communications as well as regular governance committee meetings and satisfaction surveys.
7. What is OPI’s employee turnover rate and how does OPI work to minimize turnover?
Our offshore attrition rate has consistently been less than 10%, which we believe to be among the lowest, if not the lowest, in the offshore BPO industry. We actively work to provide our employees with interesting and challenging work as well as ongoing training and learning opportunities in order to drive high employee satisfaction rates. Our low turnover rate provides for smooth operations and long-term continuity for our clients which is an important driver of our high client satisfaction rate.
8. What is the typical OPI contract length?
Our contracts are flexible in nature and can be drafted to meet your needs. However, there is a certain amount of time and investment that must be made and change can take time. As such, our average contract length is 4-6 years.
9. What is OPI’s approach to change orders?
We don't believe in expensive change orders or exorbitant hourly rates for out of scope work that marginalizes or negates the benefits of outsourcing and more often than not results in a contentious relationship.
All industries are in constant change and special projects frequently arise. As partners, OPI and its clients collaborate as unexpected challenges arise to determine the best course of action and most appropriate use of resources. The usual outcome of these efforts is a re-prioritization of tasks and re-deployment of personnel, thereby avoiding change orders and associated incremental costs. By allowing the Statement of Work to be a guide in the relationship and not its definition, our clients are able to make better business decisions without worrying about contract price escalation and expensive change orders.
10. How does OPI ensure client data is secure, protected, and kept confidential?
Our commitment to preserving the confidentiality, integrity and availability of client information is attested to by our ISO 27001 certification. Furthermore, all client data remains on client servers, which allows our clients to maintain control of sensitive and confidential information. Our offshore personnel operate in a paperless work environment and from “dumb terminals” where web access has been severely limited and often completely disabled.
11. What provisions does OPI put in place to ensure continuous operations in the case of disaster?
OPI has detailed business continuity planning procedures that contribute to our overall disaster recovery plan. All devices, services, locations, and personnel within the OPI network are taken into consideration. We also work to integrate our disaster recovery plans with those of our clients and develop a mutual plan to account for any and all outages.
12. Why is outsourcing sometimes not successful?
Outsourcing is designed to create strategic value beyond cost savings. This may include access to information, decrease in error rates, better internal controls, elimination of staffing problems, innovation, and so on. These results can be more difficult to achieve and largely depends on the client’s relationship with the outsourcing provider and the level of strategic partnership developed. Therefore, selecting the right provider that delivers the necessary level of communication, change management, contract flexibility, process knowledge, and partnership is critical to the long-term success of outsourcing.
13. What if I decide outsourcing is not right for our business and we would like to bring the function back in-house?
Should you decide to bring outsourced functions back in-house due to a change in corporate direction or other reason, there are a number of benefits provided by OPI’s methodology. The most important is our detailed workflow process documentation that is developed at virtually the key-stroke level. This documentation can be leveraged for training of in-house staff and to ensure all quality and compliance requirements are achieved during and after the transition.
14. When did Outsource Partners International begin outsourcing and offshoring?
While OPI was formed in 2002 through the merger of a big four accounting firm's business process outsourcing (BPO) division and itAccounts, OPI predecessors have been delivering outsourcing services for over a decade. Our predecessor companies began outsourcing finance and accounting in 1997 and offshore operations began in 1999.
15. What makes OPI different than its competitors?
Outsource Partners International (OPI) is a leading professional services firm that is dedicated to providing finance & accounting and related outsourcing services such as analytics. Our unique capabilities allow for the outsourcing of complex functions. These differentiators include:
- Professional services firm heritage
- Skilled professionals, including CPAs and Chartered Accountants
- Our onsite-offshore delivery model
- A commitment to continuous improvement
- Dedication to a developing and nurturing a partnership with each of our clients
- Flexible approach to change orders and transparent pricing
- A personable approach to outsourcing
16. How do I get started with outsourcing?
We invite you Contact Us to learn more about outsourcing and how to get started.
Americas
George Evans
Phone: 646.674.2507
Email: us@opiglobal.com
Europe & Asia Pacific
Kishore Mirchandani
Phone: 646.674.2525
Email: europe@opiglobal.com
Email: asiapac@opiglobal.com
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