Outsourcing
Outsource Everything but Accounting, Quality Control and Sales
More From This Topic
Why You Should Think Twice Before Getting Office Space
The 10 Things You Must Do From Day One So Your Startup Thrives
Your Human Virtual Assistant Will Soon Be an AI-Driven Digital Assistant
5 Important Tips for Growing a Niche Ecommerce Business
3 Ways to Avoid Burning Out on the Long Journey to Achieving Your Goals
5 Things to Consider When You're Hiring A Software Outsourcing Partner
How to Find the Right Consulting Firm to Grow Your Business
How to Outsource Your Way to a $10-Million Business
Entrepreneurs, You Can't Handle Everything at Your Startup
25 Ways to Save $250 (or More) Monthly That Most Business Owners Are Ignoring
Outsourcing is a cost-saving practice used by companies where a company relies on an external source to get a company need met, whether it be in business processes, information technology, manufacturing or material supplies.
Types of outsourcing: There are various types of outsourcing -- from highly specialized knowledge to highly repetitive tasks -- that companies use, such as IT outsourcing, customer service outsourcing, or business process outsourcing, which includes typically internal office functions such as human resources and accounting.
To watch out for: Most individuals outsourced by companies are considered independent contractors; however, the IRS has strict rules about who is considered an independent contractor versus an employee -- the latter of which the employer is responsible for paying social security taxes and employee benefits, so be sure to check the federal government’s “The Employer’s Supplemental Tax Guide” or “Independent Contractor or Employee?” for guidelines.
Helpful outsourcing resources: “Outsourcing”; “How to Build a Better Business with Outsourcing”; “The Pros and Cons of Sourcing.”
