Linela decides to hire another accounting firm to manage its accounts receivable process and thereby save time and money. This process is known as outsourcing.
What is Outsourcing?
The practise of employing a third party from outside a business to carry out tasks or produce commodities that were previously completed in-house by the business's own employees and personnel is known as outsourcing. Companies typically engage in outsourcing as a cost-cutting strategy.
As to why businesses outsource, For a number of reasons, businesses outsource work and services. These motivations could include lowering expenses, using less resources, creating more opportunity for expansion, maintaining a dominant position in the market, and other factors. With outsourcing as one of their primary business models, companies do better.
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