Are you ready to offshore your accounting?
Offshoring, as a business model, can drive your firm to success. For firms looking to scale, this is a viable solution but it is important to remember that it is not a magic pill. For it to be successful, offshoring requires an investment of time and effort.
Interestingly, there’s a significant number of firms that are already aware of the benefits of offshoring. The problem is, only a few have actually set up an offshore team.
We’ve found that:
- 45% of firms still need to learn more about offshoring
- 40% have decided to try offshoring but haven’t implemented the steps yet
- 10% still don’t have any team set up but are already outsourcing certain jobs
- 5% have already set up an offshore team
Why Should You Offshore?
Improved productivity. One of the major challenges faced by accountants is the lack of time for client-facing tasks. Since most accountants spend way too much time on bookkeeping, tax preparation, and other administrative tasks, they are left with little time to actually talk to (and establish a relationship) with their client.
Offshoring will allow such firms to harness the skills and talents of professionals from a different location, like the Philippines. Doing so will free up time for your accountants, allowing them to focus more on client interaction so they can provide financial advice.
Want to learn how you can win the war against productivity? Read more about it here.
Skills matching. In Australia, many firms come to us seeking help with finding the right talent. While there are many accountants available, not all possess the exact skills required for certain jobs. Through offshoring, firms can get access to a huge talent pool of equally talented and skilled professionals.
Looking for effective tips on finding and retaining the right talent for your firm? Check out our previous webinar called “Winning The Talent Game”.
Improved efficiency. Spending too much time on low-impact tasks will affect productivity. And when teams are not able to deliver quality work on time, efficiency suffers. Offshoring connects firm with the right people to do the right tasks so they can deliver on time. Companies can maximise their resources and get more done in less time.
Learn more tips on improving efficiency in these articles:
Getting Ready For Offshoring
Accountants are found to have really low contact times that often leads to inefficiencies. Offshoring accounting will save accountants time so they can focus their attention on more client-facing tasks.
Prior to starting your offshoring journey, make sure that you focus on the following areas:
Lay out the processes involved for a seamless transition. This will be beneficial in the long run because you will have a clear vision of what needs to happen to achieve success.
The recommended process in offshoring involves the following:
Technology is ingrained in our profession. It has been a huge enabler in offshoring. It’s now easier for accountants (and firms) to accomplish tasks thanks to automation. Now, distributed workforces are possible. Accountants can be anywhere and still be able to work thanks to cloud technology.
Cloud computing offers the following benefits:
- Real-time access of data that’s accurate for both clients and accountants
- Secure storage of data in the cloud
- Creation of distributed workforce
- Cost-savings on hardware, like computers and servers
- Saves office space
- Automatic updates for accounting software
- Automation of processes
Learn more about cloud computing by reading the following:
The staff is a firm’s biggest asset. They possess the necessary skills and knowledge essential to carrying out tasks. All the automation tools in the world won’t help drive success without human intervention. After all, who will overlook the usage of these tools?
Finding the right people is a key step in setting up an offshore team. You have to do this right because your firm’s success will depend on it.
What are the roles you can outsource? This article can provide useful insights.
Executive assistants are one of the many roles you can outsource. They can free up a significant amount of time by handling low-impact tasks that keep you from facing clients. They can handle calls and emails, which are considered productivity blockers, and plot your calendar.
If you don’t have an assistant, you are one.
Nick Sinclair, Chairman, The Outsourced Accountant
Bookkeeping is experiencing huge growth in the industry today. It is highly recommended that accounting firms set up a bookkeeping division. Adding more services, like bookkeeping, can help fence in clients. Having a bookkeeping division presents an opportunity to increase a firm’s profit margin by making compliance easier.
Add that to the fact that bookkeepers are seen as the most trusted advisors. These days, clients are more likely to ring their bookkeepers for concerns.
With all the changes in the industry, accountants are, now more than ever, in a great position to provide added value for their clients. By being proactive, accountants can forge a solid relationship with clients. Constant communication and taking initiative can help them become trusted advisors too.
There is an abundance of highly qualified accountants in the Philippines. These professionals possess traits that make them ideal for firms looking to find the best talent at a fraction of the cost.
Setting up an offshore team is a step closer to driving success to your firm. Offshoring success will not happen overnight but if you put in the time and effort, you’ll start to see a significant improvement in your productivity, which leads to better client satisfaction and, ultimately, bigger profit margins.
The Outsourced Accountant is the leading expert in offshoring solutions for accounting and finance firms in Australia, the U.S. and New Zealand. We help firms looking to build capacity find the right talent so they can improve productivity and efficiency.
If you want to supercharge your firm and get on the next level by adding more staff, we’ve got a list of possible roles you can hire in this article.
Looking to scale your business by getting the right people to do specific roles? Call our global offshoring specialists at 1300 896 522 or click here to download our blueprint on how to build a global accounting team.