In this webinar, ATL Network CEO Colin Simkins, along with The Outsourced Accountant CEO Nick Sinclair, talked about potential resourcing solutions for firms. For years, one of the common themes firms go through is staff shortage. The challenge in getting the right people is one of the many challenges that just doesn’t seem to go away. In fact, challenges like this seem to have exacerbated.
This, as well as other topics like the benefits of outsourcing accounting, setting up an offshore office, and practice examples, is what this webinar discussed. Here are the key highlights of ATL Network’s Resourcing Solutions For Your Practice webinar:
Real practice issues:
- New clients & growth
- Remaining relevant
- Fee pressure
- Managing staff
- Compliance reliance
- Cash lockup
- Strategic direction
- Internal efficiency
The webinar’s guest keynote speaker is our very own CEO Nick Sinclair and he talked extensively about the vital case for outsourcing and how it can benefit your firm. The following are the highlights:
The landscape is changing
The accounting landscape has dramatically changed during the past few years and with it comes the need to adapt. Firms need to consider the following:
- Globalisation: firms need to find ways to access the best talents across the globe.
- Cloud computing: the switch to the cloud has made building a global workforce easier compared to five to ten years ago.
- Advancement in technology: technology has definitely made it easier to offer better services to clients.
- Skill shortage in regional firms: outsourcing can give you access to talented professionals.
- Cost of labour: retaining the right talent is a challenge.
- Customer expectations: customer expectations are significantly changing thanks to technology and it has helped companies get real competitor advantage.
Outsourcing has tremendous benefits
By outsourcing certain tasks, your company can:
- Create a long-term strategy
- Align local staff with high value activities
- Have more time to personally meet clients
- Secure skilled talent
- Increase work capacity
Regardless of your firm’s size, outsourcing accounting will have the solutions to the challenges you’re currently having. Its main benefit is building a cost-effective global workforce of highly skilled professionals. In addition, it will help you get the right people to work on the right tasks to save time and resources. Through this, your staff can set their sights on client-facing tasks instead of being buried in paperwork.
When you set up an offshore team, you can:
- Dramatically boost productivity
- Increase your output and revenue
- Get the right people for the right roles at the right cost
- Design the firm of the future
- Set your firm apart from the competition
- Deliver more value to clients
Why should you outsource in the Philippines?
- The country has a strong affinity with western culture
- All accountants are degree holders and some have worked as CFOs in top 500 firms
- Has the highest rank in Business English Index in 2013
- There are 3000 new CPAs every year
What are the biggest offshoring concerns?
As beneficial outsourcing is to firms, it may present some challenges—that can be overcome—during certain times. If you are a little concerned with establishing an offshoring team, you may find yourself asking the following:
- What will my clients think?
- What will my team members think?
- How will I be able to communicate it?
- What will the quality of work be like?
- Is my client’s data secure?
Here are some helpful things to remember when setting up your offshore team:
- Dedicated outsourcing is a long-term strategy
- Invest in your team members
- Create the right culture
The Outsourced Accountant can effectively work with firms in fast tracking the creation of their offshore team through the following steps:
- Identify the specific areas where outsourcing will benefit you
- Identify the tasks suitable for outsourcing
- Connect you with a community of successful peers
- Developing a long-term plan for growing your firm
- Introduce you to our fun and amazing culture
Outsourcing holds the answer to building a global workforce. Despite the challenges it may present, it can make your firm more efficient and fast track your career.
If you’re looking for more efficient ways to run your business, consider outsourcing. Contact our local outsourcing experts / specialists for a free consultation or call us today at 1300 896 522.