What Hinders Businesses to Outsource?

Previously, we talked about the drivers to outsourcing, with some variations of results from the type of the economy and the company size. Now, we will discuss what impedes businesses to outsource their back office processes. The research by Grant Thornton also found out that the major obstacle in outsourcing among the three-fifths of businesses … Read more

The Key Drivers to Outsourcing

Leading advisory firm Grant Thornton carried out the study Outsourcing: Driving Efficiency and Growth which hauled business leaders in 45 economies in the world to understand their business views in outsourcing. The Grant Thornton International Business Report (IBR) is the world’s leading mid-market business survey, interviewing approximately 3,300 senior executives every quarter in listed and … Read more

How Clients Research for Potential Accounting Service Providers

The accounting & financial services is an industry in transition and firms are struggling to thrive in order to keep up with the competition.  Hinge Research Institute wanted to find out how firms are going to market, so they conducted the study called Visible Expert℠ Research Study: Accounting & Financial Services Edition. According to Lee … Read more

Find & Recode: Uncovering Xero’s Newest Feature

Accountants and bookkeepers know how tedious it is to manually fix errors one-by-one in a client’s file containing over a thousand transactions. With Xero’s newest tool, you can have the books back on track within seconds. The New Zealand-based software company recently launched a new feature called “Find & Recode”, which allows users to search … Read more

The Big Opportunity for Accountants

The shifting environment in the accounting profession presents a big opportunity for accountants to expand their roles in their industry. A study conducted by Intuit revealed that out of 500 small business owners operating in a range of industries including retail, IT/communications and services in Australia, 43 percent are running without an accountant or bookkeeper. … Read more

SMAC Convergence & Its Implications for the Outsourcing Industry

The coming together of Social, Mobility, Analytics, and Cloud (SMAC) has changed the business process outsourcing (BPO) industry and opened up greater opportunities for development and innovation. Individually, we have seen how these technologies contributed to cost savings and process efficiencies, but combining them presented even more possibilities of improved flexibility and better customer experience. … Read more

How Outsourcing Compliance Can Help Your Accounting Firm Reaspond to Digital Disruption

The digital disruption poses significant threats to the Australian economy and will have a profound effect on the accounting industry and, specifically, the role of accountants. This is what Findex Group warned to the accounting profession, noting that the industry is under extreme pressure, with tax and reporting work facing an immediate risk. Findex Group … Read more

Finding Your Niche Market: Identifying a Profitable Corner in the Accounting Industry

The competition in the accounting industry is escalating rapidly as demands continue to rise. With mostly similar services, accounting firms are finding it challenging to find a competitive edge from others. One way to accelerate the growth of your firm is to establish a niche market– a highly specialised subset that will focus on your … Read more

6 Principles of Financial Success: Lessons from Rich Dad, Poor Dad

Perhaps one of the best-selling personal finance book is the Rich Dad, Poor Dad, written by American author, investor and motivational speaker Robert Kiyosaki. The book compares the two fathers: the narrator/author’s biological father – the poor dad; and the father of his friend Mike – the rich dad. This book doesn’t talk about those … Read more

5 Ways Accounting Firms Can Add Value to Your Client Services

Most businesses focus their time and money on acquiring clients. What they don’t realise is that retaining existing clientele requires more effort than attracting new ones. Having a cohesive client experience should be a top priority in your business. When your customers are satisfied with your service, they become delighted; and when they do, they … Read more

5 Advantages of Social Media for Accounting Firms

The growth of social media’s influence and popularity is inevitable. Almost everyone keeps an active online presence because they want to be feed with fresh information and real-time updates. Usually, individuals and B2C (business-to-consumer) companies are the ones who benefit from social networking, but can B2B (business-to-business) reap these values in a similar manner? Building … Read more

Disruptions & Solutions: The Market Forces of the Global Accounting Profession

Heraclitus once said that everything changes and nothing stands still. In this modern world, technological advancements, social change, and innovative thinking are inevitable – if you can’t swim against the current, you just have to go with the flow. The accounting industry is no exception to this modernisation. According to Rob Nixon, founder & CEO … Read more