3 Key Offshoring Processes To Target

Key offshoring processes
4-minute read   Thinking of offshoring your accounting services? Firms whose productivity suffer because of too much time spent on routine tasks need to consider outsourcing to free up time. We’ve found that accountants really have low contact time which leads to inefficiencies. It can keep accountants from delivering value to their clients. Partners and ... Read more

Improve Your Firm’s Productivity: Are You Wasting Your Time?

Improve your productivity - are you wasting your time
4-minute read   It’s not surprising for many accountants to start and end the day working on tax compliance and other tasks and still be unable to actually talk to clients. If you’re one of the many busy accountants, fielding calls from clients could be one of the things you do because you are buried ... Read more

Scale Your Firm With These Capacity Planning Tips

scale your firm with capacity planning
3-minute read   Driving success to your accounting firm cannot be possible without having enough capacity to take on work. The ability to produce output will greatly influence a firm’s chances of generating income, so it’s crucial for accounting firms to plan accordingly. Capacity planning, interestingly, is something not too many firms are doing. That’s ... Read more

Learn How To Setup An Offshore Team To Drive Your Firm To Success

Playbook how to set up an offshore team

3-minute read

 

This is an updated version of our March 29 webinar.

 

In our latest webinar, The Outsourced Accountant Chairman, Nick Sinclair, discussed the ways to drive success to your firm by setting up an offshore team. Among the topics covered were:

  • Profiles of accounting firms
  • Big issues in the industry
  • Your support to grow
  • Business case and models

Is Your Firm Ready For Outsourcing?

Drive success to your firm and set up an offshore team

 

In our March roadshow, we spoke to more than 200 accounting firms to help them learn the ways to drive success to their business by setting up an offshore team.

We asked participating businesses where they are with offshoring and found that:

  • 5% of firms already have an offshore team setup
  • 40% have decided to offshore but haven’t implemented the steps
  • 45% said that they still need to learn more about offshoring
  • 10% still don’t have any team setup but are already outsourcing some tasks

Bookkeeping Is Growing

  • There is a huge growth in the industry, particularly bookkeeping
  • It is one of the fastest growing aspects of running a successful accounting firm
  • Here in The Outsourced Accountant, we have more than 50 requests for new team members and 40% of those are for bookkeepers

Looking At The Profile Of An Accounting Firm

Setup an offshore team_accounting firm profile

 

There are different ways to run an accounting firm. There’s really no right or wrong way. Based on what we’ve seen so far, accounting firms are profitable. The only thing that stuck out and felt like an issue was cash flow.

That’s because the WIP days are taking way too long. In fact, it’s taking accounting firms, on the average, 52 days to get paid once they have completed the work. Most companies don’t even charge for the WIP, which means they are doing work but not getting any revenue for it.

New Or Existing Clients?

One of the things we wanted to know from firms is if they are focusing on existing clients or working on new clients to gain more business.

Most of the accounting firms don’t have the capacity to get all their work done on time yet they still continue to take on new clients.

The reality is we can’t even manage the ones we already have and yet we continue to add more. It all boils down to workflow and people management.

Big Challenges In The Industry

Setup an offshore team_Big issues

 

Many firms are still paper-based

  • Many companies still acquire and gather data through physical documents
  • Companies haven’t embraced digital signatures and technology that can automate processes
  • Using automating tools, like Receipt Bank, can save accountants between 4 and 8 hours

 

Too much technology

  • Too many choices for software and tools can lead to technology paralysis
  • Having too much options can cause confusion and overwhelm clients
  • Firms can either be given too much and not use it or not put in anything at all and risk not delivering any value
  • Look into using value-added technologies you can use

 

Limited time for accountants

  • Compliance tasks consume too much of accountants’ time
  • Having limited time can affect productivity and, in the long run, efficiency

 

No work life balance

  • Spending too much time on low-impact tasks can keep accountants from focusing on work that generates revenue
  • When accountants are too busy with compliance, they are more likely to spend more time inside the office
  • Busy accountants are susceptible to a disrupted work life balance

 

 


 

Fresh from our successful roadshow across the country, we are bringing to you the key insights from accountants who are working with offshore teams to drive success to their firms.

We’ll talk about the following topics:

  • Key insights from the 2018 roadshow
  • Performance profiles and opportunities for accountants
  • Key processes to target
  • Key metrics firms need to focus on

 

Secure your spot now by registering through this link.

 

Can’t Find The Right People With The Right Skills?

Skills shortage is a major concern for many businesses. While there are many professionals available, finding the talent that perfectly suits the role you need can be a challenge. The good news is there a huge pool talent in the Philippines that you can tap. Setting up an offshore team will connect you with the right people for your roles.

 

Looking To Scale Your Firm?

You need to enhance capacity to add more value for your clients, improve work-life balance and increase revenue. Bridge the gap between the time you want to spend with clients to the ACTUAL time you are spending with them by building an offshore team that will help grow your business.

Tune into this webinar to discover the steps to building your offshore team.

To unlock the secrets to setting up an offshore team, listen in on Thursday, 29 March 2018 from 12:00 NN to 1:00 PM QLD (AEST) | 1:00 PM – 2:00 PM NSW/VIC (AEDT).

 

Reserve your spot today by registering through this link.

 

Get the latest accounting industry updates in your inbox. Subscribe to The Ledger blog now.  Or listen to our podcast series, The Offshore Accountant for first hand stories on offshoring journey.


The Outsourced Accountant is the leader in dedicated outsourcing for accounting firms. We help firms become more efficient and scalable  through insightful content like webinars, podcasts and articles.

To learn how to build a successful global offshore team and  improve workflow, download our ebook here. If you’re experiencing capacity restraints and looking to scale your firm, call our offshoring specialists today at 1300 896 522.


Managing An Offshore Team: Metrics To Gauge Your Growth

manage your offshore team - metrics
2-minute read   To effectively manage an offshore accounting team, you must first need to have a set of metrics to gauge performance. You can’t, after all, manage what you can’t measure. Tracking key metrics is vital for growth. It is a step forward in achieving your goals. Are You Meeting Your Objectives? Key performance ... Read more

Protect Your Accounting Firm’s Reputation With Electronic Payment Methods

Electronic Payment Methods
4-minute read   If your firm still uses the traditional way of sending out invoices and processing client payments then you could be in trouble. According to data from a survey conducted by payment solutions provider TSYS, 75% of people prefer paying for purchases with their credit or debit card. Additionally, 79% of consumers have ... Read more

Is Offshoring Taking Jobs Away From Local Professionals?

Offshoring in the Philippines
Is offshoring detrimental to domestic hiring? Let’s face it: using this as a business strategy will definitely have some impact on both the local and offshore locations. The question now is does it negatively impact local employment? The answer is it depends on the strategy implemented at the local level. Freeing Up Time Or Eliminating ... Read more

Offshoring: It’s More Feasible (And Fun) In The Philippines

Offshoring in the philippines
Skills shortage is one of the reasons many firms consider offshoring. They don’t have enough staff with the right skills for the jobs they have. While there are enough people available to hire, not everyone has the exact skill sets required for certain roles. In one of our roadshow sessions, Chairman Nick Sinclair shared a ... Read more

Grow Your Accounting Firm: Are You Using The Right Technology?

Grow your accounting firm with technology
3-minute read   These days, technology and accounting are two terms that seem to automatically go with each other. If your firm has not embraced cloud accounting, chances are you’ll be severely left behind by the competition.   Cloud accounting is a staple for businesses. It is a vital ingredient that can mean the difference ... Read more

Grow Your Accounting Firm: Strategies To Retain Your Staff

grow your accounting firm - how to retain clients
2-minute read   The quality of staff can mean the difference between creating profits and suffering tremendous losses. It’s true for all companies.   But the thing is, regardless of how much effort you put into recruiting and training the best talent, they will eventually leave. The many reasons vary and your firm needs to ... Read more
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