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 firms are buried with too much work they no longer have time for client-facing tasks—those that drive profit to the company.
“A lot of people think it’s difficult. It does take effort and it does take time, but we have the experience to help you fast track.”
Nick Sinclair, Chairman The Outsourced Accountant
It’s highly recommended that you start with these three key processes when starting your offshoring journey:
Having structure will help make the offshoring journey easier for firms. When looking for an offshore partner, it will be advantageous if you ensure that the steps are properly laid out and that the processes involved can help you transition better.
The recommended process in offshoring involves the following:
Using this as a guide will make the offshoring process easier. You will have a clear idea of what to expect in every phase, so nothing can derail your journey.
Technology has been a great enabler for offshoring. It’s interesting to see that the amount of technology firms use today wasn’t available seven years ago. Now, it’s easier for accounting firms (and other businesses in general) to accomplish their tasks regardless of location.
Accountants don’t have to be tied down to their desks to work. They can be anywhere—at home, coffee shop, or even the beach—yet still be able to deliver output. Cloud computing is the biggest reason why outsourcing is very relevant today. It has made the following possible:
- 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
To fully enjoy the benefits of offshoring, it is important to make the most of the technology available to you. However, not all firms utilise what’s available, even if they are paying for it.
Previous data obtained from our previous webinar showed that most people are either neutral (40%) or satisfied (40%) with the technology they have and only a small percentage (20%) are highly unsatisfied. What’s very interesting is that no one is extremely satisfied.
It is important for firms to invest resources and time to train accountants with essential cloud technology because it will help boost productivity. Clients will become more appreciative because they will have a better understanding of the ins and outs of the business.
Finding the right people to do specific tasks is a key aspect of successful offshoring. Skills shortage is one of the driving forces behind offshoring. Companies in Australia are in need of talents for certain roles. The problem is, not all available talents fit the requirements.
This is becoming more and more of a problem, which is why offshoring is a viable solution. Outsourcing tasks allows companies to tap into the talents of highly qualified individuals from a different location at a fraction of the cost.
Cost-savings is one of the major motivations for offshoring. Because of lower labour costs, outsourcing jobs become a smart move for companies looking to increase revenue and saving on costs.
There are many roles you can outsource. The Philippines is an awesome place to find these top-caliber talents who can help propel your firm to success.
To jumpstart your offshoring success, it is important to know what to target first. We highly recommend that you begin with three aspects: process, technology, and people.
By fulfilling these, you can easily transition to your new offshore team. You have covered the basics, so the rest of the process shouldn’t be as daunting.
So how do you build a global offshore team to complement your onshore efforts? The Outsourced Accountant is going to have a webinar on creating and implementing strategies to accelerate business growth on September 24th. Learn ways to attract, grow, and retain the best talents as well as aligning your business growth strategy with your people strategy.
Find out more in this link.
The Outsourced Accountant helps accounting firms from all over the world grow their capacity, margins and profits through global outsourcing. Contact us to find out more about how we can help your firm.