Struggling to find high quality staff, Ryan came across a friend who had tried outsourcing and had a lot of success. He then looked into it and gave it a try. Having a team offshore forced LPR Advisory to procedurise and systemise their business which uncovered a lot of inefficiencies with how they do business.
Key takeaways from this interview:
- His firm’s struggle in looking for good quality staff and how he is able to find a good one
- What made his firm decide to outsource
- The “unseen help” of outsourcing in terms of quality of work
- The offshore team’s performance and his relationship with them
- The benefits of embracing outsourcing
- His insights into the current accounting landscape
Today, the spotlight is on Ryan Addinsall of LPR Advisory. Ryan provides us with wonderful insights into his journey to the outsourcing space, what drives and inspires him in this industry, his hesitations and expectations, and the benefits he gained in deciding to outsource. These and more below in our excerpts from our interview with him.
Meet Ryan Addinsall
Ryan Addinsall is the Director of LPR Advisory, an accounting and advisory business in Sydney, Australia founded in 2003. LPR Advisory focuses in assisting small to medium-sized businesses in streamlining their accounting compliance and systems to work on their growth and improvement.
Ryan has two dedicated outsourcing staff in Clark, Cindy and Jessica, whom are very highly engaged in their roles. From their initial Skype interview, Ryan and his team have developed a great connection and have nurtured this throughout time. Ryan got to spend a week in the Philippine office to personally train Cindy and Jessica. When he got back to Australia, the training and mentoring didn’t stop. That’s how they were able to build a great working environment that is happy, growing, and positive.
But, how did Ryan and the LPR Advisory get into the outsourcing space in the first place? Here’s how it started.
LPR Advisory’s Outsourcing Journey
Getting advice from an independent advisor or a firm with outsourcing experience often is a good choice. This is how it worked with Ryan and the LPR Advisory.
Ryan was struggling to find good quality staff for his business, so when came across a friend who had tried outsourcing and had a lot of success, he looked into it and gave it a try. Through a qualified referral, he got in contact with The Outsourced Accountant (TOA), and the journey started.
“We’re struggling to find good quality staff to do a lot of the bookkeeping and accounting roles for our business.”
Ryan found the skill level of his dedicated staff a bit strange, at first. Contrary to what is expected, where he usually finds fresh graduate accountants with university qualifications, Cindy and Jessica, who are now part of LPR Advisory’s staff with The Outsourced Accountant, have had quite a lot of experience. He was amazed by the number of companies they have worked for, both for private firms and for the government.
Through a series of training and development courses, both Cindy and Jessica were able to apply their accounting knowledge and experience to the Australian Tax System, and from there, they just continue to grow and become very well-versed in the local tax practices. They got up to speed with the clients very quickly and they’ve been performing really well.
The Offshoring Benefits
Because the team is offshore, LPR Advisory was forced to procedurise and systemise their business which uncovered a lot of room for growth. “It actually uncovered a lot of inefficiencies in the way that we run the business. It forced us to procedurise and systemise the business which then had the effect of actually improving the business a lot and allowing us to scale and grow” says Ryan.
Whatever might be holding you back, innovative entrepreneurs can always benefit from the success stories of those who had done it.
That positive perspective often unfolds things you didn’t see or realise were possible. “It’s really opened up our eyes to the possibilities. We don’t know how it’s going to work and where it’s going to end up but it turned out for the better. It gives you that positivity and the confirmation that when you don’t know what’s around the corner, you’ve got to give everything a try. So yeah, it’s been fantastic,” Ryan added.
“One of the things I’ve really enjoyed is the remote which technology these days and the ability to be able to connect so easily through video conferencing and things like that … it’s a whole new way of doing business. It’s the future.
This is just one of many client success stories at The Outsourced Accountant, where working with our clients as partners is a key method for delivering outstanding results each and every time.
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.