Accounting firms are facing the risks of compliance and threats of digital disruption. Moreover, they are also struggling to be in control of everything, and as a result, there is no time or energy left to spend on their key strengths. As your company thrives and keeps up with the competitive industry, you will need someone to help you improve your accounting processes and the way you do business.
Setting up an offshore team who will exclusively work for you is one way to help you refocus your business and remain relevant. Outsourcing accounting lets you pay more attention to revenue-generating activities and have your offshore team take care of process-driven tasks.
To get the ball rolling on outsourcing accounting, here are the basic things you need to determine first:
Determine the Right Solution
The first of all, you have to decide if outsourcing is the right solution for your business. Weigh the cost and benefits of outsourcing your tasks to another company.
Ask yourself , are these areas part of your expertise? Are these in the scope of your capabilities and extent of knowledge? If you answered ‘no’ to these questions, then outsourcing may be the right solution for you.
Determine Which Tasks to Outsource
The tasks you can outsource regularly fall under two classifications: either they are highly repetitive tasks like data entry and social media, or skills which need more specialised knowledge like accounting and human resource.
Just remember that you should not consider outsourcing your company’s competitive advantage as the point of outsourcing itself is to make more time for these core competencies.
Determine Which Outsourcing Provider to Choose
Once you’re determined to outsource your tasks, it’s time to select an outsourcing service provider that will meet your requirements. But first, you have to recognise the possible roadblocks you will encounter like the language barrier, time difference, and skills level. If these things do not pose problems to your firm, then you can ultimately choose whom to outsource to.
Determine Plans and Expectations
To foster a successful relationship with your outsourcing provider, you must communicate your plans with them and outline their responsibilities in order to ensure that expectations are being met.
Have a regular evaluation in order to align your strategies with your goals. Maintaining your lines of communication open ensures clarity of accountabilities and outcomes, making both parties well.
The Outsourced Accountant supports Australian and New Zealand accounting firms by helping them understand and implement outsourcing solutions to help them become more proactive and truly add value to their clients.
If you want to know more about outsourcing, call us at 1300 896 522 / 0800 452 853, and download our e-book.