Protecting Client Data In The Cloud
Nick Sinclair, CEO, The Outsourced Accountant
Jamie Beresford, Managing Director, Practice Protect
This webinar discusses the following topics:
- Mandatory breach legislation
- Xero’s Two-Step Authentication (2SA)
- What accounting firms need to know
- What your offshore team needs to know
As more and more accounting firms are considering offshoring as one component of their delivery model, a number of key issues have arisen which can influence success or failure.
While it has become much easier these days, offshoring is not a magic pill for firms that want to enhance efficiency and improve capacity. Planning is crucial.
The most obvious benefit of offshoring is pure cost savings. Businesses in Australia, New Zealand, the US and Canada can hire up to five employees in the Philippines for the price of one onshore.
Offshoring provides more than this. It can also help companies:
- Operate more efficiently
- Access a more diverse skillset
- Add more value to onshore work
- Retain employees
- Ultimately, grow their business
As businesses focus on revenue-generating tasks, they tend to forget one vital activity that can further scale a business:
Bookkeeping is often overlooked in businesses because it is mainly compliance. What most entrepreneurs don’t know is that this offers vital information that can scale a business. For accountants, bookkeeping plays a very important role in providing financial advice.
There was a 14% increase in the number of part-time workers in Australia since 2011, according to data from the Australian Bureau of Statistics, compared to the number of full-time workers, which only gained 4%.
Today, one in three Australian employees are working part-time as opposed to one in ten more than a decade ago.
This only means one thing: the gig economy has reached the Australian shores.
The “pursuit of efficiency” could be a lifelong quest for many accountants.
Compliance work can pose challenges because it consumes a significant amount of time which deprives most accountants of the opportunity to spend more time with clients.
But with the help of technology, these inefficiencies can be taken care of. Automation has streamlined workflows and allowed firms to accomplish more in less time. Accountants are able to free up time and focus on more revenue-generated tasks.
Watch how one of our clients was able to improve process efficiency by utilising technology.