100% more capacity, meaning they could double their revenue without any increase in staff (and or less than $30,000 per month) Some of the most common roles to outsource include:
- Corporate secretarial and ATO correspondence management and work
- New entity set-ups
- Client service roles – from engagement agreements to ethical letters to database management and tax lodgments
- Executive assistants
- Marketing roles (one firm has 7 marketing roles)
- SMSF tax and compliance
- Personal tax returns
- Business tax returns
Shortage of Accounting Staff in Australia
Attracting and retaining staff these days can be quite difficult. The loss of a team member at the wrong time of year can have significant effects on productivity or billings. Setting up a team offshore can solve this problem, as there are significant numbers of qualified CPA and administration staff available, and ready to commence employment with you.
High Wage Cost in Australia
As an employer, you already know the costs of employing staff for your practice is expensive, causing margins to be squeezed, and this isn’t getting better. A benefit of employing staff with The Outsourced Accountant is you can employ a full-time dedicated employee for between 15,000-18,000 AUD per year. This low wage cost allows you to employ three staff offshore for the cost of one staff member in Australia or New Zealand. This also allows you to increase your firm’s capacity by 200% for the same cost.
Losing control of your business
Having another company manage and control your business can be risky because you know that they might not use the same standards as you do. But contrary to what others may expect, outsourcing actually gives you more control; it just shifts the process of information. Your company can have a set of guidelines and communicate your expectations with your providers in order to meet your needs.
It only aims to cut costs
Cost may be the most important factor in deciding to outsource, but it is not the only reason that the company considers. Most of the time, the company is going through an expansion and needs competitive staff who will add value to their business. Outsourcing strategically provides all of these benefits.