As technology continues to deliver new efficiencies to the accounting profession, the nature of the work is changing.
Although the volume of compliance work is not going anywhere and is in fact increasing, clients are less inclined to pay premium fees for standard compliance work, yet more open to paying for value-added advice.
Many accounting firm owners, partners and managers plan for growth based on the number of new clients and projects they intend to take on.
But the flip side of the equation is how to get all the work done.
As you contemplate engaging an offshore team, you naturally start thinking about how to train and manage your offshore staff for maximum performance.
Solving workload issues: The beginning of a challenge
With a growing demand for their services, Gheen and Co. initially wanted to scale up, but their resources did not allow them to expand their capacity locally at that time. This has caused Mark and his team to work beyond their usual shifts just to meet their client’s needs. Knowing that this practice wasn’t sustainable for his firm in the long run, Mark was on the hunt for a cost-effective business solution that would solve their capacity issues without having to deal with ballooning overhead costs.
TOA GLOBAL delves deep into the corporate philosophy of Locmans Advisors and sits down with Associate Director Damian Lococo to discuss industry shifts and the solutions offshoring provides.
Sometimes, success is a double-edged sword. On the one hand, you know you’re doing something right when the clients start rolling in. On the other, sustaining the same level of service across the board is the challenge you now face.
Such a conundrum was faced by the accounting and advisory firm Locmans Advisors based out of the Melbourne CBD. The fast-changing landscape has been both a blessing and a curse for the industry, and being situated in one of the wealthiest cities in Australia has certainly created opportunities for growth for the company.