Going all in on what a vast majority of accounting firms are apprehensive of doing has allowed Ryan Addinsall of LPR Advisory to scale and grow their business. Offshoring accounting has produced a positive effect on profitability. How did he do it? It all comes down to systemization. Ensuring that they have the right systems and processes in place has made their offshoring effort an undeniable success. Let us break down how Ryan and his team did it.
Purveyance Of ThoughtsCommunication is key when managing an offshore team. The constant thought exchanges between Ryan and his team are extremely valuable because it allowed him to:
- Ensure clarity across all aspects of the workflow processes
- Create a comfortable and open work environment
- Build strong relationships with all team members
- Solve problems and address issues much quicker
- Increase accountability among team members
Perspectives Do ConvergeRyan relies on his offshore team to crunch numbers and keep the cogs of his firm moving so he can be out there meeting and serving clients and providing them high-end value-added work to keep their business in the best position. He recognises how having a team that is a little over 3,500 miles away has impacted his business in such a positive way. Since he hired his offshore team, he has had no issues with language, culture, and technology. This has been eye-opening for Ryan and made him think of other out-of-the-box solutions he could find to face other business challenges. More often than not, accounting firms hesitate to even think of building an offshore team because of fear. In a previous poll we conducted, we discovered what businesses feel about offshoring:
- Only 5% of firms already have an offshore team setup
- 40% have decided to offshore but still haven’t implemented the steps
- 45% still need to learn more about offshoring
- 10% are already outsourcing some tasks but still don’t have any team setup
Perceptions Will OffsetRyan did his research prior to building his offshore team. As with any business considering the prospect of offshoring or outsourcing, he came across the usual suspects of what he has found now to be wrong perceptions or misconceptions: Security Issues Ryan feels that LPR Advisory has a far more secure practice and procedure than most local firms. By being completely cloud-based and using Practice Protect and other internet security software, they can track all access and usage of all their apps. Teams do not know each other’s passwords to apps, access is restricted to certain IP addresses, and access can be revoked instantly. In addition, The Outsourced Accountant, where Ryan’s offshore team works, enforces strict physical security protocols as well as a highly effective cybersecurity strategy. Cheap Labor Ryan knows that in the long run, when done properly, the cost per team member will be lower than what he would spend locally but by a factor of not 10 but 2. He has also realized that when a business goes into offshoring for cheap labor then that is taking the wrong approach. Ryan has found offshoring as a great solution to his frustrations with issues around local staffing, to his goal of being able to grow the capacity of the team quickly, and to his wanting to have a large pool of willing candidates for future growth. Skills Limitations and The ‘Them and Us’ Mentality Visiting his team has proved beneficial for Ryan because he was able to establish similarities in skills, language, and culture. He witnessed first-hand how productive and efficient his team was. Interestingly, Ryan has built closer personal relationships with his offshore team than the other local teams he has been a part of in the past. These wrong perceptions often get in the way of a successful offshoring experience. As you can see from Ryan’s experience, once the right systems are put into place, it takes little to no time to see a dramatic difference in the way an accounting firm can run itself and, in the long run, scale and grow. Experiences like Ryan’s and his team at LPR Advisory can be priceless to those of you looking at building an offshore team. Gain more valuable industry insights Subscribe to The Ledger now! You can also listen to our podcast series, The Offshore Accountant, to the get inside scoop on the latest industry news and updates.
Grow your firm by building your own offshore team now. Call our global offshoring specialists at 1300 896 522. Want to learn more? Click here to discover the blueprint on how to build a global accounting team.