As 2017 draws to a close, we would like to look back at some of our most popular blog posts on building capacity, improving productivity and efficiency, cloud computing and the secrets to managing a successful global accounting team.
More than 90% of accounting firms are either outsourcing work, have decided to, or are looking for information on how to get started. In this webinar, two experts, The Outsourced Accountant’s CEO Nick Sinclair and Panalitix’s Colin Dunn, discussed ways to build firm capacity.
- Offshoring has become a real and viable option for accounting firms in building capacity and scaling the business
- Building an offshore team plays a vital role in growing firm capacity
- Components of a successful offshoring effort
- Attributes of the ideal members of a global accounting team
- The most common reason for building an offshore team is finding the most cost-efficient way to improve firm performance
- Outsourcing accounting tasks enables firms to find the right talent for specific tasks to improve value for the customer
- 46% of firms are looking for more information on offshoring
- Firms can have four offshore team members for the cost of one onshore
- Offshoring allows firms to expand client services
- Firms can focus more on core competencies to drive more value for the customer
- Offshoring make geographical working boundaries less important as cloud technology and multicultural workforces improve
- Concerns about outsourcing include quality of work, communication, security and client and team perception
To successfully outsource accounting tasks:
- Identify and work with offshoring experts to discover capacity issues and where opportunities lieRemove low-value tasks
- Formulate a long-term plan and strategy
ATSA 2017 Wrap-up: Improving Productivity, Increasing Capacity, and Staying Relevant Amidst Changing Landscape
Our CEO, Nick Sinclair, was one of the featured speakers at the Accountants’ Technology Showcase Australia (ATSA) 2017 where shared expert insights on how to become more productive and the most important topics on offshoring today.
- Improving productivity will bring firms closer to increasing capacity and doubling profits
- Accountants’ biggest asset is the manner in which they control their time
- Free up time to become more proactive and provide more value to clients
- Identify tasks that consume most of your time
- Learn the “art of letting go”
- Be aware of your strengths and limitations
- Take breaks to avoid burnout
- Hire an executive assistant
The usual workload of accountants can significantly cut down the time spent on revenue-generating tasks and that makes running a business even more challenging. Outsourcing specific roles to qualified professionals can have tremendous impact on a firm’s capacity.
- Outsourcing offers an opportunity to harness the skills and experience of qualified professionals in a more cost-efficient manner
- Productivity suffers from an overwhelming amount of compliance work
- Delegating tasks is one way to establish trust among team members and deliver output more efficiently
Nick Sinclair Interviews The Winners Of The PAC2017 Accounting Awards
Sky Accountants CEO, Jamie Johns, and MKS Group Business Manager, Michael Risoli, joined TOA CEO, Nick Sinclair, to discover the secrets to become innovators in the accounting industry. Nick also got to interview the winners of the Panalitix Annual Achievement Awards 2017.
- The Outsourced Accountant has a good screening process that results in finding the most suitable candidates that fit clients’ requirements
- Firms need to include business strategy, like offshoring, in their plans
- Compliance grows as structures become more complex
- There is value in going to the Philippines to spend time with your offshore team
- Communication is important in managing an offshore team
Practice Protect CEO Jamie Beresford talked about different security challenges accounting firms face and the various ways to address them.
- Cloud security is among the top concerns for firms when it comes to offshoring
- Firms need to have a concrete plan on managing cloud security
- Consolidating passwords is one effective way to safeguard a firm’s data security
- One-password access to various systems can:
- Eliminate the need to remember several passwords for multiple platforms
- Restrict access to authorised team members
- Restrict access to specific locations by IP address
- Provide additional layers of protection for shared computers
- Easily track and delete access to employees who are no longer work for the firm
In this expert webinar, CEO Nick Sinclair provides insights and valuable tips on setting up your own global team as well as ways on propelling your business to success through offshoring.
- Accountants face several challenges as a result of the ever-changing landscape
- Outsourcing offers immense benefits to firms looking to increase capacity
- The Philippines is an ideal place to build an offshore team
- Message framing is vital in preparing your team for offshoring
- Firms and clients need a strong partnership for offshoring success
- Metrics can gauge the effectiveness of offshoring for your firm
- Accountants need to adapt with globalisation, technological advancements, changing customer expectations, cost of labour and skill shortage
- Outsourcing is not a magic pill and will require time
- Once properly setup, the gains of offshoring are immediately apparent
- Offshoring will help:
- Get valuable insight into productivity comparisons
- Spot inefficiencies in your process
- Get opportunities to deliver more value to clients
- Examples of roles firm can outsource include:
- Senior accountant
- Social media specialist
- Virtual assistant
- Sales support
- Some important factors to consider when choosing an offshore service provider include:
- Quality of work
- Level of industry experience
- Scope of experience
- Depth of management
- Quality of telecommunication
- Time zone
- Company size and culture
- Professional qualification of the staff
- The Philippines is an ideal location to offshore
- Our Fast Start Guide videos provide insightful tips on getting started with your offshore team
Burning the midnight oil is not something many people are exciting about. This article discusses why working night shifts can both be fun and fulfilling in terms of career growth.
- The thriving and evolving BPO industry offer more opportunities available for those who prefer working at night
- Working at night can generate more income because of the night differential rate
- Exposure to U.S. clients can significantly improve communication skills, which can lead to more opportunities for career growth.
- Graveyard shifts eliminate the stress caused by long commutes
- Companies that offer night shifts go out of their way to make the workplace more fun for employees
- There’s a significant reduction in disruption which leads to increased productivity
- Working at night allows more time for passion projects and errands
The secret to becoming productive doesn’t lie on the hours spent inside the office or the amount of workload you take on.
- Retaining information through note-taking is effective
- Schedules allow for more efficient planning
- Stepping away from the workstation and going on breaks have been proven effective in increasing productivity
- Free up time by delegating certain tasks
We’ve worked tremendously hard over the last 12 months to provide you with valuable, insightful content to help improve productivity, build capacity and scale your business.
Get more capacity-boosting content as well as industry updates from our blog in 2018.
As the leader in global careers for accountants and professional support staff for the Philippines, The Outsourced Accountant continuously strives to generate valuable content for firms looking into offshoring.
Download our ebook here to know more about the successful ways in managing a global accounting firm.