What is Business Process Outsourcing (BPO)?

business process outsourcing in accounting

Business process outsourcing (BPO) involves contracting both internal and customer-related services to third-party suppliers. Historically, outsourcing had largely been associated with manufacturing enterprises – think of car manufacturers, or electronics brands – where large chunks of their supply chains rely on the contribution of parts or labor from external suppliers. However, with digital connectivity changing … Read more

5 Reasons Why Armada Accountants Made The Right Choice To Offshore

An ideal scenario for any accounting firm owner or decision-maker is to get jobs flow in and out without encountering any blockage.

This can only be possible with the help of the right people: a topnotch team comprised of A players who will ensure that your firm has enough capacity and the proper mindset to turn in high-quality jobs quickly.

The lack of capacity can be a huge pain in the neck for businesses. It hinders growth; keeps firms maximizing the potential of its team members. More importantly, it keeps decision-makers from doing the one important thing they need to do: make beneficial decisions for the organization.

With the help of TOA Global, Pamela Taylor, director at Armada Accountants and Advisors, was able to generate enough capacity to manage their firm’s 80+ clients so well they were able to smoothly transition to offering higher value consulting work.

You, too, can enjoy these same benefits of building a global offshore team:

A much quicker job turnaround

The addition of business management specialists turned things around for Armada.

Their team members are so good they were able to contribute to the quick turnaround even while they’re still in training.

One critical aspect of offshoring is connecting firms with the most suitable candidates—the very thing Pamela was struggling with.

“We were having problems finding team members who were willing to get their hands dirty, do the mundane tasks, grow their skill set, and those who were eager to work their way from the bottom up,” states Pamela.

Finding employees who want to grow with the company served as the driving force for Armada’s director and thanks to their decision to offshore, they now have team members they consider superstars.

“By having a team here in the Philippines means the work can flow through me.” 

Pamela Taylor

Leadership team can focus on stuff that matters

Any firm that’s struggled with keeping up with work will understand how difficult it is to not be able to focus on tasks that matter.

Pamela, along with the leadership team, are now able to focus on higher level work, like consulting. Now, the firm is able to identify clients’ pain points and find and implement solutions—things they were previously unable to do.

More personal time for decision makers

Creating capacity will free up time for the leadership team. Now, Pamela says offshoring has given her more time to spend with her family.

Transition to higher level, value-priced consulting work

Armada was on the lookout for more efficient ways to enhance the service. With the help of a global offshore team, the firm was able to evolve their offerings and go from hourly-based packages to value-based packages.

Client satisfaction

At the end of the day, only one thing needs to happen: keep clients satisfied. Offshoring helped Pamela’s firm to find the resources to produce output and take on more work from clients, ultimately adding to their bottom line.

If you would like to know how your firm can scale or free up capacity within a short time, you can book a free 1-on-1 consultation with us. Our global team specialists are always ready to discuss solutions and services that can address your business needs.

 

 

What is Outsourcing? How Outsourcing for Accountants Could Transform Your Practice

what is outsourcing for accountants

In a digital, connected world, more and more businesses are looking to leverage opportunities for outsourcing various business functions. So, what are the benefits, and what could outsourcing mean for an accounting practice? The rise in cloud-based technology has brought with it greater accessibility to outsourced services for businesses globally. No longer restricted by geographical … Read more

Does Your Firm Lack Capacity? Here’s What You Should Do

How to grow your capacity webinar

You want to run your business in the same way water flows through a pond. This is just one of the many nuggets of wisdom from our recent webinar’s guest, Ed Chan, Co-Founder & Non-Executive Chairman of Chan & Naylor and Founder of WIZE Mentoring, during the one-hour session with TOA Global Chairman, Nick Sinclair. … Read more

Key Accounting Trends To Embrace This 2019

key accounting trends for 2019
It’s quite impossible to accurately predict what’s going to happen in this fast-paced industry but you can spot patterns in the accounting trends that have surfaced over the past 12 months, which you can use to improve your firm practice this 2019.  Here are some key trends we should watch out for:  Rise of open banking  ... Read more

Hitting Industry Milestone with Incredible Insights and Discoveries

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THE #IGNITECON2018 WRAP-UP THE BIGGEST OFFSHORING CONFERENCE FOR ACCOUNTANTS   5-minute read Two days went by so fast with conference delegates soaking in all the learnings and fun! Brilliant speakers with stimulating ideas, guests with the toughest questions, and networking opportunity make it all an experience to remember.   If you were there, or in case ... Read more

Stop Crushing Your Team And Start Delighting Your Customers

7-minute read

For close to 12 years, Nick Sinclair, Chairman of The Outsourced Accountant, struggled in trying to run his accounting, bookkeeping, and financial planning firm. Hours were spent each day replying to emails, taking calls, managing calendars, and other admin tasks. They were slowly losing revenue because of the cumulative effect of them doing non-core tasks each day. With little to no time focus on revenue-generating tasks, workload piled up, and Nick and his team struggled to keep up. But Nick implemented the right tools and strategies and got his team out of the weeds. Here is our Chairman’s key insights on productivity and people strategy.

How Is Your Workflow Really Going?

accounting-firm-productivity-how-workflow-going

Take a step back and ask yourself this question: “How is your workflow really going?” If you feel like you don’t get enough work done, don’t worry. You are not walking this path alone. It is a fact that a vast majority of accounting firms the world over are buried in workflow.

Missed deadlines, outdated lodgments, incomplete paperwork, and what have you are common occurrences. One can think of many factors that you can attribute to these to but do you know the real reason why?

The wrong people are doing the wrong type of work. Many partners and managers do work that can be done by other people. Keep reading as we will elaborate which types of work we are referring to. The point here is spending a significant amount of time doing work that are not ‘dollar-productive’ means you are doing your accounting firm a disservice.

The best firms – meaning those who peak productivity to hit and even exceed profit margins – they fine tune their processes. This is to ensure that everything gets done on time and with the quality one expects from highly paid professionals.

Limiting Factors Crushing Productivity…And Your Team!

accounting-firm-productivity-limiting-factors

Did you know that accountants, accounting firm owners, partners, and managers spend 1 to 2 hours per day doing non-revenue-generating tasks? That is 400 hours billable hours per individual per year! These are admin tasks that have become limiting factors crushing productivity and, in the process, your team. They include:

  • Emails
  • Meetings
  • Calendar Management
  • Reporting
  • Client Issues

 

In poll taken during this webinar, 67% of attendees say that emails are the number one blockers that limit their productivity. While one might think that this is an isolated result, the truth of the matter is that emails have become one of the major hindrances to productivity.

Majority of the time partners and managers sit in front of the computer screen when they should be sitting in front of clients. Nick can attest to this while he was running his firm as he used to receive anywhere from 300 to 450 emails per day. Can you imagine that? If you’re a rainmaker, your work should be talking to clients, right? Then, why are you sitting in front of your computer?

Coming second and third in our poll were meetings and client issues respectively. It is a given that you should have internal meetings to align your team. But if they eat a large chunk of your day, then nothing gets done. Team meetings should be short and concise. The less time you spend in them, the better.

When it comes to client issues, accountants, owners, partners and managers shouldn’t deal with them directly. Someone in a specialized role can deal with them better so you can be more productive. Watch the webinar above to learn what this role is.

People Strategy: The Impact of (Not) Getting It Right

accounting-firm-productivity-people-strategy

Again, it comes down to the people factor of the success equation. It’s has become all too common for accounting firms to not have a people strategy. Ask yourself: When you last sat down to map out your firm’s objectives for a financial year, did you work out how may staff you need to achieve those objectives?

Most firms think they are under-resourced because they can’t find or keep the right staff. But, we typically see that most firms are over-resourced – they just have the wrong people doing the wrong work.

Having the right people strategy is critical to achieving your growth strategy. The crucial elements to an effective people strategy are:

  • Attracting, keeping, and growing the right people in the right roles
  • Having the right technology so they can fulfill their roles effectively
  • Implementing the right processes so they can do their work more efficiently

 

If just one of these three key elements is missing, you will have effectively doomed your firm to fail.

Conclusion

This is Nick Sinclair’s view specifically on productivity and people strategy. There are loads more insights you can learn when you watch the webinar. You will discover how the effect on customers and the referrals they send your way when you are too busy doing non-core tasks each day. Learn, if you haven’t already, about ‘The Urgent Versus Important Matrix’ that will help your daily time management. See our recommendations for apps that can help streamline your workflow as well as the four roles that will make a massive difference in increasing your productivity.

But one critical point to remember though. When we say, the right people, we mean A-players – those with the requisite skills, work ethic, and attitude that will help drive your firm towards sustainable growth. This is what we do best. We provide more than 300 accounting firms around the world with over 1,000 specialist accountants, bookkeepers, and financial analysts as well as marketing, sales, finance, and administration support staff that deliver the results our clients want.

Let us show you how we can help you build a championship team of A-players. You can schedule a FREE consultation with one of our global team specialists.

BOOK MY FREE CONSULTATION

Client Spotlight: Empowered With Time For Firm Growth

6-minute read

To gain the time you need to grow your firm, you need the capacity to do all the work that needs to be done. Debra Houghton of Gilligan Sheppard out of New Zealand has seen first-hand how building a high-performing offshore team can empower their local team with the time for firm growth. 

Why Build An Offshore Team?

For Debra, offshoring for them means that: 

  • They can have more employees. 
  • They can actually grow their business without actually having more resources in our office in New Zealand.  
  • They don’t have to have a disk, a computer and they don’t have to look after all of that extra stuff. 
  • They actually got an offshore team that can work just as well as they want and that is in contact with them all the time.

So, offshoring just makes sense to them. 

What made you choose TOA?

Gilligan Sheppard’s needs are definitely being met by the two administration team members that they have with us at TOA.  

 

“We love them. They’re definitely part of our Gilligan Sheppard family, and we include them with all of our decisions that we are making.”

Their two offshore team members visit New Zealand, come to conferences, and any team building that they have. 

How is your TOA Customer Experience?

 

“It was very easy to recruit, very easy to do the interview process via Skype. I think we’ve chosen really well. So, we’re really happy with that.”

Debra says that it has probably taken about a good six months to a year to get used to how they work and what they need to do to make the relationship easier and make it better both their local and offshore teams.  

But, she says adamantly that it would be the same if they had somebody in the office. It would take six months to a year to do that training to make sure they know their job fully. It’s just the same thing. Debra says that when you want to train anyone in your processes and procedures in-house or offshore, it’s the same amount of time. So as long as you recognize that, it’s fine. 

Arlyn, the administrative assistant who does collection for them, get to phone the clients directly. Debra doesn’t have to be involved in that. Arlyn has a script and she follows it very well, but she is also able to talk to the clients directly. When they ask questions, she’s able to answer them. Arlyn doesn’t need a script for those sort of things. She has her own mind, and she has her own way of talking, and that’s perfectly fine with Debra. 

Speaking about what’s great with working with Debra and the local team, Arlyn says that they have consistent communication, they do Skype calls every week. They even have training in New Zealand which is an opportune time to bond with Debra and the local team. They’ve gone boating and wakeboarding. Having more time to bond, they get to know more about each other.  

 

“They treat us like family. They don’t even treat us like employees. We’re understood. We’re that they are valued and welcomed.”

Since she does debt collection, Arlyn has learned a lot about having a good relationship with clients. Because of this, she has grown as a person and an individual, and Gilligan Sheppard has helped her achieve that. 

How would you describe your TOA Team Members?

They have chosen team members who interact well with the local team. So, their personality types are very friendly. They are very nice, says Debra. And they found that, when they came to New Zealand, that they are very brave as well. They’ve taken them out of their comfort zone, done different things that they probably won’t normally do in the Philippines. They’ve also found that the offshore team they’ve got can challenge them to be better, and that has been really good for  them. 

They actually did a two-day training that TOA did for them instead of them doing that. TOA trained their team. Immediately, they already knew the system, the database that they were using, and they were able to freely go wherever Debra asked them to go. That was incredible, she exclaimed!

What are the results of working with TOA?

Having a team at TOA has meant that Debra has more resources within her admin team back in New Zealand. So, because they are using TOA to house their administration the offshore team members do not get interrupted like their receptionist o other admin team members. They don’t get the same phone calls from clients. They don’t get the same interruptions as communications are via email or via Skype, and they can choose when they will answer those. So having more resources have allowed the local team to have more time to actually deal with clients and do more customer-oriented tasks. Debra is pleased about that. 

Would you recommend TOA?

If you’re making the decision to offshore using TOA means that you have more time and more resources within your own office to do the things that you want to do, Debra says. 

 

“So go out and see your clients, go out and do the things that you enjoy doing, and get TOA to do the things that you don’t necessarily want to do or the things that are more process-driven.”

One of great advantage that Debra had when she was thinking of  TOA was that she was actually told about it by other practices, and she was invited to come and visit our TOA Clark offices. She did that before she even came and organized getting the team that she wanted. 

Conclusion

So, if you want to gain the capacity you need to a have the time you want to grow your firm, start building your offshore team. We can help you do exactly that. More than 300 accounting firms across the globe have over 1,000 accountants, bookkeepers, and financial analysts as well as marketing, sales, finance, and administration support staff with us. 

Start taking back your clock by scheduling a FREE consultation with one of our  global team specialists. 

I WANT TO BOOK MY FREE CONSULT

Top 5 Accounting Business Strategies That Work And Do Not Work

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5-minute read   Having the right accounting business strategies is crucial to your firm’s success. You can read hundreds of books and guides on how to build better and more profitable businesses. But, you need to know what works and what doesn’t. You need how-to methodologies from an expert with decades of experience in helping accountants build thriving ... Read more

Happy Feet, Happy Kids

tuloy foundatin gift giving

Brand New Shoes For Tuloy Foundation Kids Courtesy Of Ignite Roadshow 2018 Attendees The Outsourced Accountant brought some cheers to 24 young boys by giving them brand new shoes courtesy of all attendees to our Ignite Roadshow held just last August in 6 Australian cities.  As part of our commitment to enriching the lives of … Read more

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