In this episode of The Outsourced Accountant, Terry Chung talks about the decision to offshore within the first 6 months of opening Factor 1 Accountants & Advisers. In just five years they have grown to 29 staff members including 6 TOA team members. Terry talks with Nick about the benefits of working with team members in the Philippines and how it contributes to their two key pillars of focus: service excellence and operational efficiency.
- What’s different about TOA?
- Offshoring from the start of business
- Profits due to offshoring
- The TOA community
- On offshoring from the start of business: “We just needed to hire staff in a short lead time and just to help us out, because we were drowning with work and we didn’t have the office space.”
- On selecting TOA: “Different from the previous experience, TOA provided team members that were100 percent dedicated to us. 100 percent dedicated, and effectively they were our teams, just working in a different location and office.”
- “As I was preparing for this podcast and interestingly, the local team said. ‘There’s no limits on what our Factor1 Asia team can do with the right training.’”
- “For us, there’s no real difference between managing offshore and onshore teams. But the three things that are paramount to us is staying connected, sharing the vision, and celebrating our successes.”
- The benefits of offshoring: “It’s allowed us to focus more time on the business for our growth, to focus on strategy, and to look at our next opportunities to focus on improvements within the firm.”
- On profits from offshoring: “We had made some profits through offshoring, but what we’re doing is we continue investing in people, product, and technology. So we’re setting us up for success in the future.”
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