3 Essential Steps To Grow Your Firm And Achieve The Results You Really Want

grow-your-firm-three-steps
7-minute read   For a brief moment, imagine taking a step back away from your firm. From the outside looking in, is the current status quo of your accounting business what you imagined it would be when you first decided to build it? The fact of the matter is that a vast majority of accounting ... Read more

Growing Accounting Businesses By Growing Relationships

12-minute read   Growth should be on every accounting business owner’s high-priority to-do list. Generally speaking, profitability is the yardstick by which successful businesses are measured. But how does one get there? While focusing on the numbers might be the obvious thing to do. Every single accounting firm’s success has one crucial element. It’s people. ... Read more

6 Reasons Why Working Night Shifts Is Fun and Exciting

benefits of working the night shift

Burning the midnight oil doesn’t feel as wearisome as one might think. That’s because the changing landscape of the BPO industry has made it more enjoyable and fulfilling to work during the night. Imagine higher pay, more leniency, and  fun workplace–things most professionals look for in a job. We’ve got opportunities available now for people … Read more

What Young Accountants Need To Know Now

Accounting information for young accountants
According to a 2013 survey from Oxford University, 47% of all jobs are ready for automation and that accountants are next to telemarketers who are starting to feel the effects of computerisation. This only means that accountancy is ripe for the digital transition. Accounting automation can significantly improve the way accountants do their jobs and, ... Read more

Top 5 Things To Know About Your Philippine Staff

Outsourcing philippines
Outsourcing is a strategic decision for any company. When done right it can yield immense benefits for both sides, which is why it is important to find effective ways to make the relationship work. It brings together people from different places and various cultures and encourage them to work together toward shared goals. And just ... Read more

Here’s What To Expect at Panalitix Roadshow 2017

Panalitix - The Perfect Firm
Panalitix has been traveling the world for a global seminar. They’ve been to countries and key cities in the US, UK, and Australia and these includes London, Birmingham, Manchester, Ireland, Arizona, Texas, Philadelphia, New York, New South Wales and Queensland. This June, join Panalitix at The Perfect Firm roadshow in key cities nationwide -- Melbourne, ... Read more

#QBconnect 2017: Key Insights – It Was One Incredible Day, Indeed

QBConnect 2017
This huge gathering of accountants, entrepreneurs, and industry experts held 18 May 2017 in Sydney themed Bring Your Future Into Focus has certainly enriched the industry’s passion for innovation and excellence. Influential keynote and breakout session speakers talk about how the accounting industry will take shape, the importance of building a brand, strengthening client relationships, pricing structure ... Read more

Big Increase In Accounting Firms Using Outsourcing


In the latest poll data from our webinar Essential Guide To Outsourcing And Cloud Security For Accountants, 43% of the audience were shown to have outsourcing solutions up and running. This represents a big jump compared to the data gathered from the joint webinar with Panalitix, How To Become a Real-Time Accountant and Add Value to Your Firmheld in November 2016 with only 11%. Over 40% of respondents were also thinking about setting up offshoring support or inquiring.

 

Latest Data Shows A Big Increase In Accounting Firms Engaging In Outsourcing

[Part 2 of 3 series]

 

Nick Sinclair, CEO of The Outsourced Accountant (TOA), with Jamie Beresford, CEO of Practice Protect covered the following topics with over 200 respondents:

  • The vital case for outsourcing
  • Expert insights into how leading firms are outsourcing
  • Tips on managing a global workforce
  • Identifying the most crucial cloud security risks
  • How to ensure that you’ve got your clients’ data (and yours) secure

 

“With the advent of cloud technology and globalisation, we see outsourcing as a viable option now particularly the accounting industry.”

Nick Sinclair

Are you outsourcing right now?

 

are you outsourcing right now

Essential Guide To Outsourcing And Cloud Security For Accountants (May 2017)

have you already got an offshore team

How To Become a Real-Time Accountant and Add Value to Your Firm (November 2016)

The large jump in accountants practising outsourcing is certainly a  good pulse on the industry. Outsourcing has gained ground and been welcomed in the accounting industry as firms strive to respond to numerous challenges, improve efficiency and deliver more for customers than ever before.

Nick Sinclair was quick to note the change in how accounting firms currently look it as an angle to entice applicants for recruitment.

 

“A large number of firms are advertising to graduates stating — you’ll never have to do a tax return. You’re coming into the business for an advisory role — with a lot of the compliance work being outsourced to a global team, it provides a great opportunity for graduates to focus on local client facing work.”

 

A good part of the audience has also considered outsourcing with 30% indicating they are not outsourcing right now but are thinking about it. 11% have engaged in outsourcing but not at the moment while 14% are looking into starting their outsourcing journey. This is all indicative of how much change and firm reviews are happening in the industry.

A number of case studies can be viewed here around how outsourcing can be a positive change factor for a firm, improving efficiency and productivity.

“Outsourcing is not just about tax and compliance, it’s about efficiency and setting a firm up for long-term growth,” Nick says.

The webinar discusses reasons why outsourcing amidst industry changes is such a practical option to take. From addressing capacity restraints to attracting and keeping talent, from price pressure to labour costs, Nick shared his insights from his own experience on running The Outsourced Accountant in the Philippines.

If you are having capacity restraints, or looking to grow your firm, or just want to know what is possible with outsourcing, we are here to help.

 

Check the two other blog series of this webinar:

  • Cloud Security Concerns For Accountants, A Top Concern … And Growing!
  • CEO Shares Insights On Handling Top Concerns With Outsourcing

Cloud Security Concerns For Accountants, A Top Concern … And Growing!


A perfect session for firm owners or practitioners in the accounting, bookkeeping or financial industry. If you want to know more about outsourcing, offshoring or know what competitors are doing in this space, the biggest concerns particularly on cloud security – then this webinar is not to be missed!

 

Cloud Security Concerns For Accountants, A Top Concern … And Growing!

[Part 1 of 3 series]

In our latest webinar, Essential Guide To Outsourcing And Cloud Security For Accountants, 23% of the audience identified cloud security as one of the top concerns about offshoring ranking it 2nd in the list from the poll conducted.

The share of this concern has grown considerably in the last six months, with over two-thirds of respondents citing the need to review their business exposure to security risks.

What is your biggest concern with outsourcing

Essential Guide To Outsourcing And Cloud Security For Accountants (May 2017)

biggest offshoring concern

How To Become a Real-Time Accountant and Add Value to Your Firm (November 2016)

“Do you have a plan on how to manage your cloud security?”

Jamie Beresford

 

The growing concern can be linked to the latest legislation on the mandatory disclosure of data breaches in the accounting industry. More importantly, the uptake of cloud technologies in recent years has been aggressive in the accounting industry. Room for improvement certainly exists in adopting tighter security controls to control firm IP and protect client data.

Jamie Beresford, CEO of Practice Protect, discussed the ways in which firm owners can ensure data security. Included in Beresford’s list is a single sign-on system (SSO) to ensure password protection. This means that offshore (and onshore) staff will not have only one password to access to various platforms or systems your business is using. This certainly brings:

  • convenience in not having to remember several passwords for each platform that you are using
  • a firm’s systems and data are locked in and accessible only in an assigned location with permission — in this case, where your offshoring office would be. Staff cannot log in outside of these premises unless given due access.
  • an option to lock specific locations by IP address
  • additional layers of protection if a computer is shared
  • the ability of a single click to lock a team member out of all applications
  • easy tracking and deleting of access should an employee leave

 

“Fundamentally, it’s about consolidating passwords in a single identity per person, that can be monitored and tracked 24/7.”

 Jamie Beresford

 

Mr. Beresford stresses, “it’s really important that you have that log in from a compliance perspective and from a due diligence perspective” as a reference to an example where a firm’s client was hacked.

Tracking the list of people who had access proved to be a very good way of getting to the cause and, at the same time, identifying the party responsible for the incident.

Practice Protect integration

At The Outsourced Accountant, this single sign-on system is implemented along with:

  • No access to flash drives or any external drives, photocopy machines, among others, to prevent unauthorised copying of data. Several levels of approval from immediate superior to team leader to client are enforced before access is granted.
  • Certain sites are prohibited
  • Office premises are accessible only via an encrypted card
  • Building access only via a thumbprint security

 

Jamie Beresford and his team at Practice Protect work to provide the safest environment for global businesses particularly those outsourcing into the Philippines. Learn more about cloud security and reach out to Jamie Beresford here.

If you are having capacity restraints, or looking to grow your firm, or just want to know what is possible with outsourcing, we are here to help.

 

Check the two other blog series of this webinar:

  • Latest Data Shows A Big Increase In Accounting Firms Engaging In Outsourcing
  • CEO Shares Insights On Handling Top Concerns With Outsourcing

3 Helpful Tips for Busy Accountants … like You! (Part 1)

The industry of accounting is going through a massive change.

Accountants and technologists agreed that technological change coming from cloud technology, machine learning and AI is the biggest challenge currently facing the accounting profession.

This may seem obvious to some people, but not to others.

So, to help you survive and keep pace with the evolving industry, it will help to first highlight some of the changes taking place in the industry. And, learn how to overcome the greatest challenge facing accountants today and explore the new opportunities for your business growth and advancement.

Are you facing the same accounting challenge? This first helpful tip for busy accountants like you will help you grow your practice.

Watch the video above or see the infographic below with the same information.


To know more about outsourcing, call us at 1300 896 522/0800 452 853 and download our e-book.


Top 3 Issues Keeping Accounting Leaders Up at Night

Accounting is a complex career but it is interesting and rewarding at the same time. But, being responsible for the financial ins and out of a business causes much pressure, regardless if a firm is small or big. With so much going in the accounting industry, accountants are facing pressing challenges. Here are the top ... Read more

Get Paid On Time with Xero Invoice Reminders

Cash Flow is the lifeblood of your organisation. It guarantees that your business is operational and your company is able to pay your employees. But to ensure this, you need to get paid on time, too. Chasing overdue payments can be tricky and time-consuming. When the invoicing process is delayed, the cash flow is also … Read more

FREE 1-ON-1 CONSULTATION