TOA Team Building 2017 Promotes Better Relationships

TOA Team Building 2017

The Outsourced Accountant (TOA) held a one-day team building activity which took place on two separate dates and locations. For the  Clark team, it was held at Hotel Stotsenberg, Clark Pampanga last 16 June; while the Manila team had theirs at Selah Garden Hotel, Pasay Manila last 23 June.

The day started with a CEO update from Nick Sinclair, followed by some people-focused updates from Chief of People, Kerri Brown, which made the whole TOA team very happy. Some cool changes are about to happen in terms of company policies, events… and fashion!

 

“TOA is focused on growing and building our team members. It’s about personal development and becoming a better version of themselves. So, it’s really a major focus for us. Every year, we run this event and this is something we’ll continue to do in the future.  

Nick Sinclair, CEO The Outsourced Accountant

 

Next is a very inspiring speech from an international motivational speaker, Mike Grogan, who believes in the genius of the Filipinos. He is the author of the bestselling book “The Rise of the Pinoy” where he shares 7 powerful lessons of success that he learned from 21 world-class Filipinos. His ideas and insights were very well received by the team members, shown by their enthusiastic applause, laughs and even singing!


Facebook post by Mike Grogan

 

The Outsourced Accountant (TOA) is composed of over 90% Millennials and Mike shares a short but inspiring message.

 

“Possibly, the greatest thing you can do are two things; (1) invest in yourself; (2) invest in others. There’s an opportunity to get better and grow every day even if it’s tiny by simply reading blogs and listening to a podcast. Then, focus on who can you help and do kind and active generosity every day. I believe, those two aspects are the formula to success — growing every day and giving to someone else every day.

Mike Grogan, International Motivational Speaker

 

TOA Executives with Mike Grogan

 

In the afternoon, all team members were grouped into their respective colour-coded teams. The games required strength, balance, speed, wit, proper coordination, strategy, flexibility, creativity and leadership skills. It was nothing short of fun, excitement and adrenaline-rich moments!

 

The cheer dance competition marks the start of the team building 2017

 

And so the fun continues!

With offices in Clark and Manila, five hundred team members joined the events that were designed and organised by the committee group from the Training and Admin & Facilities Department. In the day-to-day tasks we do at work, it’s always great to take a little break that is not just fun and exciting, but also memorable.

 

 

And now the last and most awaited game, the Project Runway with the theme ‘Evening Wear.’

Participants of each team had to go through a Barter System and exchange whatever garments they have at hand to get the materials they need in creating the most inspiring evening wear for their model. Interesting highlights of this game was the identity of the model. At the start of the game, the organisers reveal the model and they are none other than the Head of Departments (HODs) leading each team.

 

Project Runway Contest - ClarkProject Runway Contest - Manila

The department heads on the game ‘Project Runway’

 

After the games, points were finalised. For the Clark team, Orange Team led by Gina Libadia and Luisa Dometita emerged as the Champion followed by the Lime Team (Second Place) led by Coreen Atencio; while the Violet team led by Lawrence Guiao took the third place. For the Manila Team, the Violet team led by Vic Ovejas won the Championship.

Congratulations to all participants, committee, and organisers for a successful team building event. Well done team. Till the next!

 

TOA Clark & Manila

 

Watch the video highlights above. 

 

← TOA Clark Team Building Photos

TOA Manila Team Building Photos →


We not only build our careers at TOA. We also build on our personal growth and relationships.
See more of our passion-driven activities here.


Client Spotlight: How Offshoring Pushes Sky Accountants To Rapid Growth

Looking to be scalable, to get leverage and eventually build a business that can run without the owner, Sky Accountants was one of the first firms to give outsourcing a try and later on embrace it because of its great benefits and the opportunities it brings.

Key takeaways from this interview:

  • What made Jamie decide to outsource dedicated staff
  • The performance of his offshore team, and his future plans for them
  • The benefits that Sky Accountants has gained for investing in training
  • What were Jamie’s fears and doubts when starting to outsource
  • What Jamie has realised when he started to build an offshore team in the Philippines
  • How has The Outsourced Accountant (TOA) helped Sky Accountants through outsourcing
  • The benefits that Sky Accountants gained through outsourcing
  • Jamie’s advice to accounting business owners

 

It’s always been a positive experience, an affirmation of our business’ vision and values when we connect with our clients and learn about their outsourcing journey and successes, which for us is reflective of our own success as well.

Today, the spotlight is on Jamie Johns of Sky Accountants, one of the first firms in our clientele list to embrace outsourcing. Jamie provides us with some valuable insights into his outsourcing journey, his doubts when he started outsourcing, and some pro tips for business owners who are looking to grow their firm. These and more below in our excerpts from our interview with him.

Meet Jamie Johns, CEO of Sky Accountants

Jamie, an entrepreneur at heart, started ‘Sky Accountants’ from his home office. He specialises in helping business owners ‘build a business that can run without them‘. Sky Accountants deliver on this promise to guide individuals and businesses to success via the most efficient processes and proactive business partnerships.

Jamie has five full-time dedicated outsourcing staff in Clark, Philippines. Donita and Jacqueline are accountants, Kimberly and Jesille are bookkeepers, and Adrian is a marketing specialist. As the business grows, Jamie is looking to expand his offshore team at TOA next year with another three or four.

In the early stage of his outsourcing journey, Jamie needs to train his offshore team with Australian Tax, computer systems etc. Creating a domino effect where training one person can help train other people to do the things that are needed to do. The process becomes a lot easier as they go further and eventually their persistence on training paid off. “If you stick to it and have persistence, you’ll get the rewards,” says Jamie.

But, how did it all start?

Sky Accountants And Their Outsourcing Journey

To be scalable and to get leverage, these are Jamie’s main reason to outsource. In a global economy where borders don’t necessarily matter anymore, Sky Accountants is one of the first firms to embrace the opportunities that other countries could bring through technology. They are quick and smart to recognise that outsourcing is a natural part of it.

 

“Any successful business owner has to realise that the world is smaller and border don’t necessarily matter anymore. It’s important to embrace the opportunities that you’ve got with other countries and come together and do your best.

Jamie Johns

 

Like everyone else, Jamie had his own sets of doubts and challenges when he started outsourcing.This includes communication, quality of work, speed, turnaround time, and other common fears in a business. But once they started operating and adding staff to the team, it just got easier especially with the use of the right technology. Sky Accountants learned to overcome these fears in the process.

 

Offshoring challenges

 

Now on his third year with TOA, Jamie couldn’t be happier with his offshore team and their valuable contribution to Sky Accountants. When talking about his offshore team in the Philippines, Jamie is keen to answer “They’re all totally enthusiastic. They’re always great to deal with, and very positive. Their productivity is great and I couldn’t speak more highly of them.”

With the business growing, the longer that they work with their staff and the more they train them, the smarter and more efficient they become. It’s a win-win for both Jamie and his offshore team and their clients for providing the best accounting services.

How has TOA helped Sky Accountants

Jamie specifically highlighted three of the main benefits Sky Accountants has gained through outsourcing with the help of The Outsourced Accountant, “The team that Nick has put around himself both here and in Australia is excellent and they’re always open to feedback and improving their business. They’re always approachable and you always get timely responses.”

According to Jamie, having a team offshore is like having a team locally. You implement the same process, you treat them as part of the team and you unite the business and paint the future where you want to take it like with any other team members. That’s how he treats and values his team offshore. “They’re all part of a larger strategy to grow our business and it’s a global economy,” he added.

 

TOA helping businesses

 

If you’re an accountant, a business owner, or an adviser who is considering to invest in this space to achieve business efficiency, profit, and growth, here’s Jamie’s advice for you:

 

“When you start doing outsourcing, it’s important to get your structures and processes right. You need to systemise your business, you can have how-to videos and all sort of things but the biggest aspect in making it structured and all the workflow process.

Jamie Johns

 

This is just one of many client success stories at The Outsourced Accountant, where we pride ourselves on establishing a strong working relationship with our clients as a key method of delivering outstanding results each and every time.

 

Watch his full client testimonial video above.

 


If you have capacity restraints, are looking to grow your firm, or just want to know what is possible with outsourcing, please contact our local industry experts specialists for a consultation today at
1300 896 522 or click here to book an appointment.


Secrets Of Their Success

A webinar with:

Jamie Johns | CEO Sky Accountants
Accounting Business of the Year Awardee

Michael Risoli | Business Manager MKS Group
Service Excellence in an Accounting Business Awardee


Hosted by The Outsourced Accountant CEO, Nick Sinclair, we find out what it takes to be not only a winner at the Panalitix Annual Achievement Awards 2017 but also as innovators in the accounting and finance industry. Hard work, smarts, adaptability to the times are what stood out from these two firms. Below are excerpts from the Q and A part of our webinar.

How have you found the quality of staff to be like with offshoring?

Jamie: TOA provides a really good screening process so you’d always hire suitable candidates with the qualifications that you require. Some of the staff would really come with high-end skills. For example, we needed someone in payroll and you wanted to find someone with international experience. The quality hasn’t been an issue for us.

TOA provides a range of applicants to interview and then you can take them through some of your own tests. So we do a sort of matrix on every person and then decide. And then the rest will be up to the leadership of the business to take those people in, train them, make them feel part of the team, part of the culture. That hasn’t been a problem.

 

How have your clients found the fact that you are outsourcing?

Jamie: We’re upfront with clients. We don’t make it a massive issue and sort of push it in everyone’s face. At the same time, we don’t hide it. We just treat it exactly the same as you would hire someone locally. If people ask, we tell them. We introduce the offshore staff to clients. You really have to make your business strategy part of your plans. You’re really putting a stake in the sand and say “this is what I stand for”.

For whatever reason, if you (clients) don’t like it perhaps Sky Accountants is not for you. But that’s the decision that we’d let the client make. In saying that, we’ve never had it as an issue.

 

Can you tell us more about ‘compliance work dying’? What’s your take on this?

Jamie: Compliance is as relevant as it’s ever been. If you look at selling your business, or for those who are out there looking to buy businesses, you cannot buy businesses based on your current income. So all these rubbish about compliance dying or going away, it’s just rubbish because at the end of the day, people buy and sell businesses. They buy and sell based on a new income.

What are tax returns? They are annuity income. What’s bookkeeping? And that’s annuity income. And the three things about that tug of work is it’s teachable, it’s repeatable, and it’s scalable. So it’s as relevant as ever and it will never go away.

Michael: I’ve heard that many times, in some cases, in some areas where you have a simple tax return, maybe that’s what you start to lose steam as regulation changes. But we only have to look at the changes to superannuation and that just sort of makes the complexity of compliance that much harder from a superannuation point of view. I don’t see it dying and I haven’t actually experienced a reduction in compliance in the last probably 5 years, didn’t probably even hear that kind of talk. It’s really been upwards and onwards.

As structures become more complex, compliance grows with it. I don’t see it dying right now.

 

With setting up your offshore team, have you had to go over to the Philippines? How often? What’s your strategy in making your offshore team part of your global team?

Michael: We definitely see a lot of value in going over to the Philippines. Currently, every quarter we go over there. But in between that, there’s daily interaction with the team on everything,  from learning and coaching point of view to instruction point of view.

Definitely, every time we have gone over, we see an uplift in the understanding (of the work and culture) and the effort. We’re actually looking at what Jamie has done and bringing some of them here on a rotational basis.

Jamie: You need to speak with them every day on either TeamViewer or Skype for Business, or with whatever platform you’re using. I went there to the Philippines in December last year, for the first time in over two years since we’ve been working with TOA.

In that time, we’ve had two accountants come to Australia for training. So we have our in-house policy now on bringing someone here for training. On the flipside, we will have someone going there every six months from the team. So both ways.

 

If you were to walk in your shoes again and you were to start your practice as a clean slate tomorrow, what would you do differently?

Jamie: That’s an easy one, Nick. I’d get a mentor.

Michael: I’d get a piece of paper and design what I think the firm should look like, how the business is going to run and how I see myself in it rather than getting stuck into a default mode and end up sort of having to reverse engineer it.

 

How often do you spend time with your offshore team?

Jamie: We speak to them every day via TeamViewer or Skype for Business whatever the platform is. I went there to the Philippines in December last year for the first time. In that time we’ve had two accountants come to Australia for training, so we’ve got our in-house policy now that when someone’s out here with us try to bring them out here for training and on the flip side we will have someone going there like every six months from the team, both ways.

Michael: We do daily interaction with the team, from a learning and coaching point of view to instruction point of view. It’s like having a team member here locally. You have to invest in them. For us, it was a no-brainer to go overseas and to actually work with them and sit with them and see what the environment they work in and also understand how information from our end is coming in and how we can improve that for their benefit as well.

 

Our full blog coming next with insights on the following:

  1. Their biggest success factors as accounting firms
  2. Their biggest challenges and how they overcame them
  3. Outsourcing – how it helped them achieve success

Would you like to have a quick chat with our local industry experts who have helped Jamie Johns
(Sky Accountants) and Michael Risoli (MKS Group) in their offshoring journey?  

Click here.


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

Get to know The Outsourced Accountant’s CEO, Nick Sinclair

CEO Nick Sinclair
Big Job, Huge Personality The Outsourced Accountant CEO Nick Sinclair is a big picture thinker. He helps shape the strategic vision of the company in a clear, engaging, and exciting way for all. Being the CEO, he sets the direction on where the company is leading, he sets the tone of what culture to build, ... 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

Six Steps To Scaling Your Firm: Part 2

Steps to scaling firm - Part 2
Following part one of the six steps to scaling your firm through outsourcing, part two looks at the last three steps in how to use offshoring to grow your accounting firm. Accounting firms that wish to scale and grow often turn to outsourcing, but they must dedicate enough time and energy to develop a successful ... Read more

CEO Nick Sinclair Shares Insights On Handling Top Concerns With Outsourcing

Top Concerns With Outsourcing
Download Presentation Here View Transcription Here Nick Sinclair, CEO of The Outsourced Accountant (TOA), shared expert advice on how to handle the biggest concerns with outsourcing as polled in our webinar entitled Essential Guide To Outsourcing And Cloud Security For Accountants held in 10 May 2017. The webinar is joined by Jamie Beresford, CEO of Practice ... Read more

Client Spotlight: How Outsourcing Allowed LPR Advisory To Scale and Grow

Struggling to find high quality staff, Ryan came across a friend who had tried outsourcing and had a lot of success. He then looked into it and gave it a try. Having a team offshore forced LPR Advisory to procedurise and systemise their business which uncovered a lot of inefficiencies with how they do business.

Key takeaways from this interview:

  • His firm’s struggle in looking for good quality staff and how he is able to find a good one
  • What made his firm decide to outsource
  • The “unseen help” of outsourcing in terms of quality of work
  • The offshore team’s performance and his relationship with them
  • The benefits of embracing outsourcing
  • His insights into the current accounting landscape

Today, the spotlight is on  Ryan Addinsall of LPR Advisory. Ryan provides us with wonderful insights into his journey to the outsourcing space, what drives and inspires him in this industry, his hesitations and expectations, and the benefits he gained in deciding to outsource. These and more below in our excerpts from our interview with him.

Meet Ryan Addinsall

Ryan Addinsall is the Director of LPR Advisory, an accounting and advisory business in Sydney, Australia founded in 2003. LPR Advisory focuses in assisting small to medium-sized businesses in streamlining their accounting compliance and systems to work on their growth and improvement.

Ryan has two dedicated outsourcing staff in Clark, Cindy and Jessica, whom are very highly engaged in their roles. From their initial Skype interview, Ryan and his team have developed a great connection and have nurtured this throughout time. Ryan got to spend a week in the Philippine office to personally train Cindy and Jessica. When he got back to Australia, the training and mentoring didn’t stop. That’s how they were able to build a great working environment that is happy, growing, and positive.

But, how did Ryan and the LPR Advisory get into the outsourcing space in the first place? Here’s how it started.

LPR Advisory’s Outsourcing Journey

Getting advice from an independent advisor or a firm with outsourcing experience often is a good choice. This is how it worked with Ryan and the LPR Advisory.

Ryan was struggling to find good quality staff for his business, so when came across a friend who had tried outsourcing and had a lot of success, he looked into it and gave it a try. Through a qualified referral, he got in contact with The Outsourced Accountant (TOA), and the journey started.

 

“We’re struggling to find good quality staff to do a lot of the bookkeeping and accounting roles for our business.”

 

Ryan found the skill level of his dedicated staff a bit strange, at first. Contrary to what is expected, where he usually finds fresh graduate accountants with university qualifications, Cindy and Jessica, who are now part of LPR Advisory’s staff with The Outsourced Accountant, have had quite a lot of experience. He was amazed by the number of companies they have worked for, both for private firms and for the government.

Through a series of training and development courses, both Cindy and Jessica were able to apply their accounting knowledge and experience to the Australian Tax System, and from there, they just continue to grow and become very well-versed in the local tax practices. They got up to speed with the clients very quickly and they’ve been performing really well.

The Offshoring Benefits

Because the team is offshore, LPR Advisory was forced to procedurise and systemise their business which uncovered a lot of room for growth. “It actually uncovered a lot of inefficiencies in the way that we run the business. It forced us to procedurise and systemise the business which then had the effect of actually improving the business a lot and allowing us to scale and grow” says Ryan.

 

Benefits of Outsourcing

 

Whatever might be holding you back, innovative entrepreneurs can always benefit from the success stories of those who had done it.

That positive perspective often unfolds things you didn’t see or realise were possible. “It’s really opened up our eyes to the possibilities. We don’t know how it’s going to work and where it’s going to end up but it turned out for the better. It gives you that positivity and the confirmation that when you don’t know what’s around the corner, you’ve got to give everything a try. So yeah, it’s been fantastic,” Ryan added.

 

“One of the things I’ve really enjoyed is the remote which technology these days and the ability to be able to connect so easily through video conferencing and things like that … it’s a whole new way of doing business. It’s the future. 

Ryan Addinsall

 

This is just one of many client success stories at The Outsourced Accountant, where working with our clients as partners is a key method for delivering outstanding results each and every time.

 


If you have capacity restraints, are looking to scale your firm, or just want to know what is possible with outsourcing, please contact our local industry experts for a consultation today at 1300 896 522.


Building Capacity for Accountants by Offshoring

Over 90% of accounting firms are either outsourcing work, have decided to, or are on the hunt for more information on how to get setup. Two experts examine how to build capacity in the firm and how this has led to dramatic shifts in firm productivity.


In this expert webinar, hear Nick Sinclair’s journey from running an accounting firm to scaling up a business with over 450+ qualified accountants and support staff. This is a must read for anyone looking into outsourcing, or offshoring to understand the biggest concerns and how The Outsourced Accountant can help to overcome these, fast.

The key insights:

  • Why offshoring has become such a real and viable option for accounting firms
  • The true value of building an offshore team to grow your firm’s capacity
  • Understanding the necessary requirements for a successful offshoring effort
  • How to successfully choose the right team members for your offshore team
  • Real results from successful offshoring stories

A lot of businesses have heard about outsourcing or offshoring, or have actually tried it, but not everyone knows how they can fully maximise the benefits of offshoring.

Polling showed that over 90% of the audience had either thought about or have actually engaged in offshoring. The most common reason for deploying this strategy is to improve the performance of their firm while saving on costs and crucially enabling the right firm talent to focus on tasks to improve value for the customer.

For Nick, the top three questions at the start of his offshoring journey were:

  • How can we streamline our service and make it more efficient?
  • How can we deliver more to our clients for less?
  • How do I market my business to attract more clients?

 

offshoring

Reasons for outsourcing

Outsourcing is concerned with shifting a task to another party to be completed, which of course could be done domestically or internationally. Services like Fiverr or Upwork are classic examples of platforms that offer outsourcing for tasks.

Offshoring differs and refers to setting up a team to get work done in a different country, usually to leverage cost advantage and to gain access to a higher volume of skilled individuals. When done right, offshoring can dramatically increase productivity and create a unique competitive advantage by offshoring certain business processes. It’s a long term play as you get the access to a great pool of talent while investing in their ongoing development with your firm, just like any team member.

The Outsourced Accountant offers the ability to do this, but in the highly specialised niche of Accounting and Finance, with over 450+ accountants and highly trained support staff working with our clients.

Here are some of the reasons why offshoring has become such a viable strategy for helping to scale an accounting firm.

 

  • Cost benefit

    Offshoring accounting services gives a considerable wage cost advantage. In a research conducted by The Outsourced Accountant, firms in Australia and New Zealand could utilise four people offshore for the cost of one onshore. For the American markets, this equates to approximately three offshore staff to one onshore. With this increase in manpower, capacity and scaling are not that difficult to achieve.

    It’s important to note that the overall impact of offshoring can be to ensure that the right talent is matched to the right tasks. Not only can this increase satisfaction within teams, but also the ability of the firm to produce scalable results and service. In turn, this can improve client trust, referrals and in many examples add fuel to other functions that can help grow the firm, like marketing.

     

Salary comparison Table

 

  • Productivity and service impact

    When Nick started his offshoring journey in December 2013, the company had  8 staff. A month later they added an additional 22 staff and within three months had replicated almost the entire headcount with 38 staff in Australia and 30 in the Philippines. The huge shift in manpower had a dramatic effect within the firm and also for clients:

     

    “All the mess got cleaned up, it enabled our team to be freed up. They went looking for more work, being proactive and focusing on outcomes that were much more valuable to the client.”

     

    The firm then began to improve and expand their client services. No-charge financial analysis was offered to clients plus increased tips and consultations every month — an approach that helped greatly in building trust with clients which ultimately led to generating 5-10 leads a day.

 

  • Focus on core competency

    One of the most effective ways to scale your business it to ensure you have great systems in place for process driven work. It’s then a matter of matching the offshore talent to deliver this work. This allows a firm to redeploy talent time to activities that will ultimately drive more value for the customer.

    The identification and mapping out of process-driven tasks will help pinpoint which tasks can be outsourced. While process mapping, standardisation and reengineering can seem like a cost  (high involvement in time), it allows the firm to get great clarity on where opportunities to increase productivity truly lie. This, paves the way for more efficiency in your processes. It also allows onshore staff to focus on work that they would like to do more of but weren’t able to because they were tied to the time-consuming process-driven tasks.

 

When you start offshoring, you often see who is hiding behind a rock…  with us, we didn’t make anyone redundant… But when you put in place real strict mechanisms to measure an offshore team’s (performance),  you start to show the inefficiencies you do have in your process in your firm. Overall, this in itself, can be an incredibly open and valuable process to go through.”  

 

  • A long-term investment in people

    In the case of outsourcing, it can often be perceived that the offshore team are very separate and are there just to ‘do a job’. The real successes we have seen are where firms fully open their firm, culture and development to all their employees, no matter the location.

    As our workforces continue to become more multicultural and cloud technologies improve, the geographical working boundaries become less important. The leading firms we have seen invest heavily in their offshore staff, often visiting frequently or bring them into the local offices.

    This has a great and positive impact on team culture as well as streamlining cultural norms and expectations. Common feedback about the Philippines teams is how outstanding their English skills are, how highly educated they are, and how strong their work ethic is. Embracing these points to craft a high performing team while tapping into the abundance of highly qualified accountants is long term play but one that has had great upside strategically.

    The scaling approach gets the firm organised, focused on adding more value — and building more client trust. Once this platform had been formed, it was a matter of upping the marketing and business development, which can also be done through offshoring.

 

impact of offshoring

 

Steps in the outsourcing process for accountants

While it can be a challenge to start offshoring, it’s not at as hard as you think to get started. For offshoring to be successful, you need to find a trusted offshoring provider.

This is how it works at The Outsourced Accountant:

1. Learn and work with offshoring experts

Work with an expert to help identify where your capacity issues and opportunities are. The Outsourced Accountant has highly qualified, accounting and finance specialists who are experts at offshoring to meet and discuss everything you need to know.

No matter what stage you are at with your offshoring journey, whether you are contemplating on having an offshore team, or if you have decided to offshore but need guidance, you can simply book a no obligation meeting with an offshoring expert here. They are a  great resource into what other firms have done successfully and can assist in accelerating similar results for you.

In addition, the open collaboration with firms who are already offshoring is incredibly valuable. The Outsourced Accountant facilitates many accounting community and peer-to-peer advisor learning opportunities to help get to know each other and offer support (Client Adviser Day).  These are a tremendous resource giving firms, who are new to the approach, valuable insights on various aspects of the journey.

 

TOA offers support

 

2. Identify and remove low-value tasks

A great way to work out what tasks you could outsource is following a three-step method. One of the most powerful outcomes is highlighting all of the work that you don’t want to do, that you are doing, that you simply don’t need to. If you compare this against your own hourly wage cost and where this time could be better spent, you’re already well on your way.

Nick’s simple approach is this 3-Column identifier:

  1. First column – tasks that you or your staff need to do but would rather not do if given the choice
  2. Second column –  tasks that your staff would love to do but cannot because they’re busy with tasks in column one
  3. Third column – tasks that you can definitely delegate to somebody else

This approach very clearly shows tasks that you can outsource so you and your staff can focus on tasks that you would like to do more of and which are higher yielding.

 

3 column identifier

 

3. Develop a long-term plan and strategy

The Outsourced Accountant has always maintained that offshoring is an investment that requires a stretch of time and effort. Having a global workforce will need a firm to conduct regular coaching and continuous training to upskill the team members. Engagement also plays a big part as this creates a culture within the team. Nick emphasized that,

 

“It does take time to train … It’s a global world, it’s a global workforce. You don’t have people just working in your current office, you have people now working in your Philippines office. You need to have the time dedicated to doing that.”

 

how to get started

What are the common tasks to outsource for accountants?

The advent of cloud technology and the fact that offshored accounting is becoming more popular and more advanced, have had a huge impact on the types of tasks that can be outsourced. The range and complexity of accounting tasks that can be supported by The Outsourced Accountant are growing rapidly.

In the past only simple low value tasks were outsourced, but this practice has evolved for the following reasons:

  1. With the availability of a highly educated workforce, more complex tasks have started to be offshored. These include roles that focus superannuation, SMSF and paraplanning.
  2. With additional staff taking on these roles, it builds the firm’s capacity significantly contributing to the growth of the business.
  3. At The Outsourced Accountant, many clients have teams of more than 10 members working in their own branded suites.

 

commonly outsourced tasks

Concerns/risks associated with outsourcing

Financial and accounting firms who are making the strategic decision to offshore their accounting services may face a variety of concerns from internal issues, such as what to tell the local staff and clients, or ‘perceived’ risks about the quality of work offshore. From the poll you can see a summary of the biggest concerns:

 

biggest offshoring concern

 

Nick Sinclair is quick to point out facts and feedback from many clients who have been offshoring accounting work for many years.

 

  • Quality of work

    Whilst a big concern is about the quality of work (with 55%), Nick states that the only difference of hiring an offshore team is that they’re in a developing country. That doesn’t mean they have a low-value education. In fact, the education system in the Philippines is very advanced especially in Accounting where it produces the second highest number of graduates annually.

    With the TOA Team members alone,

     

    “Every single one of the 400 has a degree. Over 40% of them have a Masters (degree), 50% of them are CPAs. They’re extremely educated. A lot of them also have been CFOs for 5,000 FTE companies.”

     

    The Philippines has the second highest volume of graduates in tertiary education producing about 8,000 CPAs every year. For those looking to outsource accounting roles, the difference in skills that a firm should be made aware of is that Filipino accountants need to understand local taxation laws (i.e. Australian, New Zealand, and US tax laws). This is well covered at The Outsourced Accountant where extensive and local training is provided by Australian CPA qualified trainers.

 

TOA accountants

 

  • Communication

    In the Philippines, English is the primary language of communication and instruction. Aside from Singapore, Philippines is the only South-east Asian country to mandate fully bilingual education. English is part of a daily life at The Outsourced Accountant.

     

    According to Education First’s English Proficiency Index, the Philippines is ranked #3 out of 20 countries in Asia with a score of 60.59, and ranked #15 out of 80 countries and regions worldwide. This goes to show that the concern about communication is almost non-relevant. Many clients are surprised by how well the Filipino teams communicate and find little to zero reasons to be concerned at all.

 

  • Client Perception

    Many companies worry about the need to tell clients that their work is being offshored. Nick and his team had a very successful offshore accounting team up and running, in six months. The clients were simply blown away by the change in service levels.

    Various points can be considered to get clients onboard with offshoring their requirements. This includes increased productivity, efficiency, cost-effectiveness etc. The key aspect here is to ensure that regulations are complied with but also to demonstrate value through the approach. It’s also important to ensure that the process and people are at a point where they’re delivering quality results, consistently.

 

client communication

 

  • Team’s Perception

    When employees see jobs being outsourced, they might think their jobs are next. But, outsourcing is not always about reducing onshore headcount. It’s helping them become more skilled as they can now move away from process-driven tasks and focus on creating solutions for clients.

 

  • Security

    Since cloud technology is a big part of the offshoring industry, online security is best handled with industry’s best practices. The Outsourced Accountant has invested heavily in IT security. TOA has partnered with a leading IT security firm encompassing a wide range of tasks from seamless IT infrastructure to data security.

     

data security

 

Expert advice is always readily available at The Outsourced Accountant. If you are looking for offshoring experts for your accounting and finance services, we are ready to talk. We can make your offshoring journey easy for you.


Headquartered with an executive team in Australia, we provide dedicated team members as a high-quality offshore team. Growing rapidly with over a thousand qualified accountants and support staff in the Philippines we deliver all the recruitment, onboarding, facilities and amazing culture to support your workflow.


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.


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