Cloud Security for Accounting Firms: Why It’s Not An IT Issue

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4-minute read    Cloud security for accounting firms is one critical factor that is holding back firm owners and partners from building dedicated offshore teams. With growing market awareness around cyber security from the Mandatory Breach Reporting legislation coming into effect in February 2018 and the increased media attention from recent high-profile breaches, cautiousness is at an ... Read more

Preparing For The Inevitable: Is My Accounting Firm Safe?

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5-minute read   Anxiety is in the minds of accountants, accounting firm owners and partners. With the accounting industry in flux from widespread disruption of new-age technology and best practices, it is to be expected. Ed Chan of Chan & Naylor and WIZE Mentoring asks:      “Where is the Accounting industry heading and is your job safe, and is our ... Read more

Strike The Balance Between Time And Technology

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5-minute read   Time is a luxury that most accountants do not have. Yes, technology has made it so that work is more efficient and thus can be delivered faster. But, to the detriment of accounting firms, clients know this fact. Now what happens is they expect to pay cheaper fees because they know work ... Read more

#Ignite2018 Roadshow Wrap-up Webinar: What To Expect

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4-minute read   The #Ignite2018 Roadshow has come to a close. This six-city event has been a resounding success with an audience of close to 300 accounting firms from across Australia. The roadshow was designed specifically to help Accountants, Bookkeepers, Accounting Firm Owners and Partners build thriving businesses. An amazing panel of industry experts were on hand to share priceless tools ... Read more

Is Technology Really Growing Your Firm?

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Achieving sustainable growth in an industry amidst rapid disruptive change is not easy.

Do you want to know the secret of the the world’s most profitable and high-performing firms?

They use a three-pronged approach: Technology, People, And Process:

Optimum use of the right tools and technologies, the right people in the right roles, and the right accounting business strategies and how-to methodologies are keys to your firm’s success.

Time For A Reality Check

During our most recent poll, we asked accounting firms “how helpful is technology in growing your firm?”:

  • 33% say they use some software but need to learn more
  • 28% say they have an IT stack but have not maximised all of it
  • 17% say they have just started building their IT stack
  • 11% say that they are learning just now

But the most important number is:

  • Only 11% say that their IT stack is very helpful and they are using it efficiently.

What this figure says is that there is a very low percentage of accounting firms who are using technology to its fullest potential. If your accounting firm wants to achieve its goals, you need to maximise the use of the technology available to you.

The Fact of The Matter

 

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According to Ron Lesh, Founder and Managing Director of award-winning BGL Corporate Solutions, there are five types of accounting firms depending on when they started integrating technology.

  1. Innovators – The initiators and creators of better and faster ways to do things
  2. Early Adopters – The first to use the latest technology
  3. Early Majority – The firms that saw Early Adopter results and began using the technology as well
  4. Late Majority – The firms that started using technology relatively recently
  5. Laggards – The firms who haven’t, are just thinking of, or don’t want to use technology

Ron says that most accounting firms are heading into the Late Majority. But you would most definitely not want to be a Laggard because, in today’s digital age, accountants like you need to realize two things:

  1. You are no longer purveyors of information. Clients can ask Google.
  2. Clients know what you know. They have access to all their info and they know your competitors.

This is why it is very important to be ahead of the curve by not only using technology but to make sure they are all integrated. Most times, accounting firms use different software that don’t actually connect to each other.

Integration is the first step to automation. With automated systems, you can streamline workflow to increase efficiency and consequently enhance capacity.

The Benefits of Automation

Let’s say each year all your work takes 10,000 hours to finish. When you automate your systems effectively, you will see a:

  • 30% decrease in total number of hours after 2.5 years to only 7,000 hours
  • 60% decrease in total number of hours after 5 years to only 4,000 hours

Imagine what you can do with thousands of extra hours. You can use it to do extensive business planning. You can take on more new clients. You can train your teams. There is so much time you can save to focus on really growing your firm.

Time To Grow Your Firm

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The pace by which leading-edge technology and best practices are changing is staggering. Rob Nixon, success mentor, coach, and facilitator to hundreds of accounting firms worldwide, knows this all too well. To grow your accounting business, he says that you need to do three things:

  1. FIX what is going on today. Technology wise, do an audit of what you use. If you are not maximising their full potential, ensure that you do or use something that you can. Then, start fixing your workflow, pricing, receivables, client mix, and all day-to-days.
  2. MINIMISE time and get more efficient. Look at every single technology you use. If it is not helping minimise time or increase capacity, use something that will. Mishandling of data occurs the more people it passes through. Automation cuts this. Gaining time and capacity will allow you to increase profits and achieve sustainable revenue growth.
  3. SCALE to your desired business size. When you have sorted out the first two, it is time to set targets and grow your business. Go into new niche markets. Expand your services portfolio and include value-added services.  

Rob says, “Let technology write the history and accountant make history.” Automate your processes so you, the accountant, can focus on serving clients. Pair this with effective implementation of the right accounting business strategies and you will have the formula for success.

“Your accounting firm can be whatever you want it to be. Your dreams, imagination, your desire to implement new ideas will make all the difference.”

How To Face Critical Challenges

Before your firm achieves sustainable growth, there will be hurdles you have to jump over. Our survey says that:

  • 55% of accounting firms consider technological advancements as their major challenge.
  • 39% say it is the high cost of labour
  • 35% say that it is meeting customer expectations
  • 31% say that it is the lack of team members with necessary skills
  • 14% say that is globalisation and integration of cloud technology

Build a highly skilled global accounting team and you can address a majority of these challenges. While you will gain the capacity you need, remember that this is a long-term play. You need to match this with the right accounting business strategies and how-to methodologies.

Low Risk And High Rewards

Offshoring is not a risky proposition as you might think. We at The Outsourced Accountant have worked with hundreds of accounting and they will tell you that the rewards outweigh the risks many times over.

By having a high-performing global team, you free up your local team to be more productive and increase workflow efficiency. So matching the right skills with the right people allows your local team to grow in the process.

Building Your Team

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There are 10 clear-cut advantages of building your local team and a team in the Philippines:

  1. Full-time Employees – You will have a dedicated offshore team.
  2. Aligned with Your Time Zone – Your offshore team will work while you work.
  3. Highly Secure Data and Systems – You do not worry about breaches.
  4. Free Consult To Plot Your Growth – You have us to help you build your team and business.
  5. Full-time Offshore and Local Support – You have increased time and capacity.
  6. A-team for Long-term Investment – You gain a high-performing team to help achieve growth sustainability.
  7. Highly Skilled Talent Pool – You choose from the best-of-the-best industry specialists.
  8. Great English Proficiency – Your team will have one of the highest English proficiency rates in Asia.
  9. Low Employee Turnover – You can trust your team to stay and be loyal to you.
  10. Client Education and Peer Community – You have access to other firms on the same journey.

So if you want your firm to achieve true sustainable growth, a potent combination of the effective implementation of the right technology, the right people in the right roles, and the right accounting business strategies is key.

You can start by letting us show you how we can help build your own high-performing offshore team. The hundreds of accounting firms who are working with us are thriving.

Let us show you what we can do for you.

Schedule a FREE phone consultation with one of our global consultants.

Intelligent Accounting: Making The Most Of Cloud Technology

cloud technology
Despite its prevalence, many companies are still not utilising technology. Hence the lack of capacity and inefficient processes. Firms that make a deliberate effort to use technology in their processes will see a significant upswing on productivity, efficiency, and, in the long run, profitability. Technology is a vital ingredient in managing a successful accounting firm. ... Read more

Cloud Technology For Accountants: Free Up Time By Automating Data Collection

Cloud Technology For Accountants: Free Up Time By Automating Data Collection
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Cloud Technology for Accountants: Automating Engagement Letters

Cloud Technology for Accountants: Automating Engagement Letters
Engagement letters are essential in any business transaction. It’s a standard procedure (even considered best practice) that accountants utilise when onboarding a new client. What does it do? An engagement letter serves as protection for both accountant and client in case something goes wrong during the term of your agreement. Also referred to as client ... Read more

Optimising Your Firm With Essential Cloud Technology

Optimising Your Firm With Essential Cloud Technology
Download Presentation Download Transcript In this webinar, our CEO Nick Sinclair teams up with three key industry players, Matt Bunston, Country Manager of Hubdoc, David New, Chief Sales Officer for Spotlight Reporting, and Sahil Mahotra, Territory Manager for Practice Ignition to talk about how firms can maximise cloud technology. Question: How happy are you with ... Read more

3 Awesome Ways Cloud Computing Can Supercharge Your Firm

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Outsourcing owes a lot of its relevance to the prevalence of cloud computing. This is one of the insights provided by The Outsourced Accountant CEO Nick Sinclair in one of the roadshows we’ve recently conducted in key cities across the country. Although it encountered a certain amount of skepticism at first, the benefits of switching ... Read more

5 Things About Cloud Computing You Need to Know Now

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Is it worth making the switch? Cloud computing has gained a lot of momentum over the past few years, which is not surprising especially since it allows companies to streamline their processes, resulting to increased efficiency and productivity. In addition, doing business in the cloud can significantly reduce operational costs and make pertinent information easily ... 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
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