Growing Through Offshoring: How We Help Our Clients

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6-minute-read   The vision of The Outsourced Accountant (TOA) is to revolutionise global accounting teams. We aim to be the leader in providing dedicated accounting and professional support staff for firms in the USA, Canada, Australia, New Zealand, and the rest of the world. With close to 900 accountants and support staff and continuously growing, ... Read more

Diversify To Amplify: Why Accountants Should Build A Bookkeeping Division

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4-minute read   The answer to this intriguing question boils down to one word: Diversification. In an accounting industry amidst massive disruption, this one word can be the difference to winning or losing the future game. You will find out why below.   SHIFT IN STATUS QUO For the longest time, accountants have been considered ... Read more

Learn How To Setup An Offshore Team To Drive Your Firm To Success

Playbook how to set up an offshore team

3-minute read

 

This is an updated version of our March 29 webinar.

 

In our latest webinar, The Outsourced Accountant Chairman, Nick Sinclair, discussed the ways to drive success to your firm by setting up an offshore team. Among the topics covered were:

  • Profiles of accounting firms
  • Big issues in the industry
  • Your support to grow
  • Business case and models

Is Your Firm Ready For Outsourcing?

Drive success to your firm and set up an offshore team

 

In our March roadshow, we spoke to more than 200 accounting firms to help them learn the ways to drive success to their business by setting up an offshore team.

We asked participating businesses where they are with offshoring and found that:

  • 5% of firms already have an offshore team setup
  • 40% have decided to offshore but haven’t implemented the steps
  • 45% said that they still need to learn more about offshoring
  • 10% still don’t have any team setup but are already outsourcing some tasks

Bookkeeping Is Growing

  • There is a huge growth in the industry, particularly bookkeeping
  • It is one of the fastest growing aspects of running a successful accounting firm
  • Here in The Outsourced Accountant, we have more than 50 requests for new team members and 40% of those are for bookkeepers

Looking At The Profile Of An Accounting Firm

Setup an offshore team_accounting firm profile

 

There are different ways to run an accounting firm. There’s really no right or wrong way. Based on what we’ve seen so far, accounting firms are profitable. The only thing that stuck out and felt like an issue was cash flow.

That’s because the WIP days are taking way too long. In fact, it’s taking accounting firms, on the average, 52 days to get paid once they have completed the work. Most companies don’t even charge for the WIP, which means they are doing work but not getting any revenue for it.

New Or Existing Clients?

One of the things we wanted to know from firms is if they are focusing on existing clients or working on new clients to gain more business.

Most of the accounting firms don’t have the capacity to get all their work done on time yet they still continue to take on new clients.

The reality is we can’t even manage the ones we already have and yet we continue to add more. It all boils down to workflow and people management.

Big Challenges In The Industry

Setup an offshore team_Big issues

 

Many firms are still paper-based

  • Many companies still acquire and gather data through physical documents
  • Companies haven’t embraced digital signatures and technology that can automate processes
  • Using automating tools, like Receipt Bank, can save accountants between 4 and 8 hours

 

Too much technology

  • Too many choices for software and tools can lead to technology paralysis
  • Having too much options can cause confusion and overwhelm clients
  • Firms can either be given too much and not use it or not put in anything at all and risk not delivering any value
  • Look into using value-added technologies you can use

 

Limited time for accountants

  • Compliance tasks consume too much of accountants’ time
  • Having limited time can affect productivity and, in the long run, efficiency

 

No work life balance

  • Spending too much time on low-impact tasks can keep accountants from focusing on work that generates revenue
  • When accountants are too busy with compliance, they are more likely to spend more time inside the office
  • Busy accountants are susceptible to a disrupted work life balance

 

 


 

Fresh from our successful roadshow across the country, we are bringing to you the key insights from accountants who are working with offshore teams to drive success to their firms.

We’ll talk about the following topics:

  • Key insights from the 2018 roadshow
  • Performance profiles and opportunities for accountants
  • Key processes to target
  • Key metrics firms need to focus on

 

Secure your spot now by registering through this link.

 

Can’t Find The Right People With The Right Skills?

Skills shortage is a major concern for many businesses. While there are many professionals available, finding the talent that perfectly suits the role you need can be a challenge. The good news is there a huge pool talent in the Philippines that you can tap. Setting up an offshore team will connect you with the right people for your roles.

 

Looking To Scale Your Firm?

You need to enhance capacity to add more value for your clients, improve work-life balance and increase revenue. Bridge the gap between the time you want to spend with clients to the ACTUAL time you are spending with them by building an offshore team that will help grow your business.

Tune into this webinar to discover the steps to building your offshore team.

To unlock the secrets to setting up an offshore team, listen in on Thursday, 29 March 2018 from 12:00 NN to 1:00 PM QLD (AEST) | 1:00 PM – 2:00 PM NSW/VIC (AEDT).

 

Reserve your spot today by registering through this link.

 

Get the latest accounting industry updates in your inbox. Subscribe to The Ledger blog now.  Or listen to our podcast series, The Offshore Accountant for first hand stories on offshoring journey.


The Outsourced Accountant is the leader in dedicated outsourcing for accounting firms. We help firms become more efficient and scalable  through insightful content like webinars, podcasts and articles.

To learn how to build a successful global offshore team and  improve workflow, download our ebook here. If you’re experiencing capacity restraints and looking to scale your firm, call our offshoring specialists today at 1300 896 522.


Fast Track Your Growth With Our Comprehensive Fast Start Guide

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Looking for a guide to help you build a global accounting team and fast track growth? We have designed a guide to take you by the hand as you start your journey to offshoring. Part 1: What is The Outsourced Accountant? Part 2: Search and selection Part 3: Candidate interview Part 4: Communication and business ... Read more

Do You Have Work-Life Balance?

Do you have work life balance
American author, salesman, and motivational speaker Zig Ziglar once said “I believe that being successful means having a balance of success stories across the many areas of your life. You can’t truly be considered successful in your business life if your home life is in shambles.” There is a very good chance that he is ... Read more

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7 Capacity-Boosting Offshoring Insights For Accounting Firms

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In this ever-changing market, clients are expecting more. They demand more accessibility and more output delivered as quickly as possible. Accounting firms need to have the capacity to meet these demands. Meeting these expectations will lead to client satisfaction, which can translate to more work. That’s why it is important that you maximise your firm’s ... Read more

Top 3 Ways On How Clients’ Expectations Are Changing

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[header_title add_title="Lessons from The Outsourced Accountant's 2017 Roadshow"] Client experience is what sets apart a great accounting firm from the sea of mediocrity. Since every firm provides basically the same services, the manner in which a firm delivers these can determine whether or not a client stays. The market is continually changing; it is becoming ... Read more

Winning The Talent Game

Winning the Talent Game - how to manage millennials
[header_title add_title="Keys to Attracting and Retaining Great Staff"] Download Presentation Download Transcription In this webinar, learn how to overcome recruitment challenges and win the talent game from our CEO Nick Sinclair as well as how to effectively manage millennials in the workplace from our Chief of People Kerrie Brown. Key insights: The lack of candidates ... Read more

Supercharge Your Firm’s Capacity By Growing Your Global Accounting Team

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[header_title header_tag="h3" add_title="Get to know the potential of your team at The Outsourced Accountant"] 6-minute read   Supercharging your firm’s capacity will require you to accomplish a number of key strategies. One of the most crucial is getting the right people on the right tasks in the right place. The idea here is simple, grow ... Read more

PICPA Appoints TOA Global’s Jaypee Lagman As Chairperson for Committee on Member’s Update and Welfare

Jaypee Lagman PICPA
TOA Global recently scored another victory with the induction of Jaypee Lagman from the Watkins team as the Chairperson of the Committee on Member’s Update and Welfare of PICPA San Fernando last August 18. Held at The Orchadarium, in the City of San Fernando, Pampanga, the 52nd Induction Ceremony further strengthened the partnership between TOA ... Read more

Resourcing Solutions For Your Practice – An ATL Network Webinar

Outsourcing accounting - ATL Network Webinar
In this webinar, ATL Network CEO Colin Simkins, along with The Outsourced Accountant CEO Nick Sinclair, talked about potential resourcing solutions for firms. For years, one of the common themes firms go through is staff shortage. The challenge in getting the right people is one of the many challenges that just doesn't seem to go ... Read more
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