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

Fast start guide
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

Top 3 Ways On How Clients’ Expectations Are Changing

Changing Client Expectations impact accounting firms
[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

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

Supercharge your firm capacity
[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

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.


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.


3 Things You Should Know About Managing an Offshore Team

So you have found an outsourcing partner and have built an offshore team. Now what? As marketer and success analyst Richard St. John has put it, “Success is a continuous journey.” So before you rest on your laurels, you should know that aside from having credible outsourcing partners, your company also needs a competitive management … Read more

5 Questions to Ask Before Outsourcing

Outsourcing has become a strategic tool that offers substantial saving, efficiency, and convenience to firms. But without proper understanding of the industry, you might not be able to reap the benefits of outsourcing. Not all service providers can deliver the level of service that your company needs to achieve added business value. Before you jump … Read more

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