There are many professional accountancy firms those have adopted strategic business through outsourcing their non-core, less skilled tasks since years. But for others, have still concerns about losing their control or about security of the data. But the truth is, if it is good enough for the big 5 firms, then surely it is workable enough for the mid sized and small sized firms and businesses.
If you deprive yourself from Outsourcing and your competitors do not, you are putting yourself out of business.
Travel back to 1997 and for the next 10 years, staff recruitment and retention topped the list of issues for almost all firm sizes. In 2009 as we reached the great recession, the focus moved to trying to retain clients. Move forward to 2012-13 and the scene changes again; the search for new clients emerged as a major priority together with client retention. This year however, client retention ranked among the top five issues in only two of the five size categories.
So perhaps the idea of outsourcing just a little of your work and not be such a bad idea?
If you look at your workload and identify the parts that are taking more than necessary time, it is fairly likely that they are the high volume things that aren’t really paying their way you figured. So imagine that you didn’t have to do those any more – would you have the time to read up on the latest tax regulation or giving quality time in client communication?
Or how would your staff feel if they didn’t have to process those hundreds of tax returns their selves but could work on developing that new client you have just taken on to make sure they want to stay with you?
Outsourcing is a big step – but if you make sure you check the outsourcer’s credentials then you can mitigate the risk.
- How about the outsourcer has professionals with same credential as yours, or will sign a NDA and take a Indemnity Insurance for you.
- Check their data security standards and how they would handle your precious data.
- What about turnaround time? Do they work your hours or their own? Or would the hours they work mean you could get work processed even quicker? Or are they flexible enough to work for your required time-zone.
- Do they use the same accounting software? Do they have people who have worked in US accounting and taxation and do they maintain a regular program of training?
- Make sure they are happy with ad hoc work and that you don’t have to commit to purchasing hundreds of hours of their time each month (unless of course you want to).
- And check what they can do – do they have the capacity to look after all of your bookkeeping for you or are they just interested in your tax return processing?
Outsourcing is actually very simple once the company integration takes place and you will very soon wonder why you didn’t do it years ago.
So, if you are looking to expand your firm with more client and less of work burden, just mail us with your questions, and we can tell you how we can help with a customized streamlined internal control system.