When I first encountered outsourcing as the Director of a Sydney-based Accounting and Financial Planning Practice, I thought the solution wasn’t for us. It seemed difficult and I worried about how our local staff would feel and the perceived communication barrier.
We couldn’t have been more wrong. Within 9 months we had moved from one outsourced team member to five. Our local team now had a huge amount of time to see more clients and increase value added services. We saw our profitability increase and the local team enjoyed interacting more with clients and the new business advisory work.
Based on our experience, the top 4 reasons why you should consider outsourcing:
1. Free your capacity
One of the major benefits of outsourcing is the enhanced capacity for your local team. As the more routine, repeatable compliance work is managed by your offshore team members, your local team is freed up to focus on delivering great outcomes to clients and finding new business.
2.Improve your Profitability
Outsourcing lower value business functions can save you up to 70% of the cost of completing the same tasks locally. Not only do you save on payroll expenses, but you also don’t need to worry about HR, office facilities and managing staff performance. Given the pricing pressure on routine compliance work, outsourcing provides you with the ability to drive great margin improvement without compromising your service quality.
3. Grow with confidence
A major fear of practice owners is not only how to manage existing workflows, but new business as well. Finding the right accounting and finance candidates locally is a major challenge affecting many practices and hindering their ability to deliver quality, timely work. By partnering with a reputable outsourcing firm, you will be able to effectively scale your back-end talent, confident in the knowledge that you can deliver on client expectations. So, while you focus on growing and selling, your outsourced team can handle all your workflow needs.
4. Workflow & Process Improvement
One of the unexpected upsides of outsourcing is the benefit it brings to your existing systems and processes. Inefficient or redundant processes can be a time waster for everybody in your business and they often go unidentified. Your outsourced team will often recommend changes, set up new efficiencies and reduce the number of bottlenecks. This allows your entire team to spend more time performing revenue generating activities.
Outsourcing has been a major game changer in our business and allowed us to scale effectively and improve our margins. Outsourcing was once considered the domain of only large multinationals but is now available to SME’s worldwide. With technology and automation increasingly putting pressure on margins, outsourcing is a key way to effectively future proof your business.
In fact the experience was so positive that I am now a Director of the outsourcing firm we first began with. I can confidently say that outsourcing transformed our entire business.
Joel Harrison | Director, Valenta BPO | www.valentabpo.com.au