Choosing the right outsourcing partner is a critical decision for your accounting firm. Before diving into the world of outsourcing, you need to assess your firm’s needs and goals. Do you want your compliance work covered? Perhaps you’re looking to extend your team? Can’t find the right fit locally but don’t want to downsize? Do you want to include more advanced work like business advisory services as part of your offerings? Taking the time to work out where outsourcing will fit into your firm is the first step.
Once you’ve mapped out your plan, the next move is to find a company who will act as an extension of your team and help propel your firm into the future. You need to partner with a team that will prioritise your firm’s goals and work with you to learn your processes so they become an essential part of your ethos. Patience is key. It may take a little bit of time to work out, but when you choose correctly - the outsourcing partner you team up with will learn fast and be flexible to your system.
In the age of rapid digital evolution, security risks are abundant. Selecting an outsourcing partner that is accredited and aware of security protocols is a high priority. Making sure your team has ISO certification security protocols will allow you to work alongside your outsourcing partner with confidence that your client’s data is safe. The partner needs to demonstrate a strong commitment to the highest security standards while ensuring you that your digital footprint is protected.
Having a deep understanding of the accounting industry is paramount when choosing your outsourcing team. They need to be ahead of any industry regulatory changes that pertain to Australia such as the AASB 18 that came into effect in 2024 which is focused on improving the presentation and disclosure of information in financial statements. Your outsourcing partner will use this information to tailor your services based upon the most up to date standards of your locality ensuring their work is in line with your regulations.
So how do you trust your outsourcing team? Partnering with a credible and reliable company is essential when you begin your journey. Ask yourself if the company you choose has a proven track record of high quality service? Are they transparent and reliable? To answer your questions, you can access testimonials by previous clients, research which industry affiliations they have, and make sure they are committed to ethical practices.
Have you struggled to recruit talented and driven accountants who are both local and within your budget? When you choose the correct outsourcing company, you gain access to a large pool of committed and skilled accountants ready to hit the ground running. This allows your firm to scale swiftly, meet client demands effectively, and uphold superior service standards.
But how will I be able to seamlessly integrate an outsourced team into my work processes, you may ask? Transitioning to outsourcing should be a smooth process, and finding a company that already works within software you already know well is of great importance. Find a company who looks to minimise disruption and wants to ensure a seamless partnership. The company you choose should be well versed in software used by companies like Xero, MYOB, Sage, Intuit Quickbooks etc. Their expertise will ensure you can remain within the systems that work best for you while integrating seamlessly into your team.
When you decide upon the outsourcing company that works best for your firm, look to a company who wants to partner with you on a long-term basis. An outsourcing team that displays commitment to your firm means you can feel secure with your choice. They should be willing to understand your practices, evolve with you and your team over time, and continually look to meet and exceed your needs.
Although it may seem daunting to engage an outsourcing company to extend your team, elevate your firm’s recruitment, and commit to a long-term partnership - it can also become a vital part of the scalability of your services. Taking the leap with the right outsourcing team can create a new world of opportunity and ensure your firm’s footprint lasts well into your professional future.
