The leap to outsource can be one filled with trepidation, excitement and relief. Although outsourcing can initially be a step outside of your comfort zone, it can also be a journey designed to ease your accounting firm’s workload and allow you extra time to expand on your business goals.
Now you’ve decided to make the move to partner with a trusted provider of your choice, it’s time to look forward to what’s ahead. From training your staff, perfecting your work/life balance, or creating a new facet of your firm’s services - the opportunities are endless.
Staff retention within Australian accounting firms has become a top concern for partners across the board. From small businesses to larger firms, it’s becoming increasingly difficult to retain high-quality staff who are engaged and passionate about their career. A recent survey from CPA Australia showed that over 70% of accountants are actively looking for or exploring alternative job options. The question remains, how can outsourcing your accounting work allow you to retain staff?
Now you’ve made the move to outsource, training your staff and working on upskilling your own talents should be more accessible than ever. You’ll have time to assess your staff’s individual current skills and pair them with courses that can utilise their existing talents and create purpose within their role. Staff members prioritise career growth, something you’ll be able to offer through intensive training days, off-site conventions or courses, and education on the latest policy changes.
When discussing retention of your firm’s staff, work/life balance has been proven to be a key quality desired by Australian accountants. A survey from job search website, Seek, found that work/life balance trumped salary within the accounting industry. 47% of the participants reported that having work-from-home options is a top attraction for a job listing. How does outsourcing play into this dynamic?
Improving your own and your staff’s work/life balance could be the deciding factor when recruiting talent and retaining loyalty. You’ll be able to use the priceless time you’ve regained from outsourcing your compliance work to improve company morale and connection. Utilise this time to engage team bonding activities, after-work social engagements, or monthly check-in meetings to see how you can offer more flexibility to your staff. By the same token, your own work/life balance will become a priority. You’ll be able to assess how to alleviate your own burn-out and ease your workload, leaving more time to service your personal business passions and goals or spend time with loved ones.
Through outsourcing your accounting workload, you may find you have time to take the plunge to expand upon your services. Implementing business advisory services is an exciting way to create a whole new facet to your offerings and will allow you to upskill your staff while creating new financial opportunities for your firm.
Once your compliance work has been outsourced, the natural evolution to business advisory services can be a lucrative and essential step for your firm. You’ll have the time needed to train yourself and your staff, work on what services you’re willing to advise upon, create loyal connections with your community, and approach your clients about the new services on offer. The opportunity to create enticing work and find passion in your industry is the goal, only able to be realised once you have the time to execute business advisory services successfully.
What works for you and your firm is up to you - however, having the time and space to figure that out is the primary aim when outsourcing your compliance work. It’s important to be able to work alongside your outsourcing partner of choice to generate the results you need. From regaining valuable time, working on a healthier work/life balance, bonding with highly-trained staff, and improving your advisory services. You’ve outsourced, now what? As they say, the world is your Sydney rock oyster.
