Locals only? We solve the top five myths about outsourcing your work overseas.
In Australia, we often search for products with the local stamp attached. A red kangaroo, a southern cross, a big banana. While our pride for this sunburnt country shines bright like an Opera House sail, it does pose the question: could we be selling ourselves short in search of the Australian stamp of approval?
Are you concerned about what outsourcing your work overseas means for your accounting practice? Perhaps your processes are iron-clad but are they working for you in the age of new technology, with the lack of retention in this industry, and issues recruiting motivated accountants? It might be time to dispel some classic myths about outsourcing your work overseas and elevate your accounting practice to its highest potential.
Myth 1: Outsourcing means my practice is no longer local
A common aim for Australian accountants is to maintain their proximity to their homebase. But being local all comes down to the client base that you service. Use the extra time you get back from outsourcing to engage with local leaders in your community. Attend seminars based in Australia to elevate your understanding and expand your knowledge of the industry. The time you receive back can be spent strengthening your ties to your local client base and developing new partnerships.
Myth 2: I’m taking away work from Australian accountants
The true beauty of outsourcing is that you as a practice owner get to decide the level of work that is outsourced and what this looks like for you and your staff. You can engage services that cover basic compliance, all the way to creating an offshore staff that leave you to service your more advanced goals. Perhaps your staff have been interested in business advisory services - this leaves you with more time to engage in training, switch gears on your goals, and create loyal professional relationships.
Myth 3: I’ll have no control over the quality of my work
Advancetrack was among the first to attain the updated BSI (British Standards Institution) information security standard in 2022, including ISO 9001. ISO 9001 is the trusted quality management standard used to define and consistently update the standard of business services in the UK. Due to this, Advancetrack is always monitoring and improving their quality standards making your transition to outsourcing seamless and secure. While there may be a period of getting to know your outsourcing team and training them in your specific workflow- the offshore team is already flexible to multiple practice’s goals. The quality of your work will always depend on the time you dedicate to establishing an ongoing partnership with your outsourcing team.
Myth 4: Outsourcing won’t alleviate burnout
On the contrary, outsourcing your accountancy work is designed to ease burnout. One of the more pressing issues Australian accountants are facing today is the lack of retention within the industry. In a post-Covid world filled with new technology that seems to be advancing before we’re able to understand it - outsourcing to a team of dedicated accounting specialists allows for more time spent working on that which is most important to you. After the initial training stages, you and your staff will have more time to work on loftier goal setting, team building, and work/life balance.
Myth 5: Outsourcing creates security risks
It should be a primary concern for any practice’s owner when outsourcing their work that the company they partner with has stringent protocols when handling sensitive data and information. The best way to make sure yours and your client’s data is protected is by partnering with a reputable and reliable company. Make sure your outsourcing partner has ISO (International Standards Organisation) security protocols which are designed to have iron-clad protections for your sensitive information.
While outsourcing your accountancy work might not be a ‘one size fits all’ solution, Australian accountants could be overlooking a golden opportunity. The solution for your practice is usually answered by engaging with multiple resources. Outsourcing could be one of those resources designed to create new opportunities for your practice and in-office staff while making your workload and life easier.
