Advancetrack MD Vipul Sheth covers some of the key indicators that suggest your firm should look into accounting outsourcing.
There comes a point when an accounting practice’s managing partner, or a departmental head, realises that ‘enough is enough’. And this is when accounting and offshoring becomes a viable option for its operational strategy.
Of course, you might see the signs but not realise that accounting outsourcing, offshoring or podsourcing are the solution (or at least part of it) to your problems.
So, the starting point is recognising what these issues are.
Staff utilisation, recruitment and retention
Are your team members working harder and harder? Do they complain about their workload? If so, then you will likely see staff morale and satisfaction fall. This level of stress leads to staff absence, and churn.
Our inaugural Accounting Talent Index shows that partners are having to work harder than ever, while stress levels are climbing. Firms are struggling to hold onto talent, and recruitment is extremely difficult. Practice leaders are concerned that they don’t have the skills within the practice to service clients effectively.
Client service woes
Since the pandemic, the level of support required from clients is higher than ever. As accounting practices struggle to provide the requisite service to existing clients, one of the knock-on effects is that they turn away new clients. This is of course exacerbated if the stress of providing services sees your staff leave or go sick.
I spoke to a managing partner who said, ‘tongue in cheek’, that “I daren’t have a meeting with a client in case they want my firm to do more work for them”.
The hero and the enabler
At Advancetrack we say that an accounting practice’s clients are ‘the heroes’, and that the practice is the ‘enabler’ to help create a platform for the business owner to achieve what they want in business and life. Your practice should operate in a way that facilitates the ambitions of its clients.
Accounting outsourcing, offshoring and podsourcing can’t solve all of the operational and resource issues that an accounting practice faces, but we can go a long way.
If your practice is underserving its existing client base; you’re turning away business; your existing staff are working too hard and you’re struggling to recruit, then these are the types of problems we like to help solve.
If you’d like to talk to the Advancetrack team about how our services can help your practice then book a call today.
