Why accounting firms should outsource?

The accounting industry is growing rapidly, and with this growth comes an increased demand for qualified accountants. Unfortunately, the global skills shortage makes finding and retaining qualified workers difficult as accounting firms struggle to find the talent needed to maintain high standards.

Many accounting firms offer a comprehensive suite of services, including bookkeeping, accounting, payroll, and tax preparation. This can cause a strain on resources as accountants attempt to juggle day-to-day accounting and bookkeeping with higher-value advisory work that can provide firms with a competitive edge.

One solution to this problem would be to outsource your accounting and bookkeeping functions to a reputable outsourcing partner. Outsourcing is becoming increasingly popular as accounting firms use outsourcing as a strategy to cost-effectively staff their business with highly skilled workers while maintaining the quality of their services.

What is outsourcing?

Outsourcing is the process of delegating tasks or projects to a third-party provider. When it comes to accounting firms, outsourcing is often used to relieve the strain on resources by delegating non-core or lower-value tasks. This can allow accountants to focus on more critical tasks, such as tax planning and advisory work. These services can be white labelled under the accounting firm’s brand and delivered to clients providing them with a seamless experience.

Outsourcing is an excellent solution for accounting firms who want to grow their business without sacrificing quality or customer service. By working with an outsourcing partner, accounting firms can source talent from a much larger pool, helping firms to overcome the accounting skills crisis and stay competitive.
Outsourcing partners can offer a full range of accounting and bookkeeping services, including:

• Accounts Payable/Receivable
• General Ledger
• Payroll
• Financial Reporting
• Tax Preparation
• Auditing
• Reconciliations
• Financial analysis
• SMSF compliance and advisory
• ATO compliance
• BAS & IAS preparation and lodgement
• Bookkeeping using Xero, MYOB, QuickBooks, and all leading software and more!

The important thing is to find a reputable and reliable outsourcing partner. A good outsourcing provider will have a team of experienced accountants familiar with the latest accounting software and technology. They should also be able to provide a high level of customer service and work with their clients to customise a solution that meets their specific needs.

The benefits of outsourcing for an accounting firm

Access a global pool of talent

Firms have access to a larger talent pool compared to in-house recruitment, helping to overcome the shortage of skilled workers.

Maintain high-quality standards

By accessing talented and qualified workers, high-quality services can be maintained. This can help firms meet client demand without sacrificing quality or customer service.

Cost Savings

Accounting firms save money on recruitment, training and turnover costs associated with running their business. The firm can benefit from lower labour costs and only pay for what they need. When accounting firms outsource, they can take advantage of economies of scale. This means that the provider can spread the fixed costs of running their business over many clients, resulting in lower costs for the accounting firm.

Scalability

This can help the accounting firm be more flexible and adaptable to changes in demand. An outsourcing partner can help quickly scale up or down services without needing long-term contracts.

Increased efficiency

Outsourcing tasks or functions to a third-party provider means they are responsible for ensuring that the work is completed accurately and on time. By outsourcing, you can free up your internal staff to focus on value-added and advisory services, ultimately helping to improve efficiency.

Don’t let the global skills shortage hold your accounting business back. Consider outsourcing to take advantage of a worldwide pool of talent. Outsourcing can be an excellent solution for accounting firms who want to improve their efficiency and bottom line. Contact us now!