Offshoring for Accountants: Where to Start

Accounting is changing – faster than ever before and staying competitive and efficient is crucial. One approach that if you have followed my business you would know I am very passionate about is offshoring. For accounting firms, offshoring isn't just a quick way to save money; it's a powerful tool that can completely change productivity and scalability.

Some of the benefits include:

Access to a global talent pool

One of the most amazing reasons for accounting firms to embrace offshoring is the ability to tap into a diverse and highly skilled global talent pool. By hiring offshore professionals, you can expand your team's capabilities and access expertise that may be hard to find or expensive locally. 

Cost

Offshoring offers a cost-effective alternative to hiring full-time onshore employees. Outsourcing specific tasks or functions to your offshoring team allows you to control costs, as you only pay for the services you require. This can free up financial resources for other investments.

Productivity

By offloading routine, time consuming tasks to offshore team members, your Australian team can focus on higher-value activities such as advisory services, client engagement and business development. This not only boosts productivity but also enhances the overall quality of work delivered to your clients and can also significantly change your onshore employees job satisfaction – giving them time and space to work on different projects and adding value to clients instead of mundane tasks.

Scalability and flexibility

Offshoring enables accounting firms to scale up or down quickly in response to market demand. Whether you need additional support during tax time or want to expand your service offerings, offshoring allows for flexibility without the overheads of permanent hires. 

Things to consider:

Cybersecurity

Addressing cybersecurity concerns is a big one when considering offshoring. However, many reputable offshoring providers prioritise data security and comply with international data protection regulations. It's important to choose an offshoring partner with a strong track record in cybersecurity to safeguard your sensitive financial data.

Setting KPIs

To ensure a successful offshoring initiative, establish Key Performance Indicators (KPIs) that align with your firm's goals. Track metrics related to quality of work, efficiency, and cost savings to measure the impact of offshoring on your business. These KPI’s are for your business but of course you will also need to set KPI’s for your offshore team to keep them accountable.

Culture

An offshore team (whether it is one person or many) should be factored into your team culture if you want to build a long term relationship. Including them in meetings and virtual social catch ups is important to build trust for everyone involved.

Communication

Establish clear lines of communication with your offshore team and develop comprehensive checklists and workflow procedures. Effective communication and documentation are vital to ensuring tasks are completed accurately and efficiently.

If you are starting to consider offshoring, we have been in your shoes – with no idea how it works, where to start or what to do. We have a myriad of courses to help but our latest course offering breaks it all down over 30 days, with a new topic in a bite size email/ video every day covering everything you need to know to get started. To view our Offshoring Webinar, click here.