The accounting landscape is changing. Accounting firms are under more pressure than ever to increase output while lowering costs. Hiring qualified onshore staff to help manage the workload can be a challenging and costly task, so here are five tasks you can (and probably should) outsource instead:
Bookkeeping is one of the most basic fundamental yet time-consuming tasks, and it is also possible to outsource it completely. Many opportunities exist to use cloud-based accounting tools to record and monitor transactions easily, however the time of your onshore accountants is better spent on more complex tasks, so leave this one to your remote team. An outsourced accountant can manage the books, while your onshore team monitor the work, providing an enormous time saver.
Another time-heavy process, compliance and legal work can also easily be outsourced to offshore staff. Once again, the bulk of the compliance work can be completed by your BPO team and then integrated into projects and reports by your head-office staff. Outsourcing the bread-and-butter tasks like compliance work can ultimately increase the scalability of your firm, as the increased opportunities provided offer the chance for growth without increasing overheads.
It’s unlikely you and your team became accountants to deal with mountains of administrative work, so outsource admin, and let your onshore staff get back to the client-facing tasks they excel at. Outsourcing paperwork and other mundane business tasks can provide much needed assistance in the effective day-to-day running of your accounting firm. So take a look at the most time-consuming administrative tasks and brief your remote team to take them over.
Preparing projections, forecasts, and analytic reports is a highly sought-after process by your clients, however it is also a costly service to provide in terms of time consumption. This tedious offering is heavily relied upon by your customers in their decision-making process, and time is of the essence in preparing these urgent reports. Using offshore workers to assist in preparing business analytics can ensure the timely delivery of the service and provide collaborative opportunities. As the saying goes, many hands really do make light work!
Finally, consider rounding out the range of business processes that you outsource by adding marketing to the list. Marketing is a multifaceted business process that can offer immense opportunities for growth and success when implemented with skill. But to create and execute a successful marketing strategy takes a significant amount of time. By using outsourcing, you will not only realise major cost and time savings but also likely see better results due to outsourcing to qualified professionals.
Outsourcing with The Back Room
At The Back Room, we provide a business process outsourcing service tailored specifically for accounting firms. Find out how you can get your firm ready for outsourcing by using our outsourcing readiness tool, or contacting us.