Interested in learning how outsourcing might enable you to increase capacity in your accounting firm? The Back Room CEO, Wayne Findlay, sat down with Brannon Poe on The Accountant’s Flight Plan Podcast™️. They discuss how to increase capacity in your accounting firm. In the current remote working environment, outsourcing may be a better fit for your firm than ever.
Wayne talks specifically about why accountants would outsource, what an accounting firm could offshore, prepping, and the opportunities and threats facing the profession right now. Read on for a breakdown of the highlights, and have a listen. You don’t want to miss this episode!
Listen to the full podcast here:
Why would accountants outsource?
To achieve the three freedoms! Wayne points out that while there are a variety of reasons to offshore, freedom is the ultimate goal.
- Time freedom – having more time for friends, family, and health
- Financial freedom – improving ROI and cashflow
- Mind freedom – living a lower-stress life
Why would someone use The Back Room?
At The Back Room, we are accountants. We know how accounting works, and we know how accountants think. Prior to starting The Back Room, Wayne was the Founding Director of Findlay & Co Chartered Accountants. Wayne and Scott, Founders of The Back Room, have personally experienced, walked through, and then replicated the entire accounting offshoring process, making them the perfect teachers and partners in outsourcing for accountants.
The Back Room also prioritises training and security, offering an industry-leading training program and world-class security.
What can an accounting firm offshore?
Bookkeeping, accounting functions, marketing, lead-generation, Human Resources (HR), Client Service Assistants (CSA), and Virtual Assistants (VAs) are just some of the functions an accounting firm can successfully outsource.
What is Prepping?
Prepping is a forward-planning initiative, developed by The Back Room, where preparations for end-of-year processes are begun immediately after the balance date. The Back Room estimates that by prepping in this manner, they are able to complete 60-70% of the requisite end-of-year work in New Zealand, without requiring any further client information. Bank reconciliations, fixed assets, payroll, and loan reconciliations are all able to be accessed via cloud accounting to help with prepping.
This innovative process allows The Back Room to lower turnaround time to 10-11 days after prepping the files, a big win in an industry reliant on turnaround times and accurate information.
What do you consider to be the most serious threat facing the profession right now?
Post-COVID, there is a lot of unemployment, however hiring and retention of good staff has always been a challenge for the accounting industry, and we believe it still is. There is a lot of competition in the industry, due to the low barriers to entry, so finding and keeping good staff is a priority.
With every threat there is an opportunity. What do you see as the big opportunities?
Adding basic business advisory offerings to your services. Post-COVID this function is especially important. It doesn’t need to be incredibly in-depth, even something as simple as small-group workshops with a different theme each month. These services provide excellent value for clients, and aiding and supporting client success ultimately serves you as an accountant.
Wayne’s book recommendation
If you’re looking for a good read that inspires and encourages you to pursue the three freedoms, check out The 4-Hour Workweek by Tim Ferris.
One last bit of advice
To finish up the episode, Wayne has one last piece of valuable advice:
Don’t be scared to give things a go. A change can be hard, but don’t let that scare you. Remember, decisions and actions equal results. Results may be both good and bad, but you learn from those. Don’t be afraid. Take action!