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Call us: +44 (0) 24 7601 6308
Tax season is upon us and some years, it can seem like survival of the fittest. Staffing woes, compliance tasks piling up, and pressure from clients can increase burnout and ironically, lower productivity. In order to beat the annual deluge of stress, chasing clients, and losing motivation to continue other lucrative streams of income, many Australian accountants are looking to outsourcing companies to lighten the load.
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Accounting firms across the country are looking to design a modern approach to handling peak season. Instead of the old way of pushing harder and for longer hours, most accountants aren’t willing or able to keep up with this entrenched culture that is embedded in the industry. Perhaps your firm has struggled to hire and retain talented staff, or have taken on more clients than the year prior and are working out how to manage a new portfolio of accounts. There are many options any firm can take, but outsourcing your firm’s work is one of the most efficient and valuable of those on offer. Here are five ways outsourced teams can help your firm survive this tax season and beyond.
Starting off strong with one of the most pressing issues within the accounting industry at this very moment. Recruitment and retainment of a solid team of accountants has proved to be a significant challenge for firms across Australia. This could correlate to the high-pressure tax season and the stress that it can produce. Missed deadlines, long hours, and client management are all factors that can wear any team member down while the stakes are already so high.
Partnering with a well-versed team of professionals that have the ability to pick up where you left off is worth its weight in gold especially during peak periods. Some firms are using Podsourcing to create a team of accountants to free up capacity for the firm to handle clients in-house. Scale your capacity while reducing the need for recruiting and training new staff during one of the busiest times of the year.
Seasoned accountants know the tax season inside and out. They have more than likely evolved beyond their compliance role and have begun instituting business advisory services as part of the firm’s set of offerings. Business advisory doesn’t pause from June to August, so this lucrative service will still need to be delivered to maintain high-standards.
Outsourcing allows senior staff to delegate tasks to overseas or offshore partners while remaining dedicated to the future of their firm. Outsource the repetitive, high volume tasks like data entry, bookkeeping, payroll management and tax return preparation to make way for pathways that bring higher revenue all year around.
What better way to manage the workload than with an outsourced team that lets the work be done overnight for you. All tasks that are unable to be completed in-house during the day can be delegated to your outsourced partner to complete while you rest.
This improves morale when tasks are managed and ready in the morning, allows you to maintain quick turnaround times, and takes the pressure off of your workload during office hours. The ultimate result is a team that knows they can rely on their outsourced team and in turn, reduce the overwhelm that can come into play from June 30.
A successful firm doesn’t use outsourcing to fill in the gaps when needed or in a rush, they use it to support existing team members and improve their career pathways, grow the firm without having to worry about recruitment and additional overheads that comes with new hires, and have more time to spend on client relationships and additional high value services like business advisory. When applying the notion of growing your firm by using outsourcing, some results you may see are:
Tax time is usually the period when your clients notice your work the most. Their own stressors from running their business are at high levels as they scramble to lodge everything on time and are faced with potential payments to the Australian Tax Office (ATO). A missed deadline, a miscommunication, or simply a slower response than usual can spike client anxiety and the firm’s stress.
Outsourcing can create a much-needed buffer for when times get busy. Using a team that can pick up tasks and improve upon turnaround times allows you to exert your energy to handle client communication as they arise back in Australia. Your team’s ability to work under pressure directly impacts the firm’s reputation. The outsourcing buffer can alleviate in-house stress and give your team the mental space to deal with clients using their soft skills, rather than in a panic. Referrals are one of the most powerful ways to garner new clients too. Your reputation will precede you. Outsourcing allows your firm to stay calm and professional during peak tax season, giving your clients an experience they can pass on to others.
