A webinar featuring AdvanceTrack MD Vipul Sheth delves deeper into outsourcing: future technological developments; its impact on accountants’ skillset; and his approach to working with clients
A joint webinar between AdvanceTrack and Practice Ignition looked to deal with the important topic we’re covering in our main feature: What should you be outsourcing?
AdvanceTrack MD Vipul Sheth and Practice Ignition’s Trent Mclaren explored the future of outsourcing, while highlighting how practices are currently driving their business forward by using tools to help implement their strategy of growth through high-value services. Here’s a taster from the session. Make sure to listen to the whole webinar, which really delves into some of the most relevant details behind outsourcing strategy.
Trent Mclaren: How has outsourcing changed since AdvanceTrack was established in 2003?
Vipul Sheth: A big change is that outsourcing is much larger as an industry, and more professional. But the biggest game-changer is technology – whether built by us, or by [software providers] in the market. There’s a massive difference in how we put together accounts even from just five years ago. The way we access data and information from the cloud is very different to receiving an Excel sheet or backup file… we still get those sometimes. We’ll continue to change – we have our own developers because we want to be an efficient and reliable services provider.
TM: People say that technology makes jobs redundant, but it also helps to create more jobs as well…
VS: Outsourcing [and automation] creates an opportunity for firms. We see within these organisations a bunch of skilled people who have client relationships, and [tech] allows us to have deeper relationships. That’s where we come in – they can use the data from an outsourced provider to have those conversations. The challenge is that clients see a set of accounts as a transaction, something they have to pay for. In that sense they’ll look for the cheapest option. But what you do with that information will be the reason they keep coming back.
TM: Who is the ideal customer for AdvanceTrack?
VS: It’s not about size of firm, it’s about leadership of the firm – how invested are they in growing their business? Because then we’ll be talking about outsourcing for the right reasons. The work’s undertaken in a lower cost economy, which will help to save money, but is outsourcing a strategic part of your delivery? The leadership have to want to deliver more to clients. Then you ask: Do those below leadership level have the skills to not be the introverted accountant… can they talk to clients and advise them?
You can visit our Webinars page to view the recording of our webinar with Practice Ignition.