In our latest FAQ, we ask how pricing typically works from both an outsourcing and offshoring perspective – and what you should be mindful of when considering these structures.
It’s a great question – particularly as there are distinct aspects between outsourcing and offshoring.
Firstly, outsourcing involves a set amount of work being undertaken by AdvanceTrack within a set timeframe. Whereas offshoring involves our team members being dedicated to an accounting firm full-time.
Pricing is very much around the scalability of the solution. So, you could have ten sets of accounts per month or 100 sets of accounts that need preparing. As an important note, at AdvanceTrack we work hard to use our technology and skillsets to drive forward ambitious accounting firms. We have exited clients who chose to use us ‘very sporadically’, because we found that it becomes difficult to maintain a good working relationship or an optimal quality of work.
The firms we work with all have slightly different processes, ways of doing things – the more we work with them the better we are at understanding and managing those differences.
The pricing model for offshore team members is fairly straightforward. It’s similar to a salary scenario i.e. as a set cost based on the number of hours that our team member works with you – and that’s it.
Agreement will also be made on when that team member is available to work with your practice. The key, therefore, to keep them busy for it to be financially viable and successful.
At AdvanceTrack we always say: the most successful firms are those that treat our team members as part of their team. If you have that mindset and strategy then you’ll share things with them, socialise with them online and integrate them into your team. They become much more than just contingent support.
We’ve had practice clients who have flown their offshore staff over to the UK so that they can become more ingrained in the way the firm works and get to know the people they work with – they learn about each other. A genuine colleague relationship really creates value.
While we’re talking about value, we are finding ‘cheaper’ outsourcing and offshoring options where staff working solely from home (to maintain the outsourcers’ margins). While Covid saw working from home enforced, we would advise practices to carefully consider their potential outsourcer’s data compliance. We have also found that staff retention is higher when people work more closely together.
Read our FAQ on how your practice would begin working with AdvanceTrack by clicking here. If you would like to talk to us about pricing, or any aspect of how we work with practices, then please get in touch by clicking here.