Call us: +44 (0) 24 7601 6308
Call us: +44 (0) 24 7601 6308
The decision to integrate outsourcing into your accounting firm’s processes can come from a range of common factors. Whether you’re struggling to find talented local staff, looking to expand your services and need extra capacity, or simply wanting to incorporate outsourcing into your workflow to alleviate bottlenecks, it’s good to know what tasks to outsource first. The goal should be to free up time spent on repetitive or prolonged work so the focus can be shifted to more lucrative and engaging opportunities built for long-term success.
Jump to:
Before you begin, it’s imperative to partner with an outsourcing company who places high priority on data security with ISO accreditation. Ensuring your firm and your client’s data is within safe hands is of the utmost importance. Pair with a company that has a deep understanding of the accounting industry and is committed to long-term partnerships. The tenants of trust and credibility are essential when deciding who to develop a long lasting partnership with. Finally, decide which tasks are most in need of a helping hand to relieve some pressure and analyse the low-cost busy-work jobs that could be better handled by an outsourced partner. If you’re wondering which to outsource first, here’s what we would suggest:
One of the most common tasks to be outsourced, bookkeeping is repetitive and systems based, making it a great first step for handover. Your outsourcing partner should have seamless systems in place to integrate into the software that you currently use (like MYOB or Xero) to take over the task. Some benefits of outsourcing bookkeeping are:
An outsourced partner who is experienced within the accounting industry can prepare draft tax returns for your review including tax summaries and tax preparation. Where your partner can go above and beyond is by compiling data from your client’s tax details for you to present strategic advice, bolstering client relationships and management. The core principle to remember is that you should have a final review of all documents before submitting them to the Australian Tax Office (ATO) to ensure seamless tax reporting.
As an accountant you may offer payroll management to your clients, although this can often be a time-heavy task. By outsourcing your payroll responsibilities to a dedicated partner, you gain the ability for more room in your schedule better spent on offerings like business advisory services or strategising for your client’s professional future. The aim is to increase efficiency while ensuring accuracy for your clients’ business. When outsourcing tasks such as payroll, your offshore partner can scale according to busier periods so existing staff avoid overwhelm.
Quarterly Business Activity Statement (BAS) reports can be a time consuming task for the average firm as clients require reporting at the same time each period. Although the final review will be done in-house, outsourcing partners can help with:
This highly repetitive task can often eat into valuable time spent working with clients or team members to improve upon a firm’s services. As one of the more fundamental tasks, your experienced outsourcing partner will be able to take on this form of work effortlessly. Entering invoices, matching purchases and bills in software like Xero and DEXT, maintaining supplier records, and preparing payments are all tasks that can be handed off to your outsourced team. In doing so, you can offer more clients this service; amplifying financial gains and trust in professional relationships.
Outsourcing may have been on your radar for a while, but can seem daunting when the concept is new or you’re not sure where to begin. The goal is to free up time better spent on client management, business advisory services, self managed super fund (SMSF) planning, and working on business strategy with your clients. Wherever you choose to begin, outsourcing is a real option for Australian accountants who are looking to reduce time spent on compliance and delve deeper into what their firm can offer beyond the basics.
