Benefits
Experienced Accountants
When evaluating potential outsourced accountants, it is essential to inquire about their level of experience. A comparative analysis would reveal that some service providers require you to invest time in training their staff for even fundamental compliance tasks.
In such cases, you may find yourself compensating the firm for the opportunity to train its employees—an investment that could benefit them when attracting future clients, potentially including competitors in your industry. This scenario often arises within the staff leasing model; although it may appear cost-effective initially, it can ultimately lead to significant expenses due to the time required for training and development.
It is essential to confirm that your service provider will manage most (or all) of the training required to align your accountant with Australian standards. By doing so, you will save considerable time and resources that would otherwise be spent on compliance and bookkeeping etc training. This allows you to redirect your efforts towards fostering the growth of your firm.
You save money
Delving deeper into the potential cost savings, partnering with an outsourced provider that has a team of experienced accountants and bookkeepers can significantly reduce the expenses associated with hiring an in-house employee. The financial implications of bringing someone on board extend beyond their salary to include:
- Superannuation
- Workers’ Comp
- (possibly) a larger office space
- utilities
- furniture
- computer equipment
- IT costs
- time (which equals money) lost to training
- recruiting costs
- severance costs if the recruit doesn’t work out
- (rehiring costs again)
Engaging a qualified accountant or bookkeeper can yield substantial savings in both time and financial resources.
Low-risk flexibility
Adjusting your staffing levels to align with workflow demands is significantly streamlined when partnering with a reputable overseas provider.
By utilizing in-house personnel, you can effectively match your resource allocation to the natural fluctuations in workload throughout the fiscal year. This approach enables the establishment of a core team of dedicated staff working consistent hours all year round, supplemented by casual employees available for ad-hoc support as needed.
Engaging staff through a reputable provider is a straightforward process, enabling you to onboard personnel within 24 hours. In contrast, the traditional hiring timeline in Australia can extend for several months, often resulting in the risk of employee turnover after significant time and resources have been invested in their training and development.
Moreover, if your business requirements evolve, you can seamlessly adjust your engagement with the accounting outsourcing provider without the need for difficult conversations regarding redundancy with valued staff members.
Maternity leave is an important consideration when evaluating the use of an outsourcing provider. Such providers can effectively accommodate temporary staffing needs during maternity periods. It is essential to select a reliable provider that can seamlessly supply qualified replacements for any offshore personnel who are on maternity leave.
Time to concentrate on firm growth
Outsourcing, although an effective strategy for cost reduction, fundamentally emphasizes growth. By economizing both time and resources, outsourcing enables you to focus on enhancing the value of your services. This strategic shift empowers you to devote more attention to exceeding client expectations—such as providing business consultations—and attracting high-profile clients.
In essence, outsourcing facilitates your transition from working within the operational facets of your business to concentrating on its overall development and strategic direction.
So why not take a free trial?
In light of the increasing number of accounting firms leveraging outsourcing to enhance their operations, we invite you to take advantage of a complimentary trial with BOSS. This opportunity allows you to experience the benefits firsthand and assess how it can contribute to your firm’s success.
Contact us NOW to claim your free trial worth $2,000 in billable time! (Based on 10 hours billable by an accounting firm at $200/hour)
