Outsourcing your accounting work can be extremely advantageous for accounting firm owners, as it has the potential to increase profits by up to 42%. However, it’s important to consider the impact on your current employees. The terms “outsourcing” and “overseas” are often associated with job loss, which may not sit well with your team.
To successfully transition to outsourcing, it is crucial to have the full support and involvement of your in-house team. They need to be fully engaged and motivated because embracing this change will require a complete reevaluation of your current work processes. Attempting this endeavour on your own could be overwhelming, especially if you’re a sole practitioner.
Therefore, it’s essential to collaborate with your team and seek their input throughout the outsourcing process. By working together, you can ensure a smooth transition that benefits both your firm’s profitability and employee satisfaction.
4 mistakes to avoid when you’re taking on an outsourcing accounting firm:
1. Not Clarifying That Outsourcing Means Expansion, Not Reduction.
When you choose to outsource your accounting work, it can lead to cost reductions and open up opportunities for business expansion. However, it’s important to note that outsourcing is most effective when your overseas team has access to all the information related to any specific file. This means that your in-house team will still have important tasks and responsibilities to handle. While some roles may evolve and change, a strong in-house talent pool will still be necessary to support overall business growth.
2. Not Letting Your In-house Talent in on Your Goals.
Transitioning to outsourcing your accounting jobs is a significant change that cannot be concealed completely, and it is not advisable to do so. When people are left without proper information, they tend to make assumptions that often lean towards the negative. Without guidance, your employees might speculate that this change implies their termination, while in reality, their contribution will be vital as your business expands further.
There is a possibility that they might start searching for new job opportunities or become disengaged from supporting your company. All of these potential issues could easily be avoided by keeping them well-informed and involved every step of the way.
3. Not Allowing Your In-house Team to Help You Make the Upgrade.
At BOSS, we have extensive experience in assisting accounting firms of all sizes with their growth through outsourcing. Our goal is to make the entire process as seamless as possible for you. However, it’s important to note that there will still be some responsibilities on your end. As mentioned before, a crucial part of this process involves redefining the roles each team member will play as your firm expands.
We highly recommend involving your in-house team in this planning phase so they can contribute to determining which tasks they will handle as your business flourishes and which responsibilities can be delegated to our overseas partners. Their input will also be valuable in establishing the benchmarks you’ll use to track the progress of each account under the new processes.
4. Looking at Your Evolution as “Mine” Instead of “Ours.”
Utilise your current team members to facilitate a seamless transition. Involve them in the process and empower them with ownership. As your business flourishes, so will they. Collaborate with your team to shape the future of your firm, envisioning where you see it in one year and five years from now. By fostering a shared vision, not only will everyone embrace the decision to outsource the accounting work, but they will also be motivated to actively contribute towards achieving that vision.