Let’s talk about how outsourced accounting services are going to transform your tax season workflow from a trickle to a raging (but controlled) torrent.
Every year come tax season it’s the same old story – your clients have left out some vital info. Not out of malice of course, but they’re awfully busy over there, you know how it is…
So you send out the standard round of queries to your clients, and then you wait. And wait. You give them a gentle reminder that the government doesn’t care for having their deadlines snubbed.
And then all at once there’s the info in the most disorganized form possible accompanied by an almost visible air of panic and please make sure you get our taxes in on time because we can’t afford the penalties!
This is how workflow bottlenecks are born.
Time to file for those extensions again. Which is more work. But who really wanted to have a social life anyway?
But let it ring loud and clear throughout the Australian accounting world that there is indeed a way for you to not only process accounts like a well-oiled machine (and even take on more accounts with little to no added muss or fuss) and see a movie while it’s still in theatres.
Outsourced Accounting Services = Time + Increased Client Base + Profit
For the sake of a really simplified example, let’s say your firm pretty much consists of you, the Senior accountant, and one Junior. In theory, you’d like to operate along the lines of Junior doing all the compliance stuff, while you’re the one handling the tricky items that pop up while you’re liaising with the clients.
You’re already shaking your head, we can tell. No way does tax season run that smooth. You can’t keep up with multiple clients’ latest info, never mind bringing in new accounts. So you increase the Junior staff – you double it, then double it again.
You’re moving a bit faster, but your in-house costs (salaries + computers + furniture etc…) are soaring. Instead of fishing for new accounts, you’re spending your time gearing up for your new talent, plus teaching them the ropes.
Then the busy season ends and you still have staff on the payroll that you no longer expressly need.
Or you can take the outsourced accounting services route and save yourself some headaches, a bunch of money, and a whole lot of time.
Saving Time
Do you have processes currently in place that act as benchmarks for you to check the current status of any client’s account? You will with BOSS.
Setting up a measurable system is a big part of accounting outsourcing with us, and it’s something we will revisit with you and your overseas Manager on a monthly basis to look for ways to improve and evolve.
Just like that you’re no longer scrambling to keep up with your clients’ accounts – you now have time to spend on improving your own business.
Because you personally are no longer doing compliance work you have time to liaise more with clients. Give them one-on-one attention.
Plus your outsourced accountant team are going to be set to find red flags in clients’ accounts on a daily basis, which means you’re now the Johnny-or-Jane-On-the-Spot in coming to your client’s financial rescue; whereas in your old purely in-house system big problems could potentially linger until you could find the time to investigate – and by then it could be too late.
You’re now your clients’ Consultant, and potentially their business’ hero.
And that is going to earn you new clients without the cost of additional marketing. Who isn’t going to recommend an accountant that has their fingers on the pulse of their day-to-day dealings?
Profit
Your new deep pool of expert virtual accountants comes at a fraction of the cost it would take to increase your talent pool in-house. Outsourced accounting services require no furniture, no computers, and no training beyond the initial set-up.
We usually suggest that you do set up one person to be your overseas liaison, the person in-house responsible for keeping that precious flow on information going and coming, leaving you free to do an integrity check on a weekly or monthly basis, whichever you prefer.
So no, outsourced accounting is not entirely fire-and-forget, but your tax season workflow will suddenly go from a daily scramble to a weekly or monthly overview meeting.
You’re left free for those face-to-faces with your client base and to figure out what you’re going to do with that windfall increase in profit.
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