The Power of Outsourcing to Grow Your Accounting Firm
Nick Sinclair
Nick Sinclair is Chairman of The Outsourced Accountant, overseeing 1300+ team members spread across the US, Australia and Philippines. He is one of the foremost experts in outsourcing, offshoring and building global teams for accounting firms. He has spoken to over 15,000 accountants from around the world on the many topics around attracting, managing and retaining a business’s biggest asset, their people. Shownotes:
- Why it’s an exciting time to be in the accounting industry, and how North America are driving some great changes
- So many good accounting firms don’t become great because they don’t run their firm like a business
- The accounting firms and companies that win are the ones who focus on their people
- Many accounting firms claim their biggest challenge is finding enough of the right people to drive growth
- Going from no staff to 2000 in 5 years shows the growth for outsourced accounting services
- It’s not just finding but retaining staff that’s a problem for many companies
- Unemployment in accountancy is very low, meaning there is a small labour market to draw from as everyone has jobs
- How a low barrier to entry in starting an accounting firm is affecting the talent pool
- Why compliance in accounting is actually growing and not dying
- What technology is enabling accountants to do is changing the their role
- The #1 reason very few accounting firms implement technology to its full capability
- How short term thinking restricts accounting firms from growing sustainably in both revenue and headcount
- How outsourcing helps accounting firms build capacity
- Better questions an accounting firm can ask when wanting to improve their capacity to deliver
- Two big reasons why in the age of technology and automation it’s still vital to focus on people
- Millennials are one of the hardest working generations if you know how to manage them
- Accounting firm leaders and owners – if you had to start your firm again tomorrow, would you re-hire all of your current staff?
- The difference between offshoring and outsourcing for accounting firms
- The most in demand role asked for from outsourcing companies by accounting firms
- The two reasons an accounting firm would go to an outsourcing company rather than a local recruitment firm to source new staff
- Myth – if you outsource accounting capacity, you adversely affect the growth of your inhouse staff
- The mindset shift of wanting someone to sit and work in your office to sourcing capacity from the other side of the world
- Why the workforce and talent pool in Asia is significantly more advanced than what accounting firms can source locally
- How to handle the objection from clients that they don’t want their accountancy work done by people overseas
- Most firms spend less than 10% of their time focusing on their people
- Outsourcing capacity frees accounting partners up for what they should be doing – leading and coaching, business development and providing value for clients
- Proof that outsourcing is not a fad and is in fact a high growth industry
- What an accounting firm needs to focus on to maximise it’s efficiency and the value it can create
- 10% of accounting firms employ 15-20 people
- The first steps accounting firms should take in beefing up their capacity to deliver more revenue and value.
'Millennials are one of the hardest working generations if you know how to manage them' says @nickqsinclair with @therobbrown on the #Accounting Influencers #Podcast #accountants #accountex #accountinginsight
Nick has sat on the QLD Board and APAC Regional Committee for Entrepreneurs Organisations, a dynamic, global network of more than 12,000+ business owners in 57 countries. Outside of work, Nick is a passionate snowboarder as well as spending over 10 weeks a year travelling the world finding new travel experiences with his wife and family. Contact Nick directly:
Liked your Accounting Influencers Interview with Rob Brown" target="_blank">Nick on email
