Attracting and retaining experienced talent is always a worthwhile investment. However, even a high performing team can struggle to untangle themselves from time-consuming tasks.
To create more capacity in this situation, you only have two choices. Either add more headcount to take care of the mounting tasks on hand or extend your team with outsourced accountants to do the grunt work for you.
Adding headcount is often time-consuming and will significantly impact your overall budget requiring further investments in fixed costs. The alternative, namely outsourced accounting, allows you to create more capacity for your existing team without the need to recruit or take on additional employee overheads.
Perhaps the most significant benefit outsourcing provides for accountants is the ability to quickly respond to changing client or legislative requirements while maintaining high-quality client service.
Key Points for Structuring Your Team for Increased Accounting Capacity:
1. Improved practice efficiency
When your outsourcing team is taking care of the day-to-day work for you, you’re able to shift more of your focus to your business operations. You can be proactive rather than reactive, you can focus on strategies to win more clients and you have the time to identify any potential bottlenecks within your business.
Many businesses also use outsourcing as an opportunity to strengthen reporting processes and build more cohesive management information systems that support better decision-making. See how we helped a leading ESD consulting company improve operational visibility and build a cohesive MIS in this case study.
Why outsourcing helps reduce costs
- Lower operational and staffing costs
- Fixed and predictable pricing
- Reduced administrative workload
- Scalable support as your business grows
- Compliance with Australian Taxation Office requirements
This strategy allows businesses to handle their finances more efficiently while maintaining cost control. In many situations, it also guarantees prompt filing and reporting and lowers the possibility of mistakes.
Beyond reducing costs, stronger financial reporting can provide greater visibility into business performance and support better decision-making. See how improved reporting processes helped transform operational outcomes in our case study on the power of effective reporting.
If you want to save your overall tax and accounting expenses, looking into outsourced tax help might be a sensible step toward increased efficiency and long-term cost management.
2. Ability to scale quickly as needed
Outsourced accounting allows you to scale quickly in response to increasing client demands. Unlike the recruitment of in-house resources, scaling your offshore team means you don’t need to invest in the infrastructure and on boarding of new staff. Instead, your outsourced provider will take care of it all for you.
3. Source qualified staff on demand
When an employee leaves your practice, you lose valuable skills and experience that can be hard to replace. Recruitment takes time and effort, and the training and on boarding of a new staff member can take months.
The advantage of outsourced accounting services is that your service provider can find qualified offshore staff. They’ll also train new staff and provide ongoing management to help protect the continuity of your business.
befree is trusted by a number of global practices ranging from single partner firms to large accounting firms in the top 200. We can help you take proactive steps to increase your efficiency significantly, access the latest technology, create more capacity for your team and help you improve your profit margins.
For more information, please do not hesitate to contact us at befree.
Before you restructure your team, it is worth being clear on which accounting functions to hand over in the first place. Our guide to which accounting team you should outsource gives you a prioritised framework based on task complexity, risk, and the specialist knowledge each function requires, so your team structure decisions are built on a clear view of the division of work.