Things You Should Know While Outsourcing Your Accounting Functions

The pandemic has changed the way businesses function. Priorities have changed, there are rapid changes across industries, and businesses are re-engineering cost structures. The legislative changes and constant updates to relief packages including Job keeper has increased the work volume for accountants leading to a possible burnout. If not already outsourcing, you may be considering outsourcing some of these functions to allow you and your team some breathing room.

There are a few best practices and answers to figure out when outsourcing. It’s important to be in the know what these best practices are and get some facts sorted in order to get the most out of any outsourcing relationship. If you are taking that path, here are a few specific steps to a smooth adoption and to ensure things run smoothly.

1. Have You Defined Your Goals?

Outsourcing is indeed a solution to expand your business faster and save on costs. However, to make it work, it is advisable to invest some time ‘up-front’. Knowing what to outsource and when will enable your onshore team to focus on high-value tasks including critical client facing functions that can translate to valuable relationships or even new business. IF you have not defined your goals it would be a good time to do so with your outsourcing partner.

2. Get Ready To Integrate Your Offshore Team With Your In-house Team

Business is team work like Football and Rugby. Outsourcing should be driven by the team as a whole and not just through decisions by the C-level management. The senior management, onshore team and the offshore team work as one towards your business vision, goals and objectives, no friction whatsoever.

3. Customer Success Collaborator/ Point Of Contact

Your offshore team will be a critical part of your business and as vital as your in-house team. Apart from managing the outsourcing process and relationship, a Collaborator ensures team cohesion, collaboration and goal alignment. This leads to best output and simplifies overcoming the challenges of distance. Ask your outsourcing provider for a collaborator/an account manager even if it cost a few more bucks, it could be totally worth it.

4. Communications And Feedback Mechanism

A clear, transparent communication and feedback mechanism helps your offshore team perform better. This also helps the team to have excellent working relationships with their colleagues and managers, align them with your business’ goals and develop a great rapport with your onshore team. The pandemic has shown us how quick we could adapt to do our work remotely. We have at some point been using communication platforms such as Skype, Microsoft Teams, Google Meet, Zoom and GoToMeetings for everyday communication and team meetings. Use the tech to have face-to-face team huddles with your offshore team.

5. How Much Control Would You Have Over Your Outsourced Processes?

A common perception about outsourcing is losing control of your business process. This may vary between different outsourcing partners. Take the time to scope out partners who can offer flexible and completely customizable service models. This way you retain total control of your offshore team, as if they were in house.

Such a setup ensures you have every say in who is hired, how they are trained, the quality of their work and even the organizational culture and climate. All that with a relief that you do not have to be worry about office space, recruitment, HR, labour laws, IT, security, payroll, etc, puts more time and peace in your hands.

Your sole responsibility at this point is, to communicate your requirements, monitor the team and provide continuous feedback on their performance. You can create your own work practices and timelines. Visit your team anytime you wish and have a dedicated professional liaise with the team for a more thorough control and clarity on operations. Check if your outsourcing partner has set any infrastructure to performance indicators, how open and visible they are. Addressing a problem could be easy and straight-forward this way.

6. Refining The Process

There is a scope for improvement in any process, especially so when it comes to new ones. With outsourcing, you are essentially extending your team and making it an integral part of the business is what refining the process assists you with.

Here are a few areas to refine for better results,

  • Efficient work
  • Promote staff accountability
  • Setting clear KPIs
  • Checklist for Quality control
  • Service Consistency

AccSource has over a decade’s experience in these areas. As a responsible outsourcing partner, we will walk you through the process of setting up your systems and processes. Once up and running, we can assist you with proactive advice whenever we see an opportunity for improvement.

Leave a Reply

Any Queries?