It is a tough job. Not just finding the right talent but also retaining them. And it’s not just you. Accounting firms across the country are facing capacity challenges like never before. Globally, accounting and finance roles ranked seventh out of 10 positions that are the hardest to fill. This staffing issue is especially aggravating during the tax season when you have a million things to do and not enough time for meaningful work such as client meetings and advisory. The mundane, repetitive work, extra hours, and the nightmares of missed deadlines can put you and your team under intense pressure.
So how can you create added value for your clients and speed up your firm’s growth adding to you?
There is no magic lever that you can pull to create more capacity at your accounting firm suddenly. The only way for resolving staffing issues and ensuring the firm’s growth is through careful capacity planning and strategic resourcing.
Key Capacity Challenges
Finding skilled accounting professionalsIntense competitionFinding the time to hire the right professionalCost of recruitment – training, salary, loss of fee-earning timeRisks of hiring – Workload, what if they leave, etc.
Outsourcing Accounting and How to Make it Work
Outsourcing your accounting and taxation services can be an ideal solution for supplementing your team and scaling up the business. Instead of just “getting the job done,” you and your team can focus on strategic high-margin work. Apart from increased capacity, efficiency, and profitability, you’re able to employ highly skilled professionals and achieve a better work-life balance.
Of course, you need to consider certain factors, including your motivations for outsourcing, whether it’s a good match for your firm, and finding a global team that can deliver in terms of quality and quantity.
Identifying these objectives can help you select the perfect accounting provider and provide a perspective on how outsourcing fits into your overall business plan. Here’s how you can make outsourcing work for you.
Understand your motivations to outsource
Why are you planning to outsource? Whether you want to reduce operational costs, fix the staffing issues, get more clients on board, or achieve peace of mind, you need to understand your pain points and how outsourcing can help you fix them.
Defining your objective will also provide your team with the right direction. Outsourcing does not mean replacing local staff with remote teams. It means that you’re simply delegating work, so your local staff add more value to clients with additional higher-value services and focus on business growth.
Determine the tasks you want to outsource
Based on your objectives, figure out which activities to outsource and your firm’s benefits from doing so. It’s best to outsource repetitive and laborious tasks such as self-assessment tax returns and payroll that usually take a toll on your team during the busy season.
Pick the right partner
Is the outsourced accounting company that you would be working with a good fit? Not only should the outsourcing provider be able to provide proper technical support, but they should also have good communication skills, a faster turnaround time, and an easy onboarding process. They should have a complete understanding of the business needs and then deliver an outsourcing strategy to suit your firm. This will ensure that you get the support you need when you want it.
Define the scope and the goals
It is essential to communicate your expectations and the steps included in the tasks for the accounting firm. When the requirements and expectations are laid initially, the outsourcing service provider can perform better and provide timely delivery.
Even with the current challenging situation, every day, we’re hearing stories of accounting teams who are using outsourcing as an opportunity to learn and scale.
QX Accounting Services is a reliable and professional outsourcing company that caters to more than 500 clients in the UK, USA, and Canada. It has been ranked as the Top 100 Outsourcing Firms in the World by IAOP. With over 1000 experienced accountants and 5+ years of experience, QXAS is a trusted partner that can help your firm scale and reach the heights you always envisioned.
If you are an accounting practice owner looking for strategic solutions to the capacity challenges, call +44 208 146 0808 or click here.
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