HOW TO BUILD A GLOBAL ACCOUNTING TEAM

Transcription

1 HOW TO BUILD A GLOBAL ACCOUNTING TEAM

2 THE ACCOUNTING LANDSCAPE IS RAPIDLY CHANGING. Where do you stand? The need to find the right people with the right skills for specific jobs, along with high labour costs, and the lack of capacity is keeping firms from growing. Overcoming these challenges requires the creation of a global accounting team so firms can finally free up time to really engage with customers and focus on providing high value services while still being able to perform commoditised services at a profit. Building a global accounting team via offshoring offers a viable solution to these problems. This ebook will show you how to supercharge growth by putting up a global accounting team.

3 WHAT ARE THE BENEFITS OF SETTING UP A GLOBAL TEAM? You can address the following challenges by setting up an extension of your Australian team: 1 Shortage of accounting staff in Australia 2 There are many qualified CPAs in the Philippines professionals equipped with the right skills and attitude who are ready to commence employment. High wage cost in Australia The Outsourced Accountant can help you hire a full-time global accounting staff with salary ranging between $4, $16, AUD per year, which means you can hire 3 offshore staff for the cost of one employee in Australia, allowing you to increase firm capacity by 200% for the same cost. 3 Price pressures on accounting services As more and more firms try out this business model, compliance services start to become more commoditised, putting pressure on prices, and in turn, allow the competition to charge lower costs and deliver services quicker because they are now more agile, mobile and cost effective. 4 Your competitors will beat you to it Early adopters are now more agile, cost effective and more productive and can easily take even your long-time clients from underneath you because they have global accountants who are more efficient and productive. DIFFERENT APPROACHES TO OUTSOURCING YOUR SERVICES More and more models are created each day and it will be in your best interest to know what these are: FREELANCER PROJECT-STYLE WORK BUSINESS PROCESS OUTSOURCING (BPO) BUILD-OPERATE- TRANSFER MODEL This model works on a low-cost, project-basis type of work that presents a quick and easy way to get one-off tasks, like graphic design work, completed. The process goes like this: You post a job/project Individuals or companies bid on the job You select the provider based on certain qualifications, rates, etc. Cost-effective because you have various people bidding for your work Quick turnaround and seamless output delivery It's easy to find the right skill set for the task at hand CONS : Freelancers act like agencies by outsource the jobs to other companies You re uncertain of the quality of the job Providing a clear brief of the project can be quite difficult at times and the work isn t always completed due to misunderstandings. There is an increasing number of businesses that take on jobs on a project basis. An example is a SMSF provider in India that can take on SMSF compliance work for $350 per entity. You can complete a backlog of work quickly and cost effectively without having to hire a staff No training is required Fixed cost for the work CONS: Team members often produce low quality work due to the lack of sufficient training Time zone and language differences serve as barriers Utilising this business model will eliminate any worries because recruitment, office setup and management, payroll and other employee-related matters are done by the BPO firm. All you need to do is manage the workflow and provide training for your staff. Specialised BPO s cater specifically to your needs Staff management is taken care of for you Inexpensive costs Simple and easy to implement Team growth is easy CONS: Once the team goes over 25, the cost can become expensive in relation to operating your own office If you partner with a BPO that doesn t understand your industry, communicating your needs can be challenging Today, more BPO s are specialising on certain markets. For example, The Outsourced Accountant is solely focused on Australian, New Zealand, U.S. and the U.K. accounting firms. This model is ideal for firms that want to grow beyond 25 team members. It s a great way to scale and control the entire model. Easy to create your own culture Full control over the entire process Costs are cheaper than using the BPO model CONS: Often looks easier than it is Involves a big learning curve Will require a significant amount of your time (i.e. monthly visits to the Philippines) Initial set-up costs can be expensive

4 WHAT TASKS CAN YOU DELEGATE TO A GLOBAL ACCOUNTING TEAM? ACCOUNTING ROLES Bookkeeping Budgeting Business Activity Statements (BAS) Cash-flow Forecasts SMSF Business Advisory Paraplanning Payroll Personal Accounting Taxation ITRs SMSF Accounting SMSF Auditing Finance Brokerage SMSF Bookkeeping SMSF Tax Returns Tax Planning Estimation Of Assets Inventory SUPPORT ROLES Marketing Support Website Hosting Branding Market Research Website Design Article Writing SEO Services Social Media Manager Video Editor Digital Marketing Web Developer Graphics Designer Sales Staff Operations Document Conversions Process Documentation Data Input Document Management Customer Support VOIP And Telephony Inbound Calls Help Desks Software Development General Admin Client Support Virtual Assistant Appointment Setters Admin Support Sales Executive Assistant Corporate Secretarial Campaigns Direct Marketing Outbound Calls HOW TO GET YOUR AUSTRALIAN TEAM ONBOARD Most firms fear engaging their local teams with the concept of transferring work to a global accounting team because they fear their staff will leave them due to job security concerns. You can avoid it by getting them onboard by following these steps: Empower them with your vision. Be open and share with them your plan for the firm. Be transparent about where the firm currently sits and where you see it in the next 10 years. Ask them to enumerate tasks that can be outsourced. On the average, accountants unnecessarily spend 1.5 hours per day on admin tasks. Identify: Tasks that can be delegated Tasks they really value doing and are in line with their rates Tasks that consume most of their time Give them ownership and keep them updated with progress Involve team members in strategy meetings and allow them to be more proactive. That way, they will take ownership and assume leadership qualities both vital in pursuing career progression. Re-affirm their job security Assure your team members that offshoring is a growth strategy and not a cost reduction strategy, which means they don t have to worry about losing their jobs to people from a different country. If anything, this will help grow the firm.

5 GETTING YOUR BUSINESS READY Not having the right systems and processes in place can derail your success. Here are our recommended steps: MAP OUT THE PROCESS (from first contact with client to output delivery) DOCUMENT THE PROCESS USE A CLIENT MANAGEMENT SYSTEM Don't feel overwhelmed by the idea of mapping out your journey. Start with the core tasks the team needs to complete. Use a workflow mapping software like LucidChart and create training videos/instructional material for each step. Record everything your staff does through screen-capturing apps (Camtasia, Screen Capture or Jing) and then transcribe it to have a detailed guide of your processes. Other helpful tools include GoToWebinar, Zoom & Skype for Business. Using client management systems (like Basecamp, Workflow Max or Salesforce), to create a system that will help track and monitor tasks. HOW TO TRAIN AND MANAGE YOUR OFFSHORE TEAM Follow these guidelines to ensure quick and efficient operation from your team: WEEK 1 Your dedicated champion is the point of contact and go-to person for your team. He or she will ensure the team works seamlessly by facilitating communication rhythms. During this time, the champion should: Provide face-to-face training Build rapport Get to know them and vice versa WEEK 4 to 8 Revisit your team to conduct further training or introduce higher level tasks that you want them to take on. This will also present the opportunity to establish a strong bond. WEEK 10 onwards During the induction phase, have your team member go through the training videos and processes documentation to give them a good understanding of the work they ll do and get them up to speed with the process and workflow. WEEK 2 & 3 Make sure that your dedicated champion establishes regular meetings to train and review the global accounting team s output. Repeat this process until it becomes integrated to the team s routine. As tasks become more familiar, less training will be required. WEEK 9 To ensure continued productivity, schedule regular visits to the Philippines so you can continually provide training. Remember that the small investment in airfare will be paid off in increased productivity.

6 BEST PRACTICES IN MANAGING YOUR GLOBAL ACCOUNTING TEAM MAKE YOUR OFFSHORE TEAM FEEL PART OF THE BUSINESS Exert effort in ensuring your global accountants feel they are part of the whole team. Make sure to: Include them in all internal communications Communicate with them regularly Provide training Assist them in any issues or concerns Provide opportunities for development Make them feel that they can always have someone to turn to for anything APPOINT A CHAMPION IN YOUR AUSTRALIAN OFFICE AND A TEAM LEADER IN THE INTERNATIONAL OFFICE A dedicated champion will be responsible for training and reviewing the work of your global team. He or she will liaise with the team leader to ensure that operations are seamless and that issues are resolved. MANAGE EXPECTATIONS For best chances of success, establish clear expectations in terms of workloads and key performance indicators (KPI) for both teams. WORK ON COMMUNICATION STYLES Although your Filipino staff is highly fluent in English, there are still some subtleties of written and verbal communication that can lead to misunderstandings. Identify these nuances and take the time to be familiar with the team s culture to ensure effective communication. Offshoring can play a vital role in your firm s success. Unless you want to get left behind, it s time to adapt a more global approach to running your business. It s time to shift from the traditional way you do accounting and start building your global accounting team. Don't worry if this is all new to you because we can guide you through each step of the process. You simply focus on the workflow and we ll do the rest. If you want to know more about how we can help your businesses grow, we ll be happy to engage you in a conversation to know more about your business and your specific challenges. Talk to one of our Global Team Specialists to learn more about offshoring and its benefits to your firm, book a free one-on-one consult by clicking here. Set realistic targets and KPI s Get your team productive in three months Continuously provide assistance so they can achieve the targets you ve set Be aware that they may not get there on Day One CONDUCT REGULAR FACE TO FACE MEETINGS Use communication tools like Skype, Join Me and Go To Meeting to have regular contact with your team and spur high levels of engagement. SET REGULAR MEETINGS Establish strong communication rhythms (regular meetings) so both teams are given the chance to engage in their work, check in or change direction when needed. This will also help avoid constant interruptions THE OUTSOURCED ACCOUNTANT Is the specialist and market leader in accounting. We help firms become more efficient by providing full-time dedicated staff based in and working from our offices in the Philippines. CALL