The dynamics of technology in today’s date is something that cannot be overlooked. With advancements on a daily basis, when it comes to the field of accounting, technology has easily managed to convert compliance into a commodity with no special need for this aspect to be overseen or supervised. Taking this into account, many accountants today are seriously considering or have already decided on outsourcing a major chunk of their activities that are not a part of their main business function.

Outsourcing, an integral part of Accounting Firms

As the shadow of digital disruption gets larger on business operations such a change seems nothing but inevitable. Digital disruption can be defined as changes brought about by several digital technologies that affect established ways of creating value, personal or professional interactions and just a change of attitude in general. As such, this disruption has changed how businesses are conducted. No industry today is alien to the impact of digital disruption, including accounting. SMAC, the full form of which is social, mobile, analytics and cloud, its development, technological prowess and changing global trends of the socio-cultural aspect has forced accountants to either adapt or fade away into extinction. 

Analysts confirm this news with giving a number of about fifty six percent of Australians to agree that digital disruption has made an impact to their daily business operations. They also confirm that pertaining to this fifty nine percent Australians are likely to outsource their non-core businesses to regions like Asia in order to cut costs. Hence if the decision of outsourcing has to be made it should be backed up by some solid decisions. Here are a few ground rules that should work in your favour for your successful outsourcing venture. 

A good mindset: Outsourcing needs to be looked at from a non-judgmental perspective. If it is good for business a positive mindset is the need of the hour. 

Diligent attitude: Changing times are always taxing, but change does occur time and again. Adapting oneself in line with the change via careful calculation serves very well. 

Your outsourcing partner: After deciding to go ahead with outsourcing, ensure that the organisation that you choose to partner with perfectly understands you and vice-versa, objectively. Long standing relationships that grow out of such perspective are always healthy for businesses in the long run. 

In-sourcing vs. outsourcing: In-sourcing is a good option if the chunk of your work that needs to be offloaded is minute. Although, if a huge chunk of your business needs to shift out, then outsourcing is the only way. 

Quality and efficiency: Efficiency plays a key role in making a great impression towards your clients. Efficiency should be at such a sharp level that your clients should never hesitate to assign major accounting projects to you. Hence, when outsourcing, this objective should be made clear to the firm that the work is being outsourced to. Quality again is always a winner. Without quality good accounting work is never possible.  

Personal audit of the outsourced firm: Observe the outsourced firm from a seasoned personal perspective. A formal audit won’t go well to start a good business relationship. Examine their staff, attitude and skills. 

Rules: Being an accounting business, there are ground rules that are basic and need to be conveyed to the outsourced firm so that these rules do not become the reason for a probable deadlock in the near future. 

Stay close to clients: Personally as well as professional without making it look like it’s being done for a business purpose only, stay close to clients. 

Trust: Trust is important for any relationship to prosper, hence grow and nurture trust with your business partners. 

Respect evolution: What we have today is a part of a long chain of evolutionary events. Try not to re-invent established systems as it is completely alright to call a spade a spade. 

M. Boobalan AccSource