On behalf of the Accounting Influencers Broadcast Network, this is the “Best Practice in Accounting” show, going live every Thursday. For our regular listeners, the original name Accounting Influencers has now moved from ‘one show with 6 episodes a week’ to ‘five shows a week, 1 episode a day’. In this show, we focus on upskilling the accountants, bookkeepers, CPAs and commercially focused fintech vendors to better handle key challenges in their professional role like client service, closing deals, negotiating, pricing, hiring, reputation and differentiation. It’s all about developing yourself and your practice with real life examples, stories and case studies of what really works.
Episode 5. In today’s interview, “Two Brilliant Examples of Accountancy Outsourcing.”
Key takeaways from this episode include:
➺ an example of an accounting firm business model that is very much out of the norm
➺ how far an accounting firm owner can take outsourcing
➺ what is possible for accountancy practices who are tired of the fight for talent
➺ the best way to manage outsourced or offshored accounting functions in a practice
➺ what outsourcing might do to the profitability of an accounting firm
➺ some of the ‘what ifs’ that arise for accounting practices who outsource their client work
➺ whether it’s required or even desirable for accounting firm clients to know that their compliance is being outsourced
➺ appreciating that there is more than one way to run a firm and do many things in an accounting firm
➺ how accountants can get started with baby steps in outsourcing using a low level service line
Action – if you are weary of the fight for talent and depleting margins in your accounting practice, take a serious look at outsourcing.
In this show we cover topics like leadership, trust, performance, differentiation, employer brand, values, vision, strategy, talent, skills development, industry trends, growth, marketing, communication, succession, recruitment, retention, culture, M&A, business models, pricing, digitisation, winning clients, advisory, career development, gen z/millennials, ESG, DEI, CSR, CPE/CPD, professionalism and future proofing.
It’s important that you stay ahead of the game by knowing the drivers of change and disruption in accounting, the behaviours/demands of businesses requiring pivots/services from accountants, the strategies of tech/software vendors in serving CPAs and accountants, the directives, thoughts and influence of regulatory bodies, professional associations and accounting institutes, and the themes, agendas and topics being talked about at accounting and fintech events all over the world.
Two caveats for listeners:
First, what we’re giving you in this podcast are suggestions, hints, tips and strategies. Not necessarily recommendations, not legally binding, not mandated by regulatory bodies. just the thoughts, opinions and interpretations of a couple of guys with a collective 45 years of experience working with, speaking to and and training many accounting practices, vendors, networks, associations, alliances and event audiences.
Second, we’re not getting too technical or technological with these best practice tips. We’re not qualified accountants and there are plenty of sources for technical knowledge. We’re also not geeky, nerdy or product focused with the bewildering array of apps, platforms and technological solutions. We’re more soft skills, personal development, general business awareness, developing entrepreneurial thinking, boosting leadership and management capability.
Let’s not forget what a complex, fast moving and rapidly changing world we live in. Best practice is hard to put your finger on. What worked last week, last year may not work now. Advisors and accounting professionals must constantly reinvent themselves as experts and trusted guides to individuals and business owners in a complex world. We’re here to help you.
Ultimately, it’s just insight though. Knowledge is easy to find but not to easy to make sense of and make part of your offering, your authority, your expertise. You’ve got to take some action, share it with others, use it somehow for it to become powerful. Weave it into your thinking, your client interactions, your team meetings, your everyday conversations. That’s what’s going to move you from good to great in your accounting role.