Episode 23. On today’s episode, Rob Brown of the Accountants Influencers Podcast interviews Vipul Sheth of Advance Track Outsourcing on how firms increase capacity to generate more revenues.
Vipul is a UK based ICAEW Chartered Accountant and Chartered Tax Advisor. He trained with a regional UK firm before moving to Ernst & Young and KPMG. He founded AdvanceTrack in 2003 to serve accounting professionals with outsourced services across the globe. When not Vipul is a keen football fan, and loves running and travel.
Key shownotes from the whole interview include:
➜ Why accounting firms need to explore outsourcing to gain competitive advantage
➜ The challenges of bringing in good talent to an accounting firm to keep compliance work going
➜ Why accountancy practices have never been more valued than they are now
➜ How the ageing population in accounting firms is creating a problem for succession
➜ The biggest thing that separates the good accountants from the great ones
➜ How the goodwill accountants have generated during Covid can be capitalised upon
➜ What accountants must do to show they truly care about their clients
➜ The key challenges for accounting firms who want to grow in competitive times
➜ The impact of big accounting firms driving up salaries has on recruitment for smaller firms
➜ The average percentage of spend accounting practices spend on talent, labour and staff
➜ Where some accounting practices have fallen short throughout the pandemic
➜ The pain points an accountancy firm may be manifesting to warrant an outsourcing conversation
➜ The common pushbacks from accounting leaders who are reluctant to outsource client work
➜ How the labour market in the accountancy profession has shifted over the years
➜ What causes fewer accounting firms to train their staff, especially in the larger firms
➜ How the market for talent has become global as barriers and working practices become remote
➜ What kind of people make the best recruitment targets for accounting firms
➜ How outsourcing provides the compliance ‘engine room’ in accounting firms so their ‘in place’ staff can grow the firm
➜ What’s coming up for the accounting profession in the areas of advisory. digital tax collection and cloud accounting
➜ The fate that awaits accounting firms who have not or will not invest in extra capacity and good talent
➜ How the growth trajectory of firms differs depending on their attitude to succession and talent development
➜ What should really drive accountants and the vendors, suppliers and advisors who serve them
➜ A personal philosophy for success that rewards integrity with results
➜ Advice for accountants who want more of a voice, more influence and more success in their accounting career
➜ Advice for accounting leaders and partners who want to really make a difference to their firm and their people
Vipul on LinkedIn: https://www.linkedin.com/in/vipulsheth
Advance Track website: https://www.advancetrack.com
NOTE TO LISTENERS:
This is a condensed highlights version of the full interview (usually 20-30 mins long), which you can catch as a bonus episode at the weekend.
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