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Outsourcing – Embrace the Fear and Begin the Journey

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Accounting Outsourcing – Embrace the Fear and Begin the Journey

Outsourcing can’t be ignored. Let’s face it New Zealand have been outsourcing for years with non-core tasks like printing, design work, human resources to name a few. Technology, the internet and communication systems like Skype has changed the scape of doing businesses, outsourcing is no longer just accessible local, it’s global.

The skill set and pricing availability because of the global accessibility is impacting on all businesses and industry types worldwide. You can’t pretend it’s not there, you can’t put off exploring it till tomorrow or until your competitor has been doing it for a year. Because low and behold they’re no longer a competitor, you’re not even in the game.

Embracing and working with change is one of the fundamental aspects of being a leading business and staying within the game. Accountants in New Zealand , in fact worldwide can’t ignore outsourcing, whether it be advising a client on their own business, or, dealing with internal changes.

What are the key benefits to outsourcing? First and foremost is cost efficiency. What are you in business for? A rhetorical question but an honest answer would be to make money, because if you’re not making money you’re not in businesses. For accountants outsourcing allows the more rudimentary tasks like GST, Tax Returns and Annual Financial Reports to be completed at a lower cost. What you decide to charge your client is up to you and should depend on your business strategy and overall service structure. But having less cost to get those tasks done has got to be a bonus to your bottom line and well, keeps your in business in the running.

One of the greater fears in having those bread and butter tasks outsourced is around current staffing. Laws within New Zealand are set to look after employees and so you should. What will they do? Here’s a thought, how about having the conversation. They are by trade and most likely nature accountants, they are talented, they understand the numbers game, the big question for them to think about is ‘with more time on your hands how would you most like to contribute to the business?’. Getting staff to visualize and think about their own personal growth within your business is positive. The outsourcing work still needs to be reviewed but perhaps some of the extra time available can be channelled into more high-end revenue generating analysis and advisory work.

Another barrier or fear is that of reputation. What will people think if you’re known to outsource work to India? The answer is about being strategic and the message you convey to your clients or even if you decide to or not. Your business is built on the relationship you have with your clients, everybody is looking to be more efficient and accounting work in New Zealand is no different to manufacturing clothes, vehicles and the like. It’s about providing an end product at the most affordable price and with value to the customers’ ongoing needs. It’s you they have a relationship with, if that relationship is sound and works well, the mechanics behind it is not something many will care about too much.

If you’re an Accountant in New Zealand and haven’t begun looking at outsourcing, you need to. Don’t feel the fear and do it anyway, embrace the fear and strategically begin the journey.