DS Audit Services is a prominent self-managed super fund auditing firm, headquartered in Melbourne, Victoria. With a national presence across all states and territories in Australia, the company specialises in providing audit services to a diverse client base.
In May 2023, DS Audit Services celebrated a significant milestone – a decade of successful operation in the financial services industry.
However, the journey to success has not been without its challenges.
Founder and Director of Strategic Partnerships, Dinesh Nanayakkara, provides detailed insight into how their business has achieved phenomenal growth since partnering with TOA Global 3 years ago. You’ll learn about the following:
- Increasing team size from 0 to 12 offshore employees (2 onshore, 12 offshore)
- Why deciding to outsource offshore required courage and trust
- How outsourcing helped Dinesh and his wife regain their work-life balance
- Future plans for the continued growth of DS Audit Services with TOA Global as their trusted partner
The Challenge of Growth and Work-Life Balance
DS Audit Services, like many businesses, experienced the typical growth pains associated with increasing demand for their services.
As the firm’s workload expanded, the founders, Dinesh and his wife Seema, found themselves struggling to maintain a healthy work-life balance and searching for answers to “How to create capacity in my accounting firm”. Their once-small client base had grown significantly, and they had come to the realisation that it was time to start looking for help.
“Previously we had worked all by ourselves in a small room in our house, and we needed help. And that’s when we met TOA Global.”
– Dinesh Nanayakkara
The Transformation with TOA Global
The turning point for DS Audit Services came during the tumultuous times of the COVID-19 pandemic when they decided to take the leap into outsourcing.
With TOA Global as their partner, they embarked on a journey that would redefine their business and their personal lives.
Growth and Integration in the Philippines
DS Audit Services started with just one offshore team member in the Philippines. Over the course of three years, this team has expanded to twelve members, structured into junior and senior roles, both in reporting and leadership positions.
This growth has been instrumental in the company’s ability to meet client demands efficiently and maintain quality standards.
As an added bonus, Dinesh and Seema have achieved a healthier work-life balance, allowing them to travel and expand their client base.
“We as business owners have got our life back. We’re not always 100% in the business. We’re not waking up at 3 AM in the morning like we used to for 10 years.”– Dinesh Nanayakkara
The Impact on the Onshore Team
The benefits of outsourcing have been innumerable for Dinesh and Seema. Outsourcing has allowed them to delegate routine tasks, giving them the freedom to focus on higher-level strategic initiatives.
As Dinesh explains, “It’s transformed our onshore team because we can focus on high-level things… We can develop as a business rather than a team just doing the audit files and just doing the work.”
Investing in Leadership and Professional Development:
Recognising the importance of continuous improvement, DS Audit Services invested in professional development programs like Ab2 Institute of Accounting’s Emerging Leaders course.
This initiative not only improved the skills of the leadership team but also fostered a sense of purpose and vision among their staff members.
The success of the Emerging Leaders program with the core team was so remarkable that DS Audit Services extended this initiative to their team leaders in the Philippines. By providing these emerging leaders with the opportunity to participate in the program, the company demonstrated its commitment to nurturing talent both on and offshore.
As a result, the firm now has a clear pathway for staff growth and development, ensuring their team members feel valued and appreciated. The investment in leadership development is a testament to DS Audit Services’ dedication to cultivating a culture of learning and professional growth.
“By training and developing your staff that you can see a future for, it will also improve their growth prospects within the company.”
– Dinesh Nanayakkara
Global Teamwork and Challenges:
Building and managing a global team came with its own set of challenges. Taking the first step toward outsourcing required courage and a willingness to embrace change.
DS Audit Services acknowledges the importance of the support network they have had, including TOA Global and Ab2, in overcoming these challenges.
As Dinesh further explains, “It takes a great deal of courage to take the first step, and then not only take the first step, but also to have a great team and a great partnership.”
Vision for the Future
Looking ahead, DS Audit Services is poised for even greater success. Their goal is to capture 1% of the SMSF audits market, equivalent to approximately 6,000 files.
They are already 70% of the way toward achieving this objective. In the next three to five years, they envision growing their team to twenty members while continuing to provide exceptional services to their clients.
“TOA Global has been there every single step of the way to make sure that we, as leaders, are doing the right thing and are always continually pushing the boundaries of our leadership.”
– Dinesh Nanayakkara
Conclusion
DS Audit Services’ journey with TOA Global is a testament to the transformative power of outsourcing and strategic partnerships. Their collaboration with TOA Global has not only allowed them to achieve remarkable growth but also regain a healthy work-life balance.
As they continue to expand their team and grow their business, DS Audit Services serves as an inspiring example of how innovative solutions and a commitment to professional development can drive success in the financial services industry.
If you are interested in learning more about hiring specialised global accounting talent or exploring offshoring opportunities, find out about our accountants trained in Australian standards.
Stay updated on the latest developments in talent acquisition, people management, and training for accounting firms by subscribing to Firm Forward, TOA Global’s monthly newsletter.
