All indicators point to the Business Process Outsourcing (BPO) market growing at a compound annual growth rate of 8% to reach US$405.6 billion by 2027. While this bullish trend in outsourcing is proof of its value to companies, there is plenty of misinformation about accounting outsourcing and it can be a challenge to know for sure what is truth and what is myth.
If unknowns are holding you back from implementing global teams, having the facts at your fingertips will empower you to tap into the benefits of outsourced accounting, which remains an efficient, tried and tested way to grow your business into the future. And is now more important than ever in the post-COVID-19 recovery phase.
Fiction #1: My company’s still trying to combat the effects COVID’s had on our business. Now isn’t the right time to outsource.
Fact: Companies that hire outsourced accountants create the necessary space and economy to turn pandemic disruptions to their advantage and build up resilience for the next crisis. By outsourcing routine work, you can increase efficiency, scale productivity, and reduce costs associated with hiring and training new employees, freeing you up to set new goals and focus on ways to grow your business. The PwC series, Take on Tomorrow, is clear that now is the time for bold leadership when there are opportunities aplenty to drive growth from new possibilities and move forward.
Fiction #2: Outsourced accounting is for big business only.
Fact: Small companies, in comparison to larger firms, can’t afford or may not have access to the resources needed to build a team from the ground up. Outsourced accounting places at your disposal, professional talent solutions that can deliver high-quality advice and services to generate revenue and provide financial stability for small businesses. Keep in mind too, that global teams are scalable and can grow along with your business.
Global talent solutions allow companies, large and small, to achieve savings in recruitment and training costs as work is handed over to people who are already experts in their field. TOA Global also covers any replacement of team members that might be necessary in the future. Whereas, dealing with onshore team attrition, is a repeated cost that smaller businesses simply can’t afford.
The Philippines is a preferred destination for outsourcing with good reason. Team members are highly skilled and have a high proficiency in English and strong work ethic. The process of outsourcing accounting work also frees firms up to focus more time on key onshore aspects like responsiveness, servicing demand or growing your business.
Fiction #3: A global team will never be as committed as your employees.
Fact: TOA Global team members are not only highly-skilled and 100% job-ready, they’re also committed to the success of their clients. With advances in technology and TOA Global’s onboarding practices, firms are able to work closely with global team members, building relationships and cementing commitment to their company goals.
While TOA Global gives you access to talented recruiting teams to help you find highly-efficient people who are a good fit your company culture and fully capable of addressing your business needs, our tech platforms allow you to connect with your global team in your business hours.
If your business concern is that there isn’t the time or resources to train global team members, TOA Global talent is highly-skilled. Certification and training are so important that we custom-built the Ab² Institute of Accounting – a forward-thinking education provider committed to high-caliber training and education for some of the brightest firms and talent in the business. Including region-specific accounting and bookkeeping, plus software courses offered through our Accelerator program, your business gets the benefit of well-educated team members who can pick up on new material quicker than individuals without this localized industry knowledge.
Fiction #4: My clients wouldn’t be comfortable with an outsourced solution.
Fact: Outsourcing has been practiced across many sectors and the accounting industry for many years. In practice, making clients aware of any work being outsourced that affects them, creates trust between clients and firms. To this end, TOA Global can help you create documents to inform your clients of the work you’re outsourcing.
According to a McKinsey report, customers and consumers want to be associated with companies that are making a positive difference. What will this look like in the near-future? The answer is increased outsourcing, which is set to surge between now and 2027 as around US$130 trillion in investments is channeled into projects that few companies are prepared to deliver on with the speed and proficiency they demand. McKinsey advises that sustainable, inclusive growth will call for far-reaching changes in the workplace to maximize the contributions of all people, which outsourcing services are perfectly positioned to deliver on.
Fiction #5: Times are uncertain. I don’t have enough work for a full-time team member.
Fact: Growth remains one of the top reasons firms choose to outsource routine competencies, so that leaders and business owners are free to work with their people and clients, add new products to their offering or develop their services to chase such progress.
Keep in mind that part-time employees tend to have higher turnover rates than full-time employees. This is because they’ll often look for full-time employment while working part-time.
The benefit of a full-time global team member is that, as they take work off your hands, you have more time to market and grow your businesses. TOA Global can advise you on how best to utilize team member resources. We also recommend allowing your outsourced talent to take courses provided by Ab2. This will enhance their skills as part of their career development as well as benefit your business with the latest tools, processes, and thinking.
TOA Global helps accounting firms from all over the world grow their capacity, margins and profits through global outsourcing. Get in touch to request a Free Accounting Outsourcing Strategy for your firm.