Are your accounting firm's processes truly optimized, or are you considering outsourcing as a quick fix to deeper workflow issues?

In this episode, hosts Damien Greathead and Penny Breslin delve into the topic of outsourcing within the accounting industry. They discuss the challenges firms face with staffing shortages, the increasing client demand for accounting services, and the importance of having robust internal processes before considering outsourcing. The conversation highlights the need for clear communication, efficient workflows, and proper utilization of technology to ensure success. Penny emphasizes the significance of understanding why work is not getting done and addressing those issues internally before outsourcing.

[00:00 - 10:00] Introduction and Staffing Challenges

• Damien and Penny discuss the constant busy season in the accounting industry and the rising demand for outsourcing services.
• Understand the industry's current state and the increasing need for efficient processes.
• Penny discusses the high demand for remote workers and the increase in outsourcing booths at conferences.
• Competitive salaries and clear role definitions are crucial for attracting and retaining talent.

[10:01 - 20:00] Client Demand, AI Impact, and Effective Outsourcing

• Damien and Penny explore the growing client demand for various accounting services, despite technological advancements.
• Emphasize the unique value and services your firm offers to differentiate from competitors.
• Identify and address internal workflow issues to ensure successful outsourcing.

[20:01 - 30:00] Technology and Client Communication

• Damien and Penny discuss the role of technology in managing workflows and client expectations.
• Utilize technology efficiently and ensure clients are trained to use it properly.
• Penny shares experiences of managing client expectations and internal team coordination.
• Allocate responsibilities effectively within the team to maintain operational efficiency.

[30:01 - 40:00] Reflecting on Processes and The Role of Internal Training

• Penny advises firms to revisit and optimize their processes, especially during slower periods.
• Regularly review and update processes to stay efficient and effective.
• The value of rephrasing questions is to understand and solve workflow issues better.
• Invest in training and clear communication to enhance team performance.

Direct Quotes

"If work isn't getting done for other reasons, outsourcing is the solution because the systems are working well, the teams and you want to grow." - Damien Greathead

"You need to present a value to your clients and that you're worthwhile." - Penny Breslin

"Before you outsource, make sure you're really good at what you do and your processes are standardized." - Damien Greathead

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Websites: https://moneypennyllc.com/

LinkedIn: https://www.linkedin.com/in/damiengreathead/

Twitter: @Damien_GH

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