27 Sep Guide for accountants to outsource without losing quality and control
Outsourcing has helped many small to midsize organizations scale by providing access to top talent at affordable prices. By deploying accounting experts through an outsourced provider, firms forgo the hassle of employee benefits, training, office space, turnover and more.
While there may be countless advantages of creating a remote team, many decision makers in organizations second guess their decision to build a dispersed workforce for fear of data breach, lack of communication, decreased productivity etc.
Over the last decade, Obox has worked diligently to learn from our own experiences and collect insights from our clients and thought leaders in the industry, to pinpoint what kinks may arise and how to iron them out.
Here are 5 things to examine in an outsourcing partner that will help you reap the benefits and avoid challenges you are likely to face when outsourcing:
1. Open Communication
Remote employees feel the distance not by the number of miles between them and their employers, and vise versa, but the amount of time it takes for them to receive a response from someone. Ideally, teams working together across the globe should work in the same time zone. Fortunately, as remote work is becoming more popular everyday, outsourcing companies are able to find great talent that is willing to work in a different time zone as them.
To communicate efficiently, despite the distance, it is important to create a direct reporting system. Direct reports feel more linked and loyal to their bosses and are less likely to change jobs. Moreover, this system improves productivity through speedy decision making.
2. Canadian Specialization
When it comes to Canadian accounting firms finding talent offshore, it is important to find resources that are trained in local accounting laws and are well versed in the Generally Accepted Accounting Principles (GAAP) of Canada. The right outsourcing provider will have training procedures in place that upskill accountants and bookkeepers to become specialized in the region they are reporting to.
3. Cyber Liability Insurance Protection
Cybersecurity attacks, that result in compromised data and loss of assets, are a real worry when it comes to working across borders primarily through computers. Small to mid-sized companies are most vulnerable when it comes to cyber-extortion or business interruption. But, since such liability risks are a new phenomena, not many providers available to these companies are covered through data breach Insurance.
Obox Solution carries cyber liability insurance to guarantee that our clients’ business is protected from financial loss.
4. Performance Review System
Remote resources may sometimes not be aware of what’s working and what isn’t inside the organization that they are virtually a part of. In this instance, performance reviews are even more vital to give a clear overview of progress to your remote workers. Remote staff may be working for you but is working in the professional environment of the provider and hence, it’s vital to find a provider that appreciates employee recognition.
Obox management has worked tirelessly to create a culture of workplace gratitude and constructive feedback. We have collaborated with our clients and employees to create an effective performance review system that impact and measure employee motivation, engagement and retention.
5. Technology Stack for your Business
If you’re running an accounting practice, your team probably spends a lot of time automating and streamlining workflow related to your clients accounting and financial management systems through a chosen technology stack. When you outsource to a provider, it is important to find resources that are, both, proficient in the accounting applications you have selected and can direct you to build a technology stack that best meets your client’s expectations and needs.
In comparison with Accounting Outsourcing Providers in Canada, the breadth of application and automation expertise of accountants and bookkeepers at Obox is exceptional. To stay on top of the app ecosystem, we have invested in and setup an employee training program. Our aim is to develop devoted, growing employees that are qualified to identify automation must-haves for any business and are skilled to be effective and efficient on day 1 of the job they do for you.