Episode 78

full
Published on:

26th Jul 2024

Outsourcing Your Accounting: Tips and Strategies

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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Thank you for listening. Please like and share this episode with a friend!


Websites: https://moneypennyllc.com/

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

Twitter: @Damien_GH

LinkedIn: https://www.linkedin.com/in/penny-breslin-0228b81/

Twitter: @pennyb57


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About the Podcast

It's not Just the Numbers
Focused on CAS, this accounting podcast helps firm owners build their accounting and bookkeeping business with intention
It’s Not Just the Numbers is a podcast for accounting firm owners, leaders, and professionals building modern firms beyond compliance.

Hosted by Damien Greathead and Penny Breslin, the show explores what it really takes to create a sustainable, advisory-driven accounting practice in a profession undergoing rapid change. From technology, systems, workflow, and pricing strategy to leadership, client experience, staffing, and the future role of the accountant — this podcast goes beyond the spreadsheets and into the real conversations shaping the profession.

Each episode features practical insights, honest discussions, and lessons from firm owners, industry experts, technology leaders, and operators working at the forefront of modern accounting.

Whether you’re building a Client Advisory Services (CAS) practice, refining your operations, navigating AI and automation, or simply trying to build a better firm, It’s Not Just the Numbers delivers thoughtful conversations grounded in real-world experience.

Because the future of accounting isn’t just about compliance.

It’s about strategy.
It’s about relationships.
It’s about systems.
It’s about leadership.
And ultimately, it’s not just the numbers.

A Beyond Numbers podcast.

About your hosts

Penny Breslin

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Penny Breslin is the founder of MoneyPenny, a consulting firm specializing in helping accounting firms and other businesses embrace the power of technology to simplify their operations and increase their profit margins.

Drawing on her years of experience and her knowledge of what it takes to run a successful business, Penny oversees the development of back office processes for her client firms. From the initial evaluation of the firm’s workflow, to technology selection, and assisting in the on-boarding of the firm’s clients, Penny works with her clients to maximize the benefits of a paperless and cloud-based firm.

Damien Greathead

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Damien has been working in the accounting industry for more than 15 years. In addition to getting his hands dirty preparing tax returns and doing bookkeeping, but the bulk of his experience comes from consulting to both accounting firms and the technology companies that serve the industry.

He set up 2020 Group USA which was a membership group for small and medium sized accounting firms and then went on to set up Receipt Bank (now Dext) in North America.

He regularly speaks to industry bodies on technology, marketing and change management.