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Episode 78

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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

Strategy and the Virtual Controller
Helping accounts and bookkeepers build the firm they want, their way
Your hosts Penny Breslin and Damien Greathead have more than 30 years of combined experience in the accounting industry. This podcast is to share their experiences of working in, and consulting to accounting and bookkeeping firms of all sizes, helping them grow.

Nothing discussed will be rocket science, instead they'll be discussing 'how' firms have successfully, and not so successfully, pursued growth. Penny and Damien will be sharing their insights on how firms can be successful by focusing on their people (clients included), their technology, and their processes and systems.

Ultimately how successful an accounting business will be depends largely on how the owners manage change, which alongside taxes appears to be the only constant.

We do want to acknowledge David Maister's great read Strategy and the Fat Smoker: Doing what's obvious but not easy as the inspiration for our title. Buy it on Amazon - https://amzn.to/3dhcUFC

Subscribe today for an upbeat and practical conversation about what's working and what's not in accounting businesses around the world.

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.