Hitendra Patil, President of Global F&A Services at Datamatics Business Solutions, Inc., offers exclusive services for CPA/accounting firms. In a previous article, he discussed the increasing demand and staffing shortages in the accounting industry and how offshore outsourcing can be a solution for firms looking to transition from profit to growth. He also highlighted the challenges and essential considerations for accountants looking to outsource their work.
In this piece, Patil aims to provide a relevant guide for CPA/accountants on effectively implementing outsourcing for their firm. He emphasizes the importance of outsourcing as a way to deliver and enhance influence on clients. To determine what work to outsource, firms must first define their needs, whether it be overcoming talent shortages, catering to growth, expanding service capabilities, or a combination of objectives. Identifying the right outsourcing partner is crucial for success in this endeavor.
When choosing an outsourcing partner, firms must consider factors such as relevant expertise in serving CPA firms, data security measures, cultural fit, and legal and ethical considerations. It is essential to ensure that the provider complies with international standards for information security management and makes continued technological investments. Leveraging technology is also crucial for effective communication and collaboration between onshore and offshore teams, with tools such as collaboration, workflow, and coordination tools, as well as automation and AI features in accounting software.
Building a global team is a key decision in the offshore outsourcing journey, whether firms choose to manage global operations themselves or opt for managed services through an outsourcing company. Regular check-ins, structured feedback mechanisms, and opportunities for local and offshore teams to share their cultures are essential for nurturing the relationship with the outsourcing partner. Keeping abreast of upcoming changes in technology, regulations, and work practices is also important for maintaining a successful outsourcing relationship.
Overall, offshore outsourcing can provide a practical, viable, and profitable alternative to the resource crunch that CPA firms are experiencing. By being selective in choosing an outsourcing partner and effectively managing the relationship, firms can benefit from increased capacity, higher quality work, and enhanced work experience for local teams. By following these guidelines, CPA firms can expand their capabilities, cater to growing client demands, and remain competitive in the evolving accounting industry.