Outsourcing Dilemma: DIY vs. Provider

Establishing my team from scratch in the late 2000s was an arduous journey. It demanded relentless effort as I simultaneously managed a burgeoning book of SMSF clients—an experience I consider the most challenging in my career.

Much like accountancy firms, outsourcing providers specialise in distinct fields, refining expertise in accounting, taxation, SMSF, and more. Leveraging these specialists through outsourcing providers grants accountancy firms access to specialised knowledge challenging to attain through a DIY approach.

Over my 15 years in SMSF outsourcing and outsourcing accountancy work, I've observed the need to relinquish some of my prior accounting knowledge.

With the vast legislative changes and economic intricacies, accountancy firm partners must stay abreast of, diverting attention to find and train a team abroad is a different skill set entirely.

Navigating a realm of financial regulations, tax codes, and ever-evolving market conditions, accountancy firms face a pivotal decision: outsourcing through providers or direct outsourcing.

Outsourcing providers come equipped with established quality control measures, regulatory compliance practices, and contingency plans. Partnering with them aids accountancy firms in mitigating risks linked to errors, non-compliance, or service disruptions.

This strategic partnership allows accountancy firms to redirect their focus toward the core competencies of their in-house team, such as strategic financial advice, client relationships, and business development.

Outsourcing providers efficiently manage support functions overseas be it via fixed fee SMSF Outsourcing or Full Time Staff based Accountancy Outsourcing. Both free up valuable time and resources in Australia.

In the dynamic world of accountancy, the choice between outsourcing providers and direct sourcing and training poses a critical decision. While direct outsourcing is feasible, accountancy firms often find greater advantages in partnering with outsourcing providers. This approach offers specialised expertise, risk mitigation, scalability, advanced technology, and day-to-day management—an optimal strategy for nearly every accountancy firm I've assisted over the past 15 years.

I'm Kane from Active Outsourcing (www.activeoutsourcing.com.au), dedicating 15 years to full-time outsourcing, including initiating the SMSF outsourcing team at Moore Stephens and overseeing the National Deloitte Outsourcing team in Australia. I'm passionate about discussing outsourcing and accountancy, so feel free to post any questions wherever you come across this.