As global spending on outsourcing has grown each year since outsource accounting firm BOSS' 2004 inception, BOSS says inquiries have doubled over the previous year alone

(PRUnderground) September 10th, 2024

The current skilled staff shortage has necessitated a reevaluation of existing strategies within the accounting sector. As the number of accounting graduates continues to decline and labour costs rise, outsourcing has become an essential strategy for accessing specialised expertise while retaining a competitive advantage. Organisations are increasingly acknowledging that a hybrid workforce—integrating both in-house professionals and outsourced specialists—can significantly improve operational efficiency and foster sustainable growth.

Lee Court, Client Support Manager for BOSS, says, “The increase in demand can not only be attributed to consumers seeking exceptional service at a competitive price but the insufficient influx of skilled staff contributes to the rapid expansion of outsourcing as a viable solution.”

Some key considerations for selecting an accounting outsourcing partner to ensure a successful relationship would be amongst others, asking questions about the providers data security and compliance, which are crucial for safeguarding sensitive client information while adhering to industry regulations. A thorough evaluation of the provider’s security protocols, certifications, and historical performance is essential in this regard.

Although BOSS has found that prospects’ past outsourcing concerns surrounding data security and quality control dissipate on learning about its strict protocols, accounting firms looking for a provider do need to be vigilant around these issues.

“BOSS takes this very seriously and we take every normal step that an Australian business may take, including providing Professional Indemnity Insurance that covers the whole operation. Nobody can enter the office without providing their fingerprints for security access and we can work 100% online so that no data actually leaves your office. This plus all of our clients are ensured their contracts are with an Australian entity, has led to accounting firms feeling a lot safer when dealing with offshore staff.”

Furthermore, firms should examine the provider’s skills and experience within the specific accounting tasks they plan to outsource. Specialised knowledge coupled with a profound understanding of industry best practices are vital components in delivering high-quality outcomes.

It is also important to assess cultural compatibility, communication levels, and strong quality assurance measures. It is imperative to engage a provider whose values align with those of the firm and who can seamlessly integrate into existing processes. This alignment is crucial for ensuring an easy transition and promoting long-term collaboration.

About BOSS, BACK OFFICE SHARED SERVICES PTY LTD

BOSS (Back Office Shared Services Pty Ltd) was founded in 2004 to provide skilled accountants and bookkeepers on a full-time, part-time and casual basis to commercial enterprises, accounting and financial services firms in Australia.

BOSS India is a subsidiary of BOSS Australia and runs just like an ultra-modern paperless Australian public practice because the Director and Accountancy Practice Principal, Peter Vickers, has been operating his own successful Australian public practice for over twenty years.

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Original Press Release.