Where the future lies for the Accounting industry
by Alexander Tacugue – Channel Development Manager, hammerjack
Originally published on LinkedIn
Accounting Business Expo 2019
I was looking forward to attending the Accounting Business Expo for a second time, after the success of last year’s event. Being an exhibitor, speaking to so many people over the two-day period, always provides valuable insight into the industry and how practices are changing.
First impressions
While outsourcing has gained a lot of hype, it has also been warmly welcomed into the Finance and Accounting Industry. Businesses are continually finding ways to respond to the different challenges they face including staffing, improving efficiencies in their respective business and to have the ability to give more to their clients.
For me
The biggest learning was to grasp onto what new technology is available in the industry, and then to gain a better understanding into the different businesses within finance such as accounting practice, bookkeeping, financial consultants, business advisory, fintech startups, etc. Now more than ever there are a number of tools that are available to make your life easier (to achieve work-life balance) and that also may add value to your processes. You just need to be open, learn and then get some training on how to use them. These can be a game changer for your business.
For firms
It is apparent that tailored solutions are now available to all businesses, using the best tech and creating a dedicated outsourced team. This will definitely assist businesses in gearing for growth or increasing their wallet share in their field. Competition is getting fiercer every year and if businesses are not investing or investigating their current processes, then it will be harder for them to find or apply which solutions will help their business grow.
The Reality
I work for an outsourcing company; however, it is a reality that the average wage rates of an accountant or bookkeeper as an example in the Philippines is between 40-60% less than what you would pay in Australia. I believe that the best solution is comprised of the best people, efficient processes, and being up to date with the use of technology.
Firms can reduce overheads by removing the expenses that come with having in-house staff like new hardware and equipment, employee benefits, on-going staff training/development and other operating costs.
Firms can find the right fit candidate, by doing their research and finding an outsource partner that not only assist in the recruitment process but also has the capability to assist with retaining the best staff.
Firms can take advantage of new technology or applications. This shouldn’t cause you stress; do your homework and then apply what suits your business.
A good accounting outsourcing provider does and can make a difference. Change is hard; however if you don’t embrace it and do something about it, then you might end up not realising your full potential to grow your business, provide a better service to your clients and be able to save/increase revenue at the same time.
It is indeed fortunate for me to attend these types of events: learning and meeting existing and new, straight-forward, like-minded professionals.
Do what you need to do – explore the possibilities.