The Evolution of Outsourcing in Accounting w/ Laurence Whittam

Welcome to another episode of the Building the Premier Accounting Firm podcast, where we dive into the trends and transformations bookkeeping, tax and advisory business owners need to know. Today, we’re joined by Laurence Whittam, the Chief Outsourcing Officer at Impact Global Solutions, who brings a decade of rich experience in the outsourcing industry, focusing on accounting firms in the US.

Main Themes:

• Evolution of Outsourcing Mindset:

• Laurence shares his observations on how the perception of outsourcing has changed from resistance to acceptance over the years.

• He discusses the shift from having to convince firms to outsource to now educating them on best practices.

• Role of the Chief Outsourcing Officer:

• Importance of this role in navigating cultural differences and communication barriers.

• Laurence talks about his responsibilities in assimilating remote workers into a company’s culture and ensuring smooth operations.

• Challenges in Outsourcing:

• Insights into overcoming cultural differences and communication issues.

• The necessity for internal support and clear operational frameworks.

• Financial and Efficiency Benefits:

• Discussion on how outsourcing can lead to significant cost savings and efficiency gains.

• The positive impact of offshore staffing on a firm’s bottom line.

• Cash Flow Management:

• The critical nature of managing cash flow in the accounting industry.

• Laurence underscores the importance of a solid business plan for accounting professionals.

• Standard Operating Procedures (SOPs):

• The role SOPs play in successful offshoring efforts.

• Tips on how to maintain quality and consistency with a remote workforce.

• Communication with Offshore Staff:

• Strategies for effective communication to bridge the gap between domestic and offshore teams.

• How good communication contributes to the success of outsourcing partnerships.

• Demand for Accounting Services:

• Analysis of the growing demand and how outsourcing can help meet these needs.

• Exploring the potential for expansion and scalability through offshore staffing.

• Choosing the Right Outsourcing Partner:

• The benefits of partnering with reputable outsourcing providers.

• Laurence shares his criteria for selecting the right partner for accounting firms.

Listener Engagement:

• The episode concludes with an invitation for listeners to share their experiences or questions regarding outsourcing.

• Laurence encourages firms to reach out to Universal Accounting for further guidance on implementing the principles discussed in their businesses.

Final Thoughts:

As the podcast wraps up, Laurence Whittam emphasizes the strategic value of outsourcing for accounting firms looking to thrive in a competitive global market. He provides actionable insights and real-world advice for businesses ready to embrace the power of a global workforce.

Remember to subscribe to our podcast for more insights from industry experts, and don’t forget to share your thoughts with us on social media or via email. Tune in next time for another engaging episode of “Global Business Horizons.”

 

Sponsors:

Universal Accounting Center

• Helping accounting professionals confidently and competently offer quality accounting services to get paid what they are worth.

 

Offers:

Free Outsourcing Improvement or Discovery Session - https://calendly.com/lwhittam-nlw

Come utilize our Outsourcing Readiness Assessment which will do a deep analysis into your firm to see if you are ready to outsource and provide actionable steps to start a successful outsourcing journey. We will throw in a 1-Year Roadmap which even if you implement 20% of it I guarantee will save you the cost of the Assessment.

Get a FREE copy of these books all accounting professionals should use to work on their business and become profitable.  These are a must-have addition to every accountant’s library to provide quality CFO & Advisory services as a Profit & Growth Expert today:

• “Red to BLACK in 30 days – A small business accountant’s guide to QUICK turnarounds” – the how-to-guide e-book for accounting professionals

• “in the BLACK, nine principles to make your business profitable” – e-book

Learn what it is you can do to become an author, leveraging your expertise to market effectively your services and get the clients you deserve.  This is a webinar you don’t want to miss.  Learn from Mike Capuzzi what a Shook is and how you can use it to position yourself as the Premier Accounting Firm in your area.  This is a must-see presentation so get ready to take some great notes.

 

In addition to becoming an author, see what you can do to follow the Turnkey Business plan for accounting professionals.  After more than 40 years we’ve identified the best practices of successful accountants and this is a presentation we are happy to share.  Check it out and see what you can do to be in business for yourself but not by yourself with Universal Accounting Center.

 

For Additional FREE Resources for accounting professionals check out this collection HERE!

 

Be sure to join us for GrowCon, the LIVE event for accounting professionals to work ON their business. This is a conference you don’t want to miss.

 

Remember this, Accounting Success IS Universal.

Listen to our next episode and be sure to subscribe.

 

Also, let us know what you think of the podcast and please share any suggestions you may have.  We look forward to your input: Podcast Feedback

For more information on how you can apply these principles to start and build your accounting, bookkeeping & tax business please visit us at www.universalaccountingschool.com or call us at 8012653777