This year, accounting outsourcing services will help a growing number of businesses achieve their goals. It’s not such a bold claim: the outsourcing market continues to go from strength to strength. And now is the perfect time to learn more.
The end of financial year rolls around so quickly! One minute you’re asking your colleagues about their summer holidays, the next you’re forming the company response to the Federal Budget, and suddenly you’re turning your attention to how the KPIs are tracking for Q4. It’s all as inevitable as death and taxes.
Another inevitability: that old saying about failing to plan. You know the one:
“If you fail to plan, you are planning to fail.”
Benjamin Franklin
While any number of authoritative resources will breezily outline the top reasons for business failure in Australia, the underlying reason is always the same: lacking a business plan or not executing on an existing business plan.
So… after you’ve enjoyed the staff party on 30 June, it’s time to get down to reviewing your organisation’s financial goals for the year - and, just as importantly, how you’ll achieve your own personal and professional goals for 2023-24.
Can accounting outsourcing services play a role in helping you achieve your goals this financial year? Let’s take a look.
In any review, one of the most important elements is to identify the pain points before setting out the problem-solving tactics.
Here’s a great case in point.
When one of Australia’s leading mortgage and financial services companies initially approached Sundaram Business Services, they had isolated the fact that their experienced, professional workforce were undertaking labour-intensive, repetitive tasks that were far below their pay rate - incredibly inefficient. The pain point led them to setting a straightforward goal: to get those senior staff members back onto the management and strategic projects that would create value for the business.
To achieve that goal, they outsourced member onboarding, payables management and invoicing, and inefficient research tasks. The result was a shift in the business’s focus - from simply handling the critical tasks to strategic growth and development. An additional benefit was more time for members of the executive team to keep up-to-date on the latest updates in compliance, requirements, rates and offers.
In summary, our client:
Our mortgage broker client had identified that time was a key element in their business success - too much time on the little (but critical) tasks and not enough time on the big picture. Solving this problem was a business goal, but it was also a gift for individual staff members, who began to realise their own personal and professional goals, like more time for networking, training and development.
“The key is in not spending time, but in investing it.”
Stephen R Covey, The 7 habits of highly effective people
Would you like to learn more about how our long-term client improved workflow? Check out the case study in detail.
As an accounting professional, we know you’re acutely aware that your clients and colleagues are undertaking their own review process and business planning. And we know that this time of year brings plenty of opportunities for networking. (Like our Sundaram Circle networking lunches held in Melbourne and Sydney!)
When you’re having those conversations - at a professional industry group catch-up or just at the coffee machine - drop in a question about what sorts of accounting outsourcing services other CFOs are utilising. Ask them how they started and how it’s going. Chances are, they started small, and the BPO relationship grew from there. Chances are, they now consider their BPO provider a natural extension of their team and value their international colleagues and enriching cultural experiences that open up new doors to job satisfaction.
For example, perhaps your financial planner or accountant started by engaging an offshore provider to administer their clients’ self-managed super funds. Then they expanded the relationship to include the preparation of fringe benefits tax returns, or collating expense reports and financial statements. And now they’re preparing for their first inter-office visit - with the team in Chennai hosting the team from Sydney.
You may well be surprised at the breadth of tasks and projects Sundaram Business Services can undertake. Check out our Services page for the full overview.
Our unique Engagement Model makes it possible to scale up as needed. As a matter of course, we do encourage our clients to consider the cost-benefit of extending our engagement, which can lead to additional cost savings, improved efficiencies, and enhanced expertise. It can also provide greater stability and consistency in your accounting processes.
Let’s run through the benefits of kicking off an engagement for accounting outsourcing services with a BPO provider like Sundaram Business Services.
Choosing the right BPO provider for accounting outsourcing services is crucial to meeting your business goals. Here are some tips on how to choose the right BPO provider for your accounting outsourcing needs.
Look for a provider with expertise in your own operating environment - because delivering on compliance and regulatory requirements must sit at the top of the list. Sundaram’s pool of 400+ graduates all have experience working with Australian clients - and they’re rigorously tested and interviewed to ensure we have the pick of the crop.
Choose a provider that not only uses the latest technologies but also integrates with your own. Sundaram works across a range of software and platforms, including Xero, MYOB, APS, QuickBooks, Sage, Tally, HandiLedger, Solution 6 and your proprietary software.
Look for a provider that caters to the specific needs of your business - for example, our ability to scale up for peak periods.
Consider the provider's track record of success and reputation in the industry. With decades of experience behind us, we've partnered with dozens of global companies and leading Australian businesses like Iress, Mazars Australia and Bongiorno Group.
No matter where you are in your business review and planning cycle, we predict that a close examination of how business process outsourcing can help will be enlightening. And we’re certain that moving into a relationship with Sundaram can help CFOs realise their own personal and professional goals.
Contact Sundaram Business Services for more reasons why it’s a great time to invest in accounting outsourcing services.
Happy financial year to your whole team!
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Sundaram Business Services is a business process outsourcing company with offices in Australia, India and the UK. With over 20 years’ experience in the Australian market in providing outsourced teams to Australian businesses across Accountancy, Portfolio Management, Self-Managed Super Funds, and Mortgage Broker support, our business becomes an extension of yours.
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