The accountancy sector is highly regulated, complex and subject to changing rules and practices. Functions like accounts payable/receivable, auditing, financial planning and reporting require a high level of attention to detail and client service. Additionally, accountancy work is intensely process oriented, with repetitive tasks that can sometimes lead to greater than average staff turnover.
To mitigate retention issues as well as talent shortages, Australian accountancy firms are increasingly turning to Business Process Outsourcing (BPO) as a key part of their business strategy. Gone are the days when offshore teams were something to be concealed back of house. Today, businesses buoyed by the success of remote teams during the pandemic can take advantage of BPO solutions to enhance their core competencies, driving revenue and growth.
Put simply, finance and accounting BPO service providers offer access to highly skilled talent, trained in Australian accountancy practices, at a much lower cost. With an outsourced team of professionals in place, businesses can focus on upskilling and retaining local staff via better training and more attractive remuneration packages. Time and investment in onboarding new staff are reduced, and the impact of sector wide labour shortages and market fluctuations is lessened. Additionally, outsourcing arrangements can be scaled up in line with demand – a benefit that’s particularly relevant to accountancy businesses.
Sundaram Business Services are innovators in the global outsourcing services market and have 20 years experience providing a range of BPO solutions to Australian accountancy businesses. Sundaram’s Business Advisory solutions ensure that you stay compliant.
Businesses make better decisions when they have access to financial information that is accurate, timely and tailor-made to their requirements. SBS has helped many accounting firms overcome the current skills shortage, in which it is difficult to recruit skilled employees and the costs are high to have in-house staff prepare financials for key stakeholders and fulfill legal compliance requirements. Staff shortages are also a burden to existing employees, who are under incredible pressure to meet deadlines and find it tedious to handle the repetitive administrative work.
Our comprehensive range of compliance accounting services ensures that clients receive accurate, high-quality financial reporting with peace of mind that they fully comply with all relevant regulations. SBS helps accounting firms by providing a scalable back-office, helping them grow their business
Accountancy systems – our team is well versed in Australian and international software systems, including Xero, MYOB, APS, QuickBooks, Sage, HandiLedger, and Solution 6.
“We have been working with the team in Sundaram since 2010. They are all well educated, committed, professional partners who deliver a quality outcome. Sundaram team members have visited our offices on a number of occasions to increase their knowledge and training, and they have proven a very valuable part of our wider operations team.”
One of the leading Australian Financial Services Companies
Globally, BPO remote team arrangements are exploding as businesses seek efficiencies, agility and digital transformation to gain a competitive advantage.
Driven by data and quality of service, BPO is no longer just a cost-saving exercise but a critical growth strategy for organisations of all sizes. This, coupled with a wider acceptance of remote teams both on and offshore means that for accountancy businesses (and many others) it’s not a case of ‘Why outsource?’ but ‘Why not?’
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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