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Well, there’s a couple of factors toward that. I think the first one, if we look at the Australian market and the job market in general, we find that there is a severe lack of talent available at all mediums. Those that are entering the market, maybe not necessarily sticking to a job as much as they as they could, or as employees would like need more support. This also applies to the senior end of the market as they are either going out on their own or entering a retirement phase. We also need to look at supporting those that are really senior in the organisation as well, so they can become more billable, become better strategists in the organisation and become leaders in the organisation, rather than just everyday doers. What we need to do is look at how can we support the best performers in an organisation and how to look at growing the organisation as a whole. Outsourcing is a really good solution for not only those that are looking to bolster their everyday nine to five organisations, but certainly those that are looking for a 24 by seven.
We are a true 24 by seven business. We make sure that we can service our clients globally. That means that we’re operating around the clock. We can find staff to operate around the clock and it does provide a really good support function for not only small business, but as we get into the enterprise level as well. We see a lot of really strong companies that are taking advantage of outsourcing and it does put them in a favourable position where they might not have to raise their fees. They might be able to provide better service.
Paul Dove
Senior Vice President of Sales at Cloudstaff
“We are a true 24 by seven business. We make sure that we can service our clients globally. That means that we’re operating around the clock. “
Dove says.
I speak to a lot of accounting firms every single day and one of the common themes that I see is that they’ve got a very senior team right now. That’s not a bad thing by any means. But if your team has constructed 80% of senior staff that have their own book of clients, that presents a challenge if one of those team members leave. In that case, you have then got a problem where you have to replace the capacity that you probably don’t have the ability to do so without an expensive resource behind it. We need fresh blood into organisations. I think if we look at some of the stats that have been coming out in the last in the last couple of years, we only see about 50% of the graduates that we need coming out of universities and going into the accounting profession.
I think some of the things that we can do is look at is how we can upskill and how we can retain those talents so they’re not stuck in general compliance. I suppose that very early into the journey of an employee is that they need to be able to see where the goalpost is and how to get there. The best thing that we can do is give them that attainable goalpost and show what their development can look like. What we want to start doing is giving = exposure so they can grow, they can learn and they stay within the organisation. This means firms are getting good productivity, which provides a good billable rate.
There are definitely risks that you have to be conscious of. I think one of the things that we do really well at Cloudstaff is that we make sure that we’re giving our clients every ability to succeed possible. Myself and my team at the start of the journey would analyse what’s inside an organisation, what are the success metrics that they’re looking for, and who are the right people to put in there. That is the “who’s what’s why’s” of outsourcing to begin with. To give better context, instead of just becoming a hiring or recruitment agency, we also make sure that we put into play a number of supporting areas and elements toward those staff. Particularly in the accounting space, we run dedicated programs to train staff on accounting, tax basics. Beyond that, you really need to look at how secure the information you’ve got on a potential employee that you’re dealing with is, how they are supported by ISO compliance and if they are following the right data security protocols.
“To give better context, instead of just becoming a hiring or recruitment agency, we also make sure that we put into play a number of supporting areas and elements toward those staff. “
We also check to see if they are working in an office, if they have access to all the right support around themselves, if they fully dependent on their employer, if they are they being paid all their benefits and if they are they at risk of being implicated by their own tax system. These are all considerations that we have to make, because there’s a lot of structures out there that might not be fitting.
Outsourcers need to thoroughly check all of their team members that come through. Cloudstaff do further searches on team members, including background checks, police checks, as well as making sure data security provisions are really tight. For team members, we really want to make sure that our clients have the right ability to make sure that whoever’s coming into their organisation is the right worker for them.
Tune into this episode of the AD Insider to hear more about how outsourcing can alleviate the accounting industry.
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Paul Dove
Senior Vice President of Sales at Cloudstaff
“We are a true 24 by seven business. We make sure that we can service our clients globally. That means that we’re operating around the clock. “
Dove says.
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