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Virtually any type of survey that delves into the concerns of either accounting firms or their business clients eventually gets around to a discussion about new technology entering the field.
For accountants, there’s the cost of updating their firm to cloud-based work and file-keeping and convincing clients to make the change along with them. Additionally, businesses can do a great deal of their own bookkeeping themselves with DIY programs, reducing the amount of basic bookkeeping work that was the greatest source of income for many firms.
For businesses, there’s an opportunity to have a faster turnover for their books and to have a greater amount of financial information at their fingertips – but how do they sort that information? How can they understand this new avalanche of insight in a meaningful way?
This latter speed bump – businesses becoming overwhelmed by information leading to analysis paralysis – presents an opportunity for accounting firms to redefine themselves as financial consultants. But to do so they’ll have to delve deeper into their clients’ affairs, reducing the time they can spend on basic number-crunching. Traditionally, this meant they would have to hire new staff at a considerable cost (estimates vary, but a new hire generally costs into the thousands), making the transition a financial gamble. The same goes for businesses looking to hire permanent in-house accounting staff members.
Outsource accounting services to the rescue. BOSS’ Client Relationship and Marketing Manager Lee Court says, “This is another example of businesses deciding if they want to use new technology to their advantage, or if they want to spend time and effort fighting it. Think about the music industry in the face of Napster, film studios that didn’t understand the potential expressed in Netflix, or book publishers that are still fighting with Amazon instead of building their own tech-enhanced business.
“Clients that outsource accounting tasks are up and running with their virtual accountant in a week. That means they have access to a certified professional who will handle all of their bookkeeping and taxes for them at a fraction of the cost of an in-house hire. Within one week they have access to clear and understandable bookkeeping information that can help them make informed decisions as they look to expand, make price changes, boost marketing, you name it.”
About BOSS, BACK OFFICE SHARED SERVICES PTY LTD
BOSS (Back Office Shared Services Pty Ltd) was founded in 2004 to provide skilled accountants and bookkeepers on a full-time, part-time and casual basis to commercial enterprises, accounting and financial services firms in Australia.
BOSS India is a subsidiary of BOSS Australia and runs just like an ultra-modern paperless Australian public practice because the Director and Accountancy Practice Principal, Peter Vickers, has been operating his own successful Australian public practice for over twenty years.
