Bookkeeping and Accounting Services Outsourcing

Bookkeeping and Accounting Services Outsourcing: A Australia Based CPA Firm Case Study

Background

Our customer is an Australia based CPA firm and provides accounting, bookkeeping, tax planning and preparation, SMSF compliance and audit, and Business Activity Statement (BAS) preparation services to startups and SMEs.

The firm’s customer base includes entrepreneurs, partnerships, corporations, trust, non-profit organizations and individuals.

The CPA firm hired professional accounting services and set up their bookkeeping and accounting processes and systems. The management of the firm was not happy and realized that all accounting services are not satisfactory in delivering results. The firm started to rethink their decision and was planning to outsource bookkeeping and accounting services.

Challenges Faced

[info_list_father connector_h=”20″ listwidth=”0″][info_list_son style=”icon” size=”22″ width=”” height=”” titlesize=”15″ titleclr=”#000000″ icon=”fas fa-angle-double-right” iconclr=”#2891d2″ iconbg=”#f7f7f7″]The high cost of hiring and retaining qualified accountants.[/info_list_son][info_list_son style=”icon” size=”22″ width=”” height=”” titlesize=”15″ titleclr=”#000000″ icon=”fas fa-angle-double-right” iconclr=”#2891d2″ iconbg=”#f7f7f7″]The high cost of establishing and maintaining the required infrastructure.[/info_list_son][/info_list_father]
[info_list_father connector_h=”20″ listwidth=”0″][info_list_son style=”icon” size=”22″ width=”” height=”” titlesize=”15″ titleclr=”#000000″ icon=”fas fa-angle-double-right” iconclr=”#2891d2″ iconbg=”#f7f7f7″]High turnover of hired accountants.[/info_list_son][info_list_son style=”icon” size=”22″ width=”” height=”” titlesize=”15″ titleclr=”#000000″ icon=”fas fa-angle-double-right” iconclr=”#2891d2″ iconbg=”#f7f7f7″]Increasing cost and turnaround time in comparison to other Australia based CPA firms.[/info_list_son][/info_list_father]

Actions Taken

[info_list_father connector_h=”20″ listwidth=”0″][info_list_son style=”icon” size=”22″ width=”” height=”” titlesize=”15″ titleclr=”#000000″ icon=”fas fa-angle-double-right” iconclr=”#2891d2″ iconbg=”#f7f7f7″]Immediately contracted an accounting and bookkeeping outsourcing team to handle all accounting activities and file the annual returns.[/info_list_son][info_list_son style=”icon” size=”22″ width=”” height=”” titlesize=”15″ titleclr=”#000000″ icon=”fas fa-angle-double-right” iconclr=”#2891d2″ iconbg=”#f7f7f7″]During our initial discussions, we identified a need for mapping their entire finance and accounting processes.[/info_list_son][info_list_son style=”icon” size=”22″ width=”” height=”” titlesize=”15″ titleclr=”#000000″ icon=”fas fa-angle-double-right” iconclr=”#2891d2″ iconbg=”#f7f7f7″]Process mapping revealed procedural loopholes in the finance and accounting processes and we plugged the loopholes by establishing standardized documented procedures and ensured better control of all processes.[/info_list_son][/info_list_father]

Beneficial Outcomes

[info_list_father connector_h=”20″ listwidth=”0″][info_list_son style=”icon” size=”22″ width=”” height=”” titlesize=”15″ titleclr=”#000000″ icon=”fas fa-angle-double-right” iconclr=”#2891d2″]Faster turnaround time in booking and accounting processes.[/info_list_son][info_list_son style=”icon” size=”22″ width=”” height=”” titlesize=”15″ titleclr=”#000000″ icon=”fas fa-angle-double-right” iconclr=”#2891d2″]Quality improvements in accounts processed as the team leader spent more time and effort.[/info_list_son][info_list_son style=”icon” size=”22″ width=”” height=”” titlesize=”15″ titleclr=”#000000″ icon=”fas fa-angle-double-right” iconclr=”#2891d2″]The CPA firm was able to expand the customer base as new customers poured in without increasing manpower and associated costs.[/info_list_son][/info_list_father]
[info_list_father connector_h=”20″ listwidth=”0″][info_list_son style=”icon” size=”22″ width=”” height=”” titlesize=”15″ titleclr=”#000000″ icon=”fas fa-angle-double-right” iconclr=”#2891d2″]Bookkeeping errors minimized significantly.[/info_list_son][info_list_son style=”icon” size=”22″ width=”” height=”” titlesize=”15″ titleclr=”#000000″ icon=”fas fa-angle-double-right” iconclr=”#2891d2″]Resulted in increased end-customer satisfaction by meeting all customer-specified deadlines.[/info_list_son][info_list_son style=”icon” size=”22″ width=”” height=”” titlesize=”15″ titleclr=”#000000″ icon=”fas fa-angle-double-right” iconclr=”#2891d2″]Realized more than 65 per cent cost savings.[/info_list_son][/info_list_father]