Issue 8: The Outsource Insider – Your Biweekly Dispatch from Finsmart Accounting
Welcome to “The Outsource Insider”, dispatched to you biweekly by Finsmart Accounting, where we share insights, resources, and a little fun - designed for firms to grow with offshore talent.
🌍 The Global Edge
“Pricing is a mindset challenge for people. Most people aren’t charging enough. You either see value in what I offer for you, but I always tell people I am the most expensive accountant you will ever hire.” Dawn Brolin, the Designated Motivator and one of the most influential accounting leaders, said in a conversation with Maanoj Shah at the Smart Outsourcing Talks podcast.
Watch the complete conversation here:
Pricing is something that accounting firm owners have always struggled with. One of their worst fears is that if they increase the price, they would lose clients. But Dawn brings in a fresh perspective here. She talks about a client, a real-life example, where they had raised their prices from $800 to $1800 when they were certain about the value they were getting in return.
It is not easy to have the discussion. But what is important for accounting firm owners is to know their worth. It is important to know exactly how much value addition they are doing for the clients. It is not easy, but it is worth the effort. Being upfront about it, Dawn says, not only establishes trust but also reaffirms the firm’s ability to be the right partner.
“You know demand is only going to go up. There are fewer practitioners, and that’s going to continue,” says Dawn.
The talent shortage in the accounting industry is real. Businesses are struggling to find talented accountants who can not just get their books done, but also be a part of their scaling journey.
If you are struggling to find the right resources for your accounting firm, offshoring might be the answer to your capacity challenges.
📚 What We’re Reading
Quality management is an essential part of accounting - it is important for ensuring compliance with professional standards and delivering high-quality services by identifying risks and improving processes. The new standards they follow are AICPA’s SQMS 1 and 2, which is a risk-based approach that requires continuous monitoring and improvement of the firm’s quality systems.
Firms that conduct audits, reviews, or compilations have a little more than four months to implement the new risk-based quality management standards. If you need to set up your QMS by December 15th, this 8-step guide will help.
Read the Article to Know More
🔦 Finsmart Spotlight
Offshoring, for many accounting firm owners, continues to be a gray zone. From data security to who exactly is working across the geography remains a major concern.
Covering many miles, taking a solo trip to India, and meeting the offshore team, Patricia Hendrix, VP of Communities at Woodard, talks about how she was able to overcome a lot of her inhibitions simply by meeting the team in person.
We understand, this is not possible for many firm owners based in different parts of the world. That is exactly why, at Finsmart Accounting, clients get to work directly with the team members who work on their account.
Read this exclusive blog where Patricia addressed many of the apprehensions that accounting firm owners have.
💰 Free Growth Resource
Are you expanding your in-house accounting team and looking for a Director of Accounting?
From driving financial strategy to overseeing compliance, managing high-level accounting functions and being the leader your team needs - there are a lot of requirements that you might need to lay out.
Finding the right candidate, especially at a senior level, can be challenging. There is an acute dearth of accountants at the leadership level. So, when you get started, you cannot go wrong with the job description.
Download the Customizable Director of Accounting Job Description Template Here
🧑💼 Meet Your Future Team
At Finsmart Accounting, our teams work directly with accounting firms (clients) from Day 1. We hire experienced professionals who are fully capable of tackling crises and are always prepared to put their best foot forward to solve their clients’ problems.
In this issue of The Outsource Insider, we present to you one of our Team Leaders, Devender Singh.
With over 12 years of experience and an MBA degree, his expertise lies in Bookkeeping, financial reporting, and cash flow management.
His understanding across several accounting functions ensures that he helps businesses operate with clarity and precision.
His expertise in accounting and financial tools, as well as workflow automation tools, allows making processes smoother and more efficient for his clients.
He leads with a structured and data-driven approach that empowers businesses, giving them seamless accounting solutions.
😄 Funsmart Corner
Now, this issue cannot truly come to an end unless we add a little dose of fun to your inbox.
See you next time!