How can we help – Profitmaster Global Outsourcing https://www.profitmaster.com.au Passionate People, Passionate Careers Tue, 01 Oct 2024 07:23:20 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 https://www.profitmaster.com.au/wp-content/uploads/cropped-favicon-32x32.png How can we help – Profitmaster Global Outsourcing https://www.profitmaster.com.au 32 32 Top 5 Reasons to Consider Offshoring https://www.profitmaster.com.au/top-5-reasons-to-consider-offshoring/ https://www.profitmaster.com.au/top-5-reasons-to-consider-offshoring/#respond Tue, 01 Oct 2024 07:19:21 +0000 https://www.profitmaster.com.au/?p=6339 Top-5-Reasons-to-Consider-Offshoring

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Strategic Alliances: Selecting a Trusted Outsourcing Partner for Accountants in the Philippines https://www.profitmaster.com.au/strategic-alliances-selecting-a-trusted-outsourcing-partner-for-accountants-in-the-philippines/ https://www.profitmaster.com.au/strategic-alliances-selecting-a-trusted-outsourcing-partner-for-accountants-in-the-philippines/#respond Sun, 12 Nov 2023 09:09:34 +0000 https://www.profitmaster.com.au/?p=3924 In today’s increasingly globalised accounting sector, outsourcing has become a key strategy for Australian firms to streamline their operations and maximize efficiency. 

Among the popular outsourcing destinations, the Philippines has emerged as a hub for accounting outsourced services. However, choosing a reputable outsourcing partner is a critical decision that demands careful consideration. 

Here are my Top Eight “best practice” strategies for accountants when selecting a reliable outsourcing partner in the Philippines.

 

1. Assess Existing Accounting Experience:

One of the foremost factors to consider is the outsourcing partner’s expertise and experience in accounting and accounting-related services, ideally in Australia. Look for partners with a proven track record in providing accounting solutions to accounting firms. Evaluate their experience, client testimonials, and case studies to gain insights into their capabilities and approach.

 

2. Check the Quality of Talent and Workforce:

The quality of talent is the cornerstone of any successful outsourcing engagement. Investigate the provider’s recruitment and training processes inside the Philippines. Consider their commitment to ongoing training, professional development, and certifications for their staff. Like Australian accountants, Filipinos are looking for career development and opportunity. A motivated, well-trained, and knowledgeable offshore workforce ensures quality in the team, less rework and longevity of employment.

 

3. Look into the Provider’s Technological Capabilities:

In the digital age, technology plays a pivotal role in accounting processes. Ensure your prospective outsourcing partner employs up-to-date accounting software, security protocols, and data protection measures. Inquire about their approach to data security, disaster recovery, and business continuity planning. The outsourcing provider should be committed to the information security standards established in ISO27001.

 

4. Consider Scalability and Flexibility:

The business needs of Australian accounting firms change quickly. We have seen this with the talent shortage that has emerged during and since the pandemic. Your accounting outsourcing partner should be well-equipped and adaptable. Choose a partner with a scalable model that can accommodate the fluctuating demands of growth and contraction. Flexibility in terms of the service offerings and engagement model is essential to align with your specific needs.

 

5. Observe Cultural Compatibility and Communication Standards:

Effective communication is paramount in any outsourcing relationship, and especially in professional services firms. Assess the outsourcing partner’s ability to provide staff with high levels of English proficiency. This should be expected in the Philippines. Also, consider cultural compatibility and time zone alignment to ensure smooth collaboration and accessibility.

 

6. Review Regulatory Compliance and Ethics:

Compliance with international accounting standards and regulations is non-negotiable. A provider’s commitment to compliance and ethics comes from their background and their experience Thoroughly evaluate the outsourcing partner’s commitment to the Accounting Professional and Ethical Standards Board and compliance with other industry standards. A good place to start will be the provider’s understanding and adherence to APES GN 30 “Outsourced Services”.

 

7. Check Client References and Reputation:

Request client references to gain insights into the outsourcing provider’s performance, reliability, and responsiveness. Online reviews, testimonials, and personal references from other clients are all indicative of the partner’s reputation and standing in the market.

 

8. Consider Cost-effectiveness vs. Value:

While cost is a significant consideration, focus on value rather than just the lowest price. A BPO partner that offers a balance between quality services and competitive pricing will be more beneficial to the accounting firm in the long run.

 

Richard Croaker is an Australian Chartered Accountant who has developed a professional team of accountants, bookkeepers, financial planning staff and finance broking staff in the Philippines. The company operates in Clark, Pampanga with around 100 staff, many of whom are graduates from top-level universities in the Philippines and are licensed members of the Philippines Institute of CPAs. His Philippines firm services Australian companies exclusively. With more than 30 years’ experience in professional practice working with Australia’s largest accounting firms, he has been the Founder and Chief Executive of the international business of Profitmaster Global Outsourcing for the past 9 years.

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Case Study: Enhancing Efficiency and Growth for one Australian accounting firm through outsourcing to the Philippines https://www.profitmaster.com.au/enhancing-efficiency-and-growth-for-one-australian-accounting-firm-through-outsourcing-to-the-philippines/ https://www.profitmaster.com.au/enhancing-efficiency-and-growth-for-one-australian-accounting-firm-through-outsourcing-to-the-philippines/#respond Thu, 17 Aug 2023 11:05:53 +0000 https://www.profitmaster.com.au/?p=3134 Introduction

Australian accounting and professional services firms are constantly seeking innovative strategies to optimise operations and foster growth. Two of the major inhibitors for growth across accounting firms are the difficulty in finding talent, especially at the intermediate and senior levels, and the problem of ever-increasing costs.

Here is a Profitmaster success story of one of our clients, an Australian accounting firm of two partners with six onshore staff who worked with us to harness the benefits of outsourcing to the Philippines. It is just one example highlighting how we have been able to collaborate with an Australian firm to make a significant strategic move, making an immediate contribution to their growth and profitability.

 

The Challenge

The Melbourne-based accounting firm, let’s call them “Koala and Co”, faces the familiar challenges of increasing overhead costs and a growing demand for client services. As the firm expands its client base, the need for efficient task management and streamlined operations has become more and more apparent to the partners. They also had a need for two intermediate accountants to complement their onshore team. They had been advertising and head hunting for local talent for some time and found that hiring locally is not only costly, but finding skilled professionals is becoming increasingly challenging.

 

The Solution: Outsourcing to Profitmaster Global Outsourcing

Recognising the potential of outsourcing, Koala and Co contacted us to explore the skilled labour market in the Philippines. Initially, it was the country’s reputation for proficient English speakers, cost-effective labour, and time zone closely aligned with Australia that piqued their interest. The partners identified Profitmaster as a reputable outsourcing partner in the Philippines and engaged us to establish a dedicated offshore team.

From the outset, Profitmaster assisted the partners to develop their offshoring strategy, outsourcing action plan, amendments to workflow programs and formulation of induction and training programs. This work included a plan to evaluate candidates on their use of Australian accounting platforms, firm compliance with APESB2, ATO portal and tax return preparation.

What happened …..

Cost Efficiency: By outsourcing tasks such as bookkeeping, data entry, tax return preparation and ASIC related tasks to the offshore team, onshore resources became available for core onshore functions and business expansion initiatives.

Access to Skilled Talent: The most notable aspect of our engagement with Koala was their ability to access candidates through our in-house HR team’s Recruitbank of bookkeepers, accountants, and administration staff. The staff selected by Koala were two intermediate accountants with 2 years Australian experience. They are university accounting graduates and members of the Philippine Institute of Certified Public Accountants (PICPA). This has boosted the firm’s service quality and efficiency across the team, both onshore and offshore. Staff were onboarded to the client less than 7 weeks after the commencement of the recruitment process.

Seamless Communication: Koala also found the English proficiency of their Filipino staff ensured smooth communication and collaboration between the onshore and offshore teams, eliminating language barriers, and enhancing teamwork. This has proved to be a core strength of Profitmaster’s talent bank located in Pampanga, including the Clark airbase which was formerly used by the US air force.

Time Zone Synergy: It was important for Koala that the staff would be working inside a secure office facility and would be working the same hours as their Australian staff. The favorable time zone overlaps between Australia and the Philippines means that Profitmaster staff are effectively working a 9 to 5 workday alongside their Australian colleagues. This has enabled real-time communication and swift project coordination. Client services are uninterrupted, bolstering Koala’s client satisfaction.

Scalability and Focus: The Koala team started with two offshore staff. We are currently recruiting another staff member, this time at the bookkeeper level. With many of the tasks typically performed by onshore accountants now being done in the Profitmaster office in the Philippines, the workflow of the Koala team’s onshore staff is being reorganised to accelerate firm growth through greater client engagement and providing more advisory and consulting work to their clients. This in turn has also improved employee contentment with their work and their career growth plans.

And the result …….

Working with Profitmaster has been a transformative experience for Koala and Co.

Koala has increase their accounting professional staff by two intermediate accountants who are registered CPA’s in the Philippines. They have reduced their wages cost by AUD$38,0001.

Outsourcing has had a significant impact on the firm’s partners, staff, and clients. By leveraging the advantages of cost-efficiency, skilled talent, constructive collaboration and streamlined operations, Koala has positioned themselves for greater success in the increasingly competitive accounting services sector. Koala stands as a testament to how strategic outsourcing can unlock growth opportunities and empower other firms interesting in exploring the Philippines’ outsourcing opportunity.

[1. Based on Business Services Graduate in Melbourne, 3+ years’ experience – Hays Salary Guide FY 2/23]

[2. Australian Professional & Ethical Standards Board, specifically APES GN 30 Outsourced Services, 2021]

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ISO 27001 Security Management Standard: Why Is It Needed? https://www.profitmaster.com.au/iso-27001-security-management-standard-why-is-it-needed/ https://www.profitmaster.com.au/iso-27001-security-management-standard-why-is-it-needed/#respond Thu, 06 Jul 2023 06:34:53 +0000 https://profitmaster.com.au/?p=2823 Did you know many businesses are subjected to new cyber threats on a regular basis? Worse, these threats are continually evolving.

 

According to IBM, the global average cost of data breach in 2022 was $4.35 million. That’s an increase of about 12 percent since 2020.

 

And it’s not just big businesses that are taking the huge blows. Around 60 percent of small businesses sink into bankruptcy within six months after a data breach.

 

What’s the cyberattackers’ favourite target? The highly sensitive healthcare data. And that’s just the tip of the iceberg.

 

Highly regulated industries like law and finance also suffer reputational damage due to data breach.

 

How Do Data Breaches Happen?

 

Can you believe there are about 4,800 websites that are compromised every month with a formjacking code?

 

This illegal activity involves loading malicious code onto websites for the purpose of stealing credit card information and other bank account details.

 

And did you know it only takes 10 stolen credit cards per hacked website to yield around $2 million per month to the criminals?

 

In the case of British Airways, there were around 380,000 stolen credit cards. The malefactors netted around $17 million from that attack.

 

While financial gain is the most common reason behind data breaches, obtaining a strategic advantage is a close second.

 

What Makes Data Breach Costly?

 

The initial steps of tackling a data breach usually involve investigation and reporting, which generally involves a substantial amount.

 

Upon suspicion or confirmation of a data breach, the targeted entity must quickly determine which information or system was compromised.

 

This is crucial for complying with regulations concerning data breach notification. Accordingly, the targeted entity must inform their customers about the data breach within a given period.

 

Non-observance of the regulations may result in fines, penalties, or even prosecution; thus, increasing the cost of the data breach.

 

In addition, there is also the cost of remediation. Once the targeted entity determines the perpetrators of the attack, the focus shifts to recovering or restoring their systems.

 

This can be costly because there is the likelihood of permanently losing critical data or valuable intellectual property.

 

In addition to the foregoing quantifiable losses, data breach can lead to reputational damage, damaged employee morale, and loss of productivity.

 

This Is Where ISO 27001 Security Management Comes In

 

Any business can be a target for cyber attacks.

 

Protect your business data and reputation by complying with the ISO 27001 Security Management Standard.

 

It sets out the yardstick relating to cyber security of information assets and systems.

 

This security management standard also provides a comprehensive set of controls at keeping data secure from fraud, theft, abuse, or misuse.

 

Here Are 3 Benefits from Getting ISO 27001 Certification

 

At the heart of ISO 27001 is the systematic approach of protecting your information assets, addressing security threats, and effective risk management.

 

  1. Protection from Security Threats

 

ISO 27001 provides the framework for protection from cyber criminals attempting to break into your system. In the same way, it prevents data breaches committed by internal agents due to abuse, misuse, or negligence.

 

  1. Avoidance from Regulatory Fines, Penalties, or Prosecution

 

Non-compliance with data breach notification regulations can lead to costly penalties.

 

ISO 27001 provides the guidelines to help maintain compliance of these regulations and avoid fines and penalties.

 

  1. Protection from Reputational Damage

 

Compliance with ISO 27001 paints a good picture. It means you are taking information security very seriously, which the stakeholders will take as a good sign.

 

Good relations with existing business partners and clients mean more business.

 

Are You Data Breach-Ready?

 

It’s not a matter of likelihood; whether a data breach will happen. Rather, it’s a matter of when it will happen.

 

The question is: are you ready?

 

Get started with your ISO 27001 certification today. Contact ProfitMaster today and save yourself from the costly and damaging consequences of a data breach in your company.

 

 

 

Sources:

https://www.ibm.com/reports/data-breach

https://docs.broadcom.com/docs/istr-24-executive-summary-en

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Philippines Outsourcing: Redefining The Workforce https://www.profitmaster.com.au/philippines-outsourcing-redefining-the-workforce/ https://www.profitmaster.com.au/philippines-outsourcing-redefining-the-workforce/#respond Tue, 04 Jul 2023 12:53:34 +0000 https://profitmaster.com.au/?p=2820 It appears that the majority of organisations are following the trend of global outsourcing. As a result of this shift in how companies source their talent, we’re seeing an evolution in the way people work.

Cost-cutting Strategy

Outsourcing has been fully embraced by businesses like ours as a viable cost-cutting strategy. As businesses look for ways to cut costs in order to stay afloat, outsourcing has become a profound way to do so. In fact, companies stand the chance of saving up to 90% of labour costs while still paying decent wages to its outsourced workforce. According to additional research, businesses can save nearly half of their total operating costs by outsourcing specialised work operations such as accounting, customer service, content writing, shipping and logistics, and information technology. If there is one takeaway from all of this information, it is that outsourcing effectively offloads some of the costs, allowing a company to focus its resources on core competencies and growth initiatives.

 

Philippines—Outsourcing Destination

The Philippines is a popular global outsourcing location. Because of its large pool of highly skilled workers and English speakers, the country has become a popular choice for companies looking to offshore their business processes. Profitmaster will increasingly rely on outsourced services as it grows since the Philippines and Australians speak the same language and have similar sensibilities.

 

We believe that expanding our operations to this country is the best outsourcing choice we can make. Here are reasons why you will, too.

 

Impact of Outsourcing on the Workforce

Even though many businesses have reaped the benefits of outsourcing, others are still wary of hiring workers from other countries. However, contrary to the belief that local workers may lose job opportunities as a result of outsourcing, there are numerous opportunities available to them. Here are a few examples of how outsourcing benefits the workforce:

  • Outsourcing reduces work

    When employees have too much work to do, it is nearly impossible for them to meet their objectives. Local employees can focus on what they do best by outsourcing and allowing others, in this case, their Filipino counterparts, to handle the rest of their business.

 

  • Local hiring will continue

    While we outsource some tasks, we continue to hire new employees to supplement our existing in-house workforce. There are still core tasks that require local workers to complete, so there will always be job opportunities in the company’s primary location.

 

  • Opportunity for advancement

    Investing in employees’ education and training is a wise business decision. Outsourcing some of the work frees up time for in-house employees to learn new skills and develop a greater level in their field. As a result, they’ll be well-prepared to take advantage of any opportunities for advancement within the company that may arise.

 

  • Improvement in communication and collaboration

     It allows our employees in the Philippines to work in a multinational environment. Because they will be working with people of different nationalities, they will improve their communication and collaboration skills while also broadening their perspectives. Members of the team will not only become better employees, but also be more inclusive individuals from the diverse environment.

 

  • More accessibility

     Outsourcing allows organisations to gain access to skilled workers and a larger talent pool, as well as a more diverse talent market. This is especially important for companies looking to hire highly specialised employees. Outsourcing companies such as Profitmaster specialises on pooling the best applicants for the role.

 

  • Job opportunities will expand

     Outsourcing helps people who would not have found work otherwise. New jobs are also created, such as copy editors and medical transcriptionists, expanding the pool of possible jobs to which people can apply.

 

Outsourcing—Here to Stay

The Philippines is one of the most popular global outsourcing destinations, and its importance in the industry will only grow. Outsourcing enables businesses to tap into a diverse talent pool in order to achieve business objectives more efficiently. As a result, outsourcing will continue to influence how we work in the future by redefining what it means to be an employee and, conversely, an employer today.

 

Know More About Us

Profitmaster, like many other companies, is looking for ways to remain relevant and effective without exhausting your resources. This is the primary reason we’re finally taking the plunge and outsourcing to the Philippines. Have we piqued your curiosity? Then please learn more about us here.

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How Offshore Staff can Help Australian Firms Achieve Maximum Client Satisfaction https://www.profitmaster.com.au/how-offshore-staff-can-help-australian-firms-achieve-maximum-client-satisfaction/ https://www.profitmaster.com.au/how-offshore-staff-can-help-australian-firms-achieve-maximum-client-satisfaction/#respond Tue, 04 Jul 2023 12:40:39 +0000 https://profitmaster.com.au/?p=2817 First, you need to hear the “bad news”:

  •       32% of customers will stop interacting with a brand after one bad experience
  •       50% of customers will do so after several negative experiences
  •       60% of customers will switch brands due to unfriendly service

These are findings from the PwC report Experience is everything: Here’s how to get it right

Now here’s the good news: Keep your clients happy and they will be your customers for life.

What clients are looking for

Any business needs to find out what its specific target market looks like, what clients’ needs are, and what makes them glad, sad, or mad. Here are the top things that keep clients extremely satisfied with the companies they deal with:

  •       A human they can interact with
  •       Consistent guidelines and processes
  •       Timely response and quick resolution
  •       Convenience of access
  •       Empathy from friendly staff

When you keep your clients happy, word will spread about the positive ways you interact with them. You will get more clients and your firm will gain recognition as a customer-centric brand.

How exactly can that happen?

 

Offshoring can improve customer experience 

One solution implemented by many companies is outsourcing, especially for customer experience (CX). It’s a proven way to significantly impact company productivity and build brand integrity. 

 

Focused staff

With offshore staff dedicated to taking care of client satisfaction, a company’s in-house personnel can focus on its core business processes. This will lead to increased efficiency and productivity on both sides.

 

Quick response

Outsourced staff can be a firm’s on-demand issue resolution team. When they’re available 24/7, responding to queries and issues will be faster. Even when an issue is not immediately resolved, clients will feel that there’s someone they can reach anytime to take care of their concerns.

 

Engaging with humans

Sure, AI and bots can immediately respond to customers, but nothing can replace connecting and speaking with a real person. One study found that 74% of consumers want more human interaction. Both AI and humans can do the work and complement each other. 

 

Friendly CSRs

Having humans to interact with provides clients with the possibility of empathy. Aside from having someone to fix an issue, clients also seek a person to listen to them, understand how they feel, and absorb their frustration. Properly trained offshore employees can excellently handle such situations.

 

Maintaining an effective offshore staff

Like any aspect of doing business, there are effective ways of performing processes. A company needs to ensure proper implementation of something like offshoring to enjoy its maximum benefits. Here are a few tips:

Communicate clearly

Communication is crucial to making offshoring work best for you. From the onset, a company must be able to instill its vision, mission, and core values in offshore employees. 

Lay down clear expectations before setting off your offshore team to work. Do not leave them to just find out things on their own. Make sure they understand everything they need to know.

Exert every effort to transcend language and culture barriers to avoid confusion and miscommunication.

 

Be available to them

Since communication is always a two-way street, let your offshore leaders know how to reach you and the best time to communicate with you. It is best to have regular meetings to discuss urgent concerns, clarify grey areas, or simply make them feel connected to the company. 

Some do this weekly while others have quick daily huddles – it will ultimately depend on what works for you and your team. 

 

Equip them sufficiently

Train your offshore staff well, starting with standard operating procedures. Find ways for them to level up in communication, customer service, and relevant skills. Also, provide adequate tools such as for communication/conferencing (e.g., Slack, Zoom, Skype) and project /task management (e.g., Clickup, Asana, Trello). A few companies even purchase equipment and devices that are essential to offshore operations.

 

More on offshoring

There are a few other things you would be interested to learn about offshoring. Profitmaster can help you explore how to offshore some of your customer-facing business functions. We value customer care like no other and provide Philippines-based offshore customer support staff to complement your onshore team. Click here to message us today and discover more.

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Boost your Profit and Growth https://www.profitmaster.com.au/boost-your-profit-and-growth/ https://www.profitmaster.com.au/boost-your-profit-and-growth/#respond Sun, 25 Jun 2023 08:46:14 +0000 https://profitmaster.com.au/?p=3047 Why You Should Outsource Today

Did you know that 30% of all Australian business outsource in some way and that the Philippines is the number one location for Australian business? Profitmaster is Australia’s premier BPO, placing qualified staff to reduce cost, improve productivity and boost your bottom line profits.

So Why Work With Profitmaster?

Time Zone

The same time zone as Western Australia places your Philippine staff just one or two hours behind QLD and 2 or 3 hours behind NSW depending on daylight savings. This makes it easy for you to maintain contact with your staff during Australian business hours. All our employees work Australian hours and recognise Australian holidays.

All our employees work Australian hours and recognise Australian holidays

The Talent Pool Is Huge

With a population somewhere around 100 million, many are young graduates and can greatly contribute to your team. There are around 450,000 students graduating from university each year,
which ranks the Philippines third globally, in terms of talent pool size. In 2014, about 1 million worked in outsourcing. In 2017, there is an expected exponential increase with as many as 3.5 million new jobs being generated. Be at the front of the queue not the back.

500,000, Educated, English Speaking People, So much Talent

Excellent Skills

Known to have a high literacy rate as English is taught in school starting in kindergarten. Filipinos have a good, neutral accent, which helps when working with Australian clients.
A diverse skill set, some have great IT and programming experience while others have strengths in Finance, HR, Content Creation, or Customer Service. Our employees’ skills are aligned directly with the job opportunity presented.

We Only Employ Graduates in IT, Finance, Data Processing, and Customer Service.

Lower Cost While Retaining Quality

The cost of living is far lower. A Filipino earns roughly 20% of what an Australian employee would earn, making it considerably more cost-effective. Even though the cost is lower it is still considered a fair and decent wage by Filipino standards. Profitmaster’s staff bonuses and incentives are some of the highest in the industry.

On Average our Partners Save a Massive 55%

Your Business Grows Faster

For a business to grow, many things have to fall into place. You need to make sales and build a great team to facilitate growth, but often you also have to handle regular tasks as well. By outsourcing time consuming non-technical jobs, you free up more hours to focus on your highest value core activities. Let us show you how. Book your FREE review today.

Business Growth is Achieved Through Quality Staff

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How Do We Select Our Staff? https://www.profitmaster.com.au/how-do-we-select-our-staff/ https://www.profitmaster.com.au/how-do-we-select-our-staff/#respond Sun, 25 Jun 2023 07:16:53 +0000 https://profitmaster.com.au/?p=3043 Profitmaster BPO’s General Manager, Michael Domingo gives insight to the process of how we select our Recruitbank Members that support Australian business through outsourcing:

“Our staff go through a number of stages to ensure their suitability to our Profitmaster culture and that of our clients, so we can continue to provide first class services to Australian businesses.

“Culture and education is key to our success. Our Founder put a lot of thought into ensuring Profitmaster is at the forefront of the BPO industry and that it is specifically tailored to Australian Small to Medium Enterprises (SMEs).

“English literacy skills and tertiary qualifications in our country are equal to and are quickly approaching higher than Asian standards. Most of the tertiary education programs in the Philippines are largely based on American college standards.

“Our recruitment process begins with a personality test – Profitmaster is one of only a few BPO organisations in the Philippines that does this. Candidates undertake a competency skills test and other tests to assess their suitability for a role in the company.

“If these match our standards, we then introduce candidates to team members for the next phase. We want to see if they pass the Team Member Test!

“Once we understand the needs of our clients, we will introduce a range of candidates allowing you to meet staff members.

“We connect with you regularly for appraisal to ensure you are happy with the resource and service being provided. We will change your staff member if they do not meet your standard. Openness and transparency are pillars that are most important to us.

“Another important point is that none of the Profitmaster BPO team are external contractors, nor are we an ‘umbrella’ company.

“Each person is an employee of the company and works from our head office here in Clark having gone through the full recruitment process. Our shuttle collects staff for work each day, we provide catered meals in the office and additional benefits not seen in many BPO operations.

“From a work-life balance perspective, it’s important our approach is much like an Australian business, aligning our staff closely with your own values.

“Profitmaster is proud of what we’ve built, how we’ve tailored and specialised our services specifically for the Australian market – along with building a team of specialists that are integrated and motivated to produce the best result for our clients.

Michael Domingo handles all on the ground operations in the Philippines as Profitmaster BPO General Manager. He comes to Profitmaster from the oil and gas industry in Malaysia.

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Benefits of Outsourced staff for Australian Accounting firms https://www.profitmaster.com.au/benefits-of-outsourced-staff-for-australian-accounting-firms/ https://www.profitmaster.com.au/benefits-of-outsourced-staff-for-australian-accounting-firms/#respond Sun, 25 Jun 2023 06:57:45 +0000 https://profitmaster.com.au/?p=3039 The last couple of years have thrown endless unexpected challenges to Australian businesses and pressures applied by the pandemic particularly have seen small to medium enterprises constrict on several operational fronts, including accounting and bookkeeping.

As we’ve referenced in the past having a good accounting system is imperative to business operations. However, with staffing changes, working from home and other challenges Australian SMEs are facing, business owners could benefit from engaging an outsourced accountant.

Having an outsourced accountant to manage your day-to-day bookkeeping alleviates some stress on business owners and managers – many owners are great at negotiating a deal, however their focus on accounting and other operational methods may not be as strong – particularly if there is a reduced team on deck.

Outsourced accounting can be as simple as bookkeeping, right through to a full accounting service that can manage processes such as:

·Invoicing

·Follow-up of unpaid accounts

·GST & BAS management

·Taxation reporting

·Payroll and superannuation contributions

·End of financial year reporting

Many members of the outsourced accounting team at Profitmaster are university trained – some up to CPA level – and all are proficient in Australian accounting practices.

Profitmaster’s team of outsourced accountants are regularly updated on Australian taxation, superannuation, GST and other laws and will seamlessly integrate into your business operations.

This means you can concentrate on expanding your business while all your bookkeeping is being taken care of.

Being based in the Philippines, Profitmaster’s team is on the same timezone as Australia and our business processes have been established to mirror how an Australian company would operate.

Other benefits of engaging with an outsourced accountant include:

·Time saving – someone is doing your bookkeeping work for you

·Save money – the cost of engaging an outsourced accountant offshore for your bookkeeping is significantly lower than hiring local staff – there is no need for superannuation contributions and other payroll expenses if you were managing these processes in Australia

·Expertise – every member of the Profitmaster team is scrutinised before employment and all are highly trained in their area of specialty

·Productivity – the outsourced accounting team at Profitmaster are fast, efficient and able to turnaround reports and tasks quickly. Offshore staff that we hire have a strong work ethic and our systems ensure we get the best out of our people

·Work on your business not in it – your outsourced team will enable you to focus on business development

Want to know more?

Profitmaster’s outsourced accounting services is one of our major offerings that allow Australian businesses to outsource administrative, IT and other services. Profitmaster was founded in Australia and built in the Philippines by Richard Croaker, an accountant who has worked for many of the biggest accounting firms in Australia.

Hundreds of Australian SMEs have benefitted from Profitmaster’s professional, ethical, and efficient bookkeeping and outsourced accounting services and have not only grown their businesses – but have mastered their profit in the process!

Contact us so we can discuss your business and requirements in more detail.

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The Real Cost of Poor Recruitment and the outsourcing solution https://www.profitmaster.com.au/the-real-cost-of-poor-recruitment-and-the-outsourcing-solution-2/ https://www.profitmaster.com.au/the-real-cost-of-poor-recruitment-and-the-outsourcing-solution-2/#respond Wed, 21 Jun 2023 11:06:57 +0000 https://profitmaster.com.au/?p=3030 Business owners have plenty of experience when it comes to the fallout from recruitment and employment of poor-quality staff. Conversely, when we get it right, the rewards obtained from employing top-quality staff are tremendous.

All things considered, poor recruitment is a huge cost to the business. Lost productivity, wages, revenue, and the cost of re-hiring are just the start. Not to mention the impact on team culture and the clean-up costs required to fix things.  

Recent indicators suggest a bad hire can cost an incredible 20 per cent more than the annual salary of that hire.

The effective outsourcing solution

A solution to this problem is to hire your staff through a third party who can recruit and manage the performance of staff for you.

It was not so long ago that companies were using outsourced staff solely for the cost benefits obtained. Other benefits were outside the management rationale to engage staff, especially from overseas. As the Australian labour market tightens, the reasons to engage outsourced staff are changing. Now offshore outsourcing is becoming increasingly mainstream as businesses struggle to keep up with their needs for good and capable personnel.

Benefits in outsourcing

The benefits of outsourcing are not just about cost savings. Our clients are regularly reporting their leaders’ and managers’ increased focus on the company’s core business ideology, as well as more efficient and better client service. However, whether you are recruiting onshore or offshore, one thing is certain. The cost of a mistake has an expensive impact on productivity, wages, revenue, as well as the cost of re-hiring and clean-up costs.

If you are going to look at outsourced staff, you must adopt the same mindset for offshore recruitment as you do for onshore recruitment. 

Too often I find myself in conversations with potential clients discussing how ‘cheaply’ they can find their next team member. I say “team member” deliberately because my belief is that all outsourced employees should be treated just like the other members of their team…not just a bottom on a seat.

Effective outsourcing saves staffing costs

Particularly if you are strategic in how you address your staffing needs and consider the long-term growth of the company.

From my experience, when businesses recruit locally, they are clear on what a successful candidate looks like. When that ideal local candidate is found, companies are often prepared to pay a considerable amount more than originally anticipated to secure that person. This is where the two strategies of in-house staffing and outsourced staffing become diametrically opposed.

At the moment, it is easier to source and secure highly skilled and experienced staff from the Philippines compared to sourcing in the current tight labour environment here in Australia. I know this because I have been active in the Philippines labour market for the past 8 years. Companies like ours are specialists in finding and engaging suitable candidates in the Philippines for vacant roles in Australia at significantly reduced rates compared to Australia. But this does not mean we compromise on quality.  

So, how does this reduce the cost of poor recruitment?

Understanding that there are substantial savings to be made by hiring through specialised offshore providers such as Profitmaster, your evaluation to engage offshore staff should be focused on; What value does this person bring? Where do I want to take my business? and, How will this person help me get there?

We are in the business of providing quality, seamless solutions for our clients. It’s not about getting the “cheapest option for now” solution. We proudly provide our staff with the highest quality working conditions and work experiences, as well as professional development and personal growth. We hire staff for our clients based on their personal traits such as loyalty, integrity, and attitude. When you combine these with capability and skill, the result is that we hire great people. There is no doubt about it. We even guarantee it. 

If you are thinking about your next hire, get in touch with us and discuss how we may be able to assist you to find the next member of your team.

 

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