the only difference is it’s not a once in four years event.
by hitendra patil
the olympic games are the epitome of human achievement. the best athletes in the world come together to compete for the ultimate coveted glory. the accounting profession is no different in its competitive spirit and quest for excellence.
take action now: take this 2-minute quick quiz to evaluate if your firm needs outsourcing.
you will instantly get your score and what that score means.
outsourcing and offshoring have emerged as a necessary remedy to overcome the challenges of the accounting talent shortage. accounting firms leveraging outsourcing and offshoring are like the athletes excelling at the olympics. like the olympics, accounting firms need rigorous preparation, strategic planning, and meticulous execution to succeed with outsourcing and offshoring. let us dive into the comparison between the olympics and outsourcing/offshoring strategies. let us see how accounting firms can assure gold-medalist performance in the olympics of outsourcing and offshoring.
the training ground: readiness and skill building
accounting firms’ outsourcing and offshoring plans are like an olympic athlete’s training and preparation. they involve detailed planning regarding the right tasks that must be outsourced or offshored, the choice of reliable partners, the preparation of their teams for the expected outcomes, and relationship management.
- the role of the coach: coaches are the backbone of any skill or strategy an athlete may learn for the olympics. similarly, for accounting firms to embark on outsourcing or offshoring, strong leadership is needed to oversee the effort. accounting firm leaders must leverage their skills in choosing partners, setting clear goals, and ensuring continuous improvement.
selection process: choosing the right partners
athletes represent countries in the olympics and are selected from rigorous trials. choosing an outsourcing or offshoring partner can be equated to choosing an athlete for the national team. potential partners are evaluated for experience, reliability, and ability to deliver quality service.
- the scout’s eye: olympic scouts are experts in spotting the finest talent. in much the same way, accounting firms need sharp eyes to find people who can become partners with the firms. this calls for detailed research and due diligence, sometimes even site visits, to confirm that the partner meets the firm’s standards.
the training regimen: establishing processes and systems
after choosing the right partners, the next step would be to create effective processes and systems. the idea here is to train your organization, very much like an athlete trains, to achieve optimal performance—keeping everything transparent with workflows, performance metrics, and how people will communicate with each other in an accounting firm.
- the playbook: strategies and tactics for olympic teams are noted in a playbook. accounting firms need their outsourcing and offshoring playbooks. the playbooks include detailed process documents for executing tasks, quality control measures adopted, and contingency plans to handle potential problems.
the competition: execution and performance
during the competition, olympic athletes are put under pressure to perform. this moment of truth for accounting firms comes when outsourcing and offshoring arrangements are implemented. the performance of the offshore teams, the quality of the work delivered, and the efficiency of the processes are tested.
- the race: much like athletes race against time, the accounting firm must race against the clock to ensure that any outsourced tasks are carried out within the given schedule and that quality is maintained. this goes hand in hand with constant monitoring and communication to rectify any emerging glitches in performance optimization.
the medal ceremony: to victory
where the olympics are concerned, the best prize is always a medal. for accounting firms, mounting the podium in outsourcing and offshoring equates to the same thing—getting the desired business outcome. it could be cost savings, efficiency, specialized skills, better service quality, etc.
- the victory lap: certainly, one of the finest moments of any sport is when that athlete takes a victory lap in jubilation to the crowd. likewise, accounting firms should celebrate their successes with their partners when outsourced and offshored arrangements produce the desired outcomes. this creates an attitude that fosters the ‘urge’ to continue performing better and making strides towards excellence.
learning from defeats: overcoming challenges
not every olympic athlete will take home a medal, nor will every outsourcing or offshoring work out immediately. to increase the chances of success, accounting firms must select the right outsourcing partner with the right pedigree. accounting firms need iterative processes to learn from outsourcing mistakes, if any, and even from their successes and keep refining their outsourcing and offshoring strategy. it means reviewing where it went wrong and what worked as intended, making adjustments as necessary, and being open to new ideas for innovating.
- the comeback: many olympic athletes have made inspiring comebacks from defeats or disappointments and again entered the limelight. accounting firms can take a leaf from their book and chalk up setbacks or imperfect starts as a learning experience. this is one of the prime ways to ensure success in outsourcing and offshoring in the long run.
building a diverse team: leveraging global talent
like the olympics, there are people of different backgrounds with the pertinent strengths necessary for a team. outsourcing and offshoring allow accounting firms to extend this process onto the global talent market in search of particular specialized skills and knowledge that may not be locally available.
- the dream team: elite group of athletes from different backgrounds come together to push the boundaries of performance. with outsourcing and offshoring, firms can build offshore and onshore team groups that bring together a wide array of expertise, thus enabling them to achieve extraordinary results.
the closing ceremony: reflecting on achievements
at this point, any closing ceremony of the olympics will remain a time for reviewing achievements and lessons learned. from time to time, accounting firms should review outsourcing and offshoring arrangements by assessing performance and making adjustments as necessary to continue its success.
- post-event analysis: this is where coaches and athletes review their performance and plan for the future. the same should happen at accounting firms; regularly reviewing outsourcing and offshoring strategies to determine what worked and didn’t work and what can be improved and to celebrate the successes.
racing to gold
like the olympians going for gold, one can be successful in an accounting firm when there is proper outsourcing and offshoring. using precisely those characteristics in olympians—dedication, planning, and resilience—accounting firms can work through any hurdles that stand in their way to meet the goals of outsourcing. that can sometimes be a tough journey, but the rewards can be as gratifying as an olympic medal if done correctly.
ultimately, the olympics of outsourcing and offshoring is about excellence, pushing the boundaries, and becoming great. it’s changing an accounting firm’s operations, enhancing capabilities, and gaining a competitive advantage with a global team. so, lace up those running shoes and aim for the podium as you start your journey of outsourcing and offshoring.