What is Inserving Employee Model

Major Challenges faced by Accounting and Tax Firms

According to a survey, majority of the firms in the US, of all sizes, are trying to figure out how to face thesetop 8 overwhelming problems:

      • Finding Qualified Staff.
      • Workload Pressure.
      • High HR Cost.
      • Low productivity of Aging Staff.
      • Bringing in new clients.
      • Baby Boomers Succession Crisis.
      • Retaining a Qualified Staff.
      • Meeting the fees pressure.

The profession has changed, continues to change, and the rate of change will accelerate. The transition of accounting firms from the “practitioner” mindset to an innovative, entrepreneurial mindset in order to stay relevant, ahead of competition, and on the upside of the growth bell curve is the biggest issue the profession faces.

Is Outsourcing Best Practice to mitigate some of these challenges? Answer is no

Research says that accounting and tax firms spend more than 70% of their time in carrying out low-margin functions. Hence outsourcing traditionally is answer to many of the above, as it has numerous advantages : But outsourcing comes with it own set of challenges

      • Security and Confidentiality

With the recent past incidences of data breaches at some of the largest Fortune 500 corporations, data privacy, security and confidentiality has been a major priority consideration.  There are severe concerns over confidentiality and security of Financial/Tax/Accounting information that an outsourcing services provider handles.

      • Loss of Control.

For polices, operating procedures, working methods, data and information etc. there are chances that you might lose control over the outsourced aspect of your practice.

      • Work Flexibility.

As working and duties of the resources are defined by the services provider there is no flexibility. Work processes are also not uniform. Here the relationship between firms and outsource service provider is like that of customer and supplier where the supplier would like to cut down the cost and compromise on quality.

      • Training and Supervision.

Training for the outsourced staff is not the same as it is for U.S. based employees. While the technology may be good, the quality of skills in overseas equivalents is at a lower end. The workforce in India did not have the ability to exercise independent judgment that incurs mistakes and a greater need for supervision.

      • Cost Escalation.

It is always difficult for  firms to track the time of an individual sitting in offshore locations. How much time is consumed by service provider resources on each assignment would be difficult thing to monitor. Hence cost escalation and overruns are one of the biggest issues inspite of agreed pricing and contractual specifications.

Why outsource when you can have your own resource?

AuroSys with its experience and expertise of 10 years into serving accounting firms has designed a unique model “In-Serving Employee” which has not only all inherent advantages of outsourcing but it also addresses and mitigates risk associated with it.

We are on a quest of finding new ways of working to thrive amidst these changing forces and make determined efforts to think ahead, anticipate future needs and use technology and cost effective approaches to add value toour clients.

AuroSys with its experience and expertise of 10 years into serving accounting firms has designed a unique model “In-Serving Employee” which has not only all inherent advantages of outsourcing but it also addresses and mitigates risk associated with it. At AuroSys you can have your own dedicated offsite personnel working exclusively for your firm on guidance, rules, policies and standard operating procedures of your firm. This gives you greater control and flexibility in your work. Also,your relationship with the resource would be an“employer and employee”, instead of “supplier and customer”.