5 min read

Advisor Roundtable | Outsourcing & Offshoring With Nick Sinclair

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Facing challenges scaling your services? Join Nick and Kelvin as they discuss how outsourcing & offshoring can help to free up time and headspace for firms.

Thanks to Nick Sinclair and everyone who joined us Thursday, August 18th for our second Advisor Roundtable! If you couldn't make it, no worries, we’ve got you covered here with key insights, and the full recording!

 

Some key topics covered 

  • The key differences between outsourcing & offshoring and when to use either
  • How to manage client, security, and time-zone concerns with an offshore team
  • How to integrate an offshore/outsourced team into your current firm workflow
  • How to start value-add conversations with your clients to offer more services

Before we dive deeper let’s introduce our guest this week: Nick Sinclair - CEO TOA Global.

Nick Sinclair and TOA Global

TOA Global helps bookkeeping and accounting firms build a global team. They help firms source the best talent globally with offices in the Philippines and South Africa. 

Before Nick started TOA he also ran his own accounting, financial planning, bookkeeping and property buys agent business in Australia for 14 years. Nick faced real challenges with growth due to problems in finding talent. This also led to people doing the wrong level of work, with senior staff members doing low level work, which wasn’t cost effective.

TOA was then born somewhat accidentally from Nick trying to address his own business challenges, and eventually grew into its own separate business. 

What is your role in your business? Where do you add value?

 

A key moment for Nick was when he shifted his mindset from “how to do the task” to “who should do the task” 

It’s important to ask yourself what is your role in your business? Where do you add value? Otherwise you will be doing work that is inefficient and you probably won’t enjoy the work you are doing. 

Watch as Nick gives an example from his own experience of how he went from spending 6-7hrs a day on emails down to 1 hour, and how he now spends much more time on what he likes and is good at:

The right work, done by the right people, at the right time, at the right price.

 

As professionals in the financial space we are all guilty of thinking or saying  something like this once or twice:

"I'll just do it because I can do it quicker/better”

While this might seem immediately true, it means you just haven’t gone out and found the person that can do it better. Plus even if you can do a specific task the best, you have to ask yourself: “is this the best use of my time?”. If you can be providing greater value to your business by doing something else then you should be delegating this task, not taking it on. 

Nick’s Approach to hiring and training Accountants and Bookkeepers

 

Most accountants and bookkeepers are technicians, they weren’t taught how to manage people, it's something they have to learn on top of their technical skills. 

Watch as Nick discusses what challenges this can cause and why he thinks the approach to hiring bookkeepers and accounts needs to change. 

Are your job listings for the right role?

 

What’s the ratio between admin staff and financial professionals in your business? 

For most, it’s weighted pretty heavily towards those expensive technical people and not admin. It’s common to fall into the trap of wanting to hire more professionals, or another CPA, or another whatever as those are the ones that are seen as driving revenue. 

But, if your financial professionals aren’t free to actually do financial work, and are spending high cost hours on tasks that could be better served by admin staff they aren’t working efficiently. 

Up Next

That’s a wrap! We hope you found the session valuable, and hope to see you at the next roundtable (follow us here)! 

If you have any suggestions for topics or guest speakers you’d like to see on a future session let us know: marketing@takethehelm.app 

Till next time!