Boston Accountant Saves 67% on Costs & Grows Revenues by 28%
How Boston-based accounting firm managed to turn around a slump to grow their revenue by 28% and cut their staff costs by 67%!
Abbreviated Case Study - Boston Accounting Firm
For full details of this case study and other sector-specific examples, click here.
Tough times: high staff costs, increasing competition, dwindling sales
This award-winning Boston-based firm had been trading for 14 years, offering a full range of tax planning and compliance, audit, and advisory services. They had impressive growth for the first 11 years, but then started noticing that they were losing their price-competitiveness. Their clients started churning and it got harder to attract new ones.
Meanwhile, staff salaries were climbing, and marketing and sales costs seemed to be skyrocketing. The result was a plateauing of revenues, growing overheads and a precipitous decline in net margin.
The experiment: cautious start
The firm gingerly explored offshore staffing - just for basic bookkeeping functions initially. They figured that they could save some money allowing their core staff to concentrate on higher-value activities.
Boom: high quality outputs, roles expanded
The experiment was a success. Once they gained confidence with bookkeeping, they expanded further up the value-chain with full CPA activities. Eventually, offshore staffing managed a lot of the direct client-facing services, as well as their own backend administration. They really saw their value when they allowed their marketing and sales functions to be offshored.
In all, over the following 16 months, the company managed to both slash their staffing costs by 67% and grow their revenues by 28%.
They have been impacted by pandemic, as have all Bostonians, although they have managed to slash costs even further as their workforce is more flexible. They have managed to remain afloat and profitable as a result of a new accounting subscription service they launched with their offshore team in early 2020.
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6 reasons why you should outsource
1. Save up to 70% on staffing costs
This cannot be overstated – Offshore staffing can save you serious money! you can slash costs, Whilst still maintaining a workforce who can operate, and grow your business. Cash is king right now, and offshore staffing allows you to save 50%-80% on your all-in staffing costs.
2. Work-From-Home & remote enabled
The world has had to quickly adapt to the new WFH environment. The outsourcing industry typically works from centralised offices, but it is fully WFH enabled and optimised. The Coronavirus has shown the world that there are alternatives to traditional local-staffing in-office solutions. Remote, outsourced and offshore teams are a powerful alternative.
3. Instant teams - auxiliary & core roles
Build the teams you need quickly, efficiently and cost-effectively. Offshore staffing allows you to build either your core team of staff (operations), or auxiliary support teams (customer support, logistics).
4. Flexible & scalable workforce
Offshore staffing can provide a flexible scalable workforce, quickly. There is less employment regulation, and you can have the people you need for the time that you require. You can avoid all of your local employment red-tape and bureaucracy. You can focus on your core business while the staff are taken care of.
5. Affordable external expertise
Draw on the experience of the BPO industry to help get your processes set up quickly and running efficiently. Outsourcing is not just about low-level back office support roles. You can access the expertise you require to guide your business through the challenging times. Sales, marketing, technical, and leadership roles are available.
6. Highly qualified dedicated people
The Philippines has a population of 110m people. There are 650,000 university graduates every year. English is the primary language of the country, and they are a catholic culture. The current generation of Filipinos grow up using Netflix, Youtube, Twitter and learning from the same online resources as their US/UK, Australasian counterparts. They are highly culturally aligned.
Manila, the country’s capital, is a modern sophisticated city. The outsourcing industry has created enormous wealth and opportunity and created a dynamic city full of world-class skyscrapers and business districts. A good salary in the Philipines of USD500 per month, so there is an incredible opportunity for a win-win solution.
Proven outsourcing solutions for your business
Outsource Accelerator offers you a full range of independent outsourcing advisory and integration services. We are not a traditional outsourcing supplier, which is what makes us independent – and unique. Our core products make it easier than ever to explore, integrate and optimize outsourcing in your business.
STAFFING & FACILITIES
- Dedicated full-time staffing
- Highly qualified & professionalised workforce
- Recruited specific to job description
- Excellent English & cultural alignment
- Vetting, training & onboarding
FULL SALARY, TAXES & BENEFITS
- Gross basic salary, plus 13th month bonus (compulsory)
- Government contributions (SSS,etc.) & Health insurance (inc. dependents)
- A-grade facilities in prime locations
- Modern hardware, desk & equipment
- Fast Internet, utilities & redundancy
- Serviced office accessible 24x7*
- Human resources, +/- recruitment services
- Administration, corporate tax & compliance
- IT support, security & redundancy
- Company events & outings
- 1-50 staff (agile, varied roles)
- Hands-on team management
- Varying day-to-day deliverables
- Cost-effective staff augmentation
- Identifying facilities, location & outsourcing structure
- Designing hierarchy, key roles & resources
- Identifying the deliverables & key metrics
- Process documentation & knowledge transfer
- Building the team & hierarchy
- Defining the deliverables
- Implementation & alignment
- Alignment to HQ mission, objectives & culture
- End-to-end setup & management
- KPI, targets & metrics
- Process mapping
- Operational management
- Continuous improvement
- Ensuring best operational structure, prices, processes & results
- 5-50++ staff (structured teams)
- Clearly defined, delineated & mapped processes
- Hands-off team management
- Existing, stable roles & processes
BESPOKE ADVISORY EXPERTISE
ONGOING OUTSOURCING CONSULTATION & ADVISORY
- Hands-on optimisation of suppliers, facilities, & strategy
- Mitigating overall cost by saving on prices, improving terms & outperforming deliverables
- Structural analysis, design & implementation
- Operational oversight & management
- Variable oversight & assistance
- Light advisory, to complete solutions
- From $0.50 to $2.00 ppph
PROVEN OUTSOURCING FRAMEWORK
- Operational & strategic needs analysis
- Engaging the right facilities & structure
- Recruitment, training & skill development
- Defining deliverables, mapping & metrics
- Managing operations, inputs, processes & outputs
- Exponential expansion of business
- Small-medium business owners & management
- Businesses currently outsourcing
- Businesses about to outsource
- Avoiding outsourcing pitfalls
Is this right for your business?A record number of businesses are turning to offshore staffing solutions to help them slash costs, adapt and rebuild their businesses as they navigate the current climate. See how much your firm could save.
Average monthly outsourcing cost guide (USD)
The total cost varies depending on the role and experience level, as well as the BPO facility, service levels and quality.
Entry-level roleEmployee salary $400-$500pm BPO facility & service $500-850pm TOTAL COST $900-$1,350pm
Mid-level roleEmployee salary $700-$800pm BPO facility & service $500-850pm TOTAL COST $1,200-$1,650pm
Technical roleEmployee salary $950-$1,200pm BPO facility & service $500-850pm TOTAL COST $1,450-$2,250pm
Executive levelEmployee salary $1,800-$2,200pm BPO facility & service $500-850pm TOTAL COST $2,300-$3,050pm
Outsourcing salary comparison chart
All amounts are in U.S. dollars (USD$) per annum
Using a BPO supplier vs. agency vs. freelancer vs. Upwork
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Example roles for your business
You can find any skill you need for any role in any sector. If the work can be done in front of a computer, then it can be done offshore at an equal quality for 70% cheaper.
Data entry & processing
Data entry and processing is among the first processes to be successfully outsourced to offshore providers as the workflow processes are simple, performance is easy to measure, and cost savings are quickly evident. The process can include everything from data entry work, creating new databases to research and document management systems.
Customer support services
Call centres dominate the Filipino outsourcing industry with voice-based services accounting for more than 70% of BPO revenue. The Philippines is currently ranked #1 globally in offshore voice-based outsourcing services, and is considered the best source for proficient English language speakers with neutral accents and a strong familiarity with Western diction and figures of speech.
Customer support outsourcing with Outsource Accelerator allows you access to specialised knowledge of call centre operations for specific industries. We have a pool of highly-trained customer support professionals who can assist you with valuable insights and strategies that can only come from years of experience in the field.
Leveraging transcription services outsourcing has become a proven way for all types of organisations to manage costs, improve the balance sheet, and focus on core competencies. Outsourcing your transcription services with Outsource Accelerator not only relieves you of the responsibility of recruiting for transcription jobs; it also frees you from the hassle of maintaining and training a dedicated staff for that purpose.
HR & recruitment services
With over 80% of overhead costs going to human resources, your ability to recruit effectively and retain high-performing talent present a significant competitive advantage. If your business is rapidly growing, administrative tasks are increasing, or if you’re not quite ready to hire a full-time HR team altogether, outsourcing some HR and recruitment functions might work for you. It allows you access to a talented pool of HR practitioners, all with relevant university degrees, experience and qualifications.
You also save on heavy recruiter fees typically charged by firms in the US or UK.
Finance & accounting
We only select skilled and knowledgeable Finance and Accounting personnel who are well–versed with industry best practices and are experienced in optimising key processes to better enhance your business’s operational and financial agility. Here’s what to expect from Outsource Accelerator accountants:
- Fully trained English-speaking CPAs, ready to work in your timezone, and overseen by in-house qualified CPAs
- Enterprise-level data protection provided by us in one of our secure offices or through our own office-grade security and performance technology, with 24/7 IT security and support
- Accountants and Bookkeepers experienced in AU, US, UK or Canadian tax and business environments
- With a network of Xero advisors and experts in MYOB, QuickBooks, Sage Handisoft, Xero and other major accounting tools and software
- Up to 70% lower cost than comparable locally-based accountants and bookkeepers.
- Outsource Accelerator hires highly qualified loan processors for you and they get the job done. Loan processing can get tedious and burdensome as they are the go-between the borrower and the lender. They negotiate the loan on behalf of the clients and handle the full cycle of loan processing from lodgment and tracking to settlement. Alongside, they provide general admin support including bank reconciliations and issuance of insurance documentation.
- Payroll support personnel prepare and process payroll data of employees correctly and in timely manner by sourcing and consolidating information from timekeeping records. They file, maintain, and update payroll records including exemptions, resignations and transfers. They also ensure payroll policies are adhered to and that payroll issues or discrepancies are validated, reconciled and resolved.
Marketing & sales
Marketing associates provide support to a wide range of marketing activities. They help in planning and executing initiatives required by your business. Your dedicated team is focused on initiating ideas, implementing strategies to create awareness, advocate and market your brand, and maintain database all the while remaining cost-efficient. Outsource Accelerator provides growth opportunities for marketing associates as their roles and functions are highly progressive.
Our highly-skilled copywriters work with you closely in building the brand of your business by providing you with well-written, fresh and a range of content types as you need it. Businesses rely on Outsource Accelerator’s pool of writers who can readily write persuasive copy according to your desired brand style and requirement. They may also be assigned in creating and developing other marketing collaterals and publicity materials for your business.
Graphic designers are responsible for layout designs and visual projects from conceptualisation to completion and ensure these are aligned with your requirements. Outsourcing graphic designers comes with several benefits including scalability of work, saving time, flexibility, gaining fresher perspectives for your visual brand presence and most importantly, keeping you engaged in building your target audience.
We can provide you a roster of competent media planners who can negotiate with media vendors and manage media placements directed at your prospective or target audience. We source out the suitable media planner who is able in identifying media channels for your marketing and communication efforts. You can benefit from the experienced talents who are adept in using and analysing research data needed for advertising strategy.
Why companies need offshore telemarketing services
Telemarketing is a very effective way of reaching your target audience and generating sales. Outsourced telemarketing services are a cost-saving and cost-effective way to generate leads in bulk. With Outsource Accelerator’s approach to recruiting top-grade telemarketers, you are assured of getting only exceptionally talented individuals who are experienced in inbound sales, inbound customer services, outbound sales and research, telemarketing sales and outbound lead generation.
IT, web dev & support
Outsource Accelerator recruits skilled web developers to build and maintain any kind of website – getting you a reliable output while you save on costs. Our web developers use the latest technologies to give your website the optimum competitive edge.
Web developers are responsible for customising, coding and enhancing layouts, images and text of your website. They create unique user experience (UX) by utilising website building platforms. It is essential that you tap web developers with top-notch programming skills and extensive experience in web functions and standards and every domain.
Business can tap Outsource Accelerator in recruiting and selecting able software developers. They are responsible for the design, installation, testing and maintenance of software systems.
Among the other core responsibilities of software developers include writing program codes and presenting and developing ideas for system improvements. Whether you need software developers for the design and analysis of new or existing software applications, offshore development is a viable solution that Outsource Accelerator can provide you.
Network administrators manage all hardware or software that server or system administrators install and configure. They keep the organisation’s computer network up to date and running smoothly. If your company utilises multiple hardware and software platforms, you may opt to offshore network administrators to do this job. Network administrators manages the IT infrastructure daily. They also oversee and monitor the maintenance, repair or upgrade of the computer servers and network systems.
Database administrators plan and develop database. They maintain the overall integrity and performance of the company’s databases and ensure that these are secured. They also work hand in hand with the IT project managers and programmers. Firms that are data-intensive like insurance and finance count on the reliability and competence of database administrators.
The scope of roles of technical support can be vast and these require both hard skills and soft skills. Among their main responsibilities include configuring and installing computer systems. They also address technical problems, provide assistance, and diagnose hardware or software glitches and problems.
Onshore game developers these days cost a lot as pay rates continue to get higher. Outsource Accelerator can access a pool of highly regarded offshore game developers whose pay rates are lower than their Western counterparts.
Offshore game developers are well-versed in programming languages and creating video games. They are heavily involved in the process of creation of prototypes and production of games from conceptualisation, designing, coding and programming, and testing. They also address and solve complex technical problems during game production and design review.
Staffing for any role, any sector
Outsourcing solutions for any business
Outsourcing can be integrated into any business type, sector, or role with equal success and benefit.
- Customer Service
- Design & Graphics
- Digital Marketing
- Finance & Accounting
- Human Resources
- Lead Genration & Sales
- Software Development
- Virtual Assistant Services
- Real Estate
- Financial Services
- Utilities Energy
Prices start at $6/hr all-inThe all-in price includes A Grade facilities, hardware, internet, HR compliance, government contributions and health insurance for the staff, and account management - and of course, the salary.
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Outsource Accelerator is the world’s leading outsourcing marketplace and advisory. We generate revenues from a wide range of services offered to the BPO community including listing fees from verified BPO partners, education and certification, advisory services, and client account management and implementations.
We do not sell your information to anyone. We do not share your information with any third parties - other than three verified BPO partners with which you have been matched. We do not charge any commissions or make any margins if you proceed with outsourcing.
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