The Halton-Peel CPA Ontario Association presents a thought-provoking presentation on Knowledge Process Outsourcing in accounting, delivered by Vijay Visvanathan, an expert in the field.
In his book “The World Is Flat”, Thomas Friedman advocates that every enterprise must look beyond their familiar territory, to leverage options available for expanding their terrains and services. Limiting your options to your known enclave may prevent you from delivering the best to your clients.
Friedman suggests that, in this era of specialization, one should try to tap exclusive skills and resources available in any part of the world. Successful Accounting Firms have started maximizing the expertise available outside their firm, region and country to handle certain parts of their operational processes, such that the final delivery to the clients is efficient and economical. This results in improved customer satisfaction and faster growth. This model is popularly known as Outsourcing or Offshoring.
Most of the large and successful accounting firms in the developed market have been using Outsourcing / Offshoring extensively for decades and reaping substantial profits and growth. Competition amongst the firms have necessitated this trend, so that one can only ignore this at their own peril.
- How have Finance & Accounting (F&A) and other functions been outsourced or offshored in order to survive in a competitive environment?
- How can strategic outsourcing or offshoring reconfigure and optimize available resources in the home country? The general perception that outsourcing / offshoring leads to unemployment in the local region is not necessarily true.
- How has continuous evolution of information and security technologies enabled outsourcing and offshoring, while helping to preserve the privacy of sensitive data?
- C&R, a leading outsourcing / offshore service provider, has been servicing CPA firms in the US and Canada ranging from small to very large. Vijay will be happy to share his experience.