Read more about the article What has Failure Taught Us in Achieving Success?
Source: PranThira / Shutterstock

What has Failure Taught Us in Achieving Success?

  • Post author:
  • Reading time:4 mins read

In the realm of any business industry, failure is frequently seen as something that should be avoided at all costs. The fear of making mistakes can be paralysing, leading accountancy firm owners to play it safe and avoid risks. However, the truth is that failure is not the enemy of success; it is an essential component of it. In fact, a few of the most successful accountancy firm owners have experienced significant failures on their path to success. Here are some of the reasons why failure is crucial to the success of an accountancy firm: Failure is a Valuable Lesson…

Continue ReadingWhat has Failure Taught Us in Achieving Success?

Why Offshoring is the Intelligent Way in Accounting Outsourcing

  • Post author:
  • Reading time:5 mins read

The most frequently asked question at conferences, exhibitions, and events is "I'm considering outsourcing. Can you enlighten me on your process?" Given our name is Intelligent Outsourcing, the question is a fair one.  We reply that offshoring is the intelligent way in accounting outsourcing.  The terms “outsourcing” and “offshoring” are often used interchangeably, so let's demystify the terminology. Both ideas involve the delegation of tasks to a third-party supplier.  They differ significantly in scope, geography and your relationship with the individuals who is doing the work. So, let’s look closer at the difference between outsourcing and offshoring and how accountants use…

Continue ReadingWhy Offshoring is the Intelligent Way in Accounting Outsourcing

Implementing Four-day Workweek: A Productivity Revolution

  • Post author:
  • Reading time:3 mins read

The Covid pandemic has taught us a lot of things, one of which is the value of spending time with family and loved ones. The global health crisis transformed the way we do our businesses, and it pushed company owners to think of ways on how to become productive with much consideration on employee well-being. Intelligent Outsourcing recently implemented a four-day workweek schedule for its team members in exchange for the work from home (WFH) setup after the threat of the Covid pandemic has leveled off. Arguably, Intelligent Outsourcing is one of the very few companies in the Philippines who…

Continue ReadingImplementing Four-day Workweek: A Productivity Revolution

How team members training increases your accounting practice skill set

  • Post author:
  • Reading time:3 mins read

It is essential to invest time and resources in team member training. Your team members will feel appreciated, empowered, and involved with your company's mission when they see that you care about their future. That is excellent news for your team's morale and satisfaction scores and not to mention for the workforce's overall productivity.Investing in your team members' futureIf you want great things from your team, you’ve got to give them the very best support. A job is not a fixed thing. The role will evolve and change over time with new skills, responsibilities, and job descriptions.To offer your team…

Continue ReadingHow team members training increases your accounting practice skill set

Accounting Methods and Trends in 2023

  • Post author:
  • Reading time:6 mins read

Accounting methods and trends are always evolving, particularly as new technologies are developed. The development of new technologies combined with evolving client demands means that business needs and practices have altered over time. Today, accounting involves much more than just bookkeeping and ledgers. New solutions are being embraced by accounting companies in order to keep up with the times and better meet client needs.  High inflation and increasing interest rates means that clients demand more for less. Offshoring is the ideal approach to lower expenses, increase efficiency and profitability as your accounting practices expand. The trends listed below will help…

Continue ReadingAccounting Methods and Trends in 2023

Why #hamster?

  • Post author:
  • Reading time:4 mins read

You may have noticed my headline on LinkedIn is “Let us be your Hamster and save you time to grow your business or allow you to breathe” and that I use #hamster for sign off on LinkedIn.You will no doubt think it is odd…..you may think this Nikolai Naylor is an accountant with an accountancy practice and an outsourcing offshore business, why on earth would he use #hamster and have such a weird headline.So let me tell you the story behind #hamster.I talk to a lot of accountants and the two things most complain about are:1.     Working too many hours and running around like a “hamster”…

Continue ReadingWhy #hamster?

Considerations when offshoring accounting services to the Philippines

  • Post author:
  • Reading time:4 mins read

Are you considering offshoring for your accounting practice? Building your accounting team might be challenging because you need to identify potential employees with the best accounting knowledge and qualifications.You can hire highly-qualified accounting team members using offshoring. By using an offshore team, you can lower expansion risks and costs.These are the three points to think about before exporting your accounting process to the Philippines, if this has piqued your interest and you are now considering it:Cultural perspective and differencesBusiness owners rarely consider cultural variations while offshoring accounting to another nations. Filipinos have adapted to Western culture partly because English is…

Continue ReadingConsiderations when offshoring accounting services to the Philippines

Why the Philippines is a Popular Offshore Location

  • Post author:
  • Reading time:4 mins read

Offshoring is very appealing if you're searching for ways to reduce costs, increase efficiency, and concentrate more on your core business.  However, not all countries are the same and it is important to choose the right one for your offshoring needs. Although cost reductions are important, successful offshoring requires much more than a focus on the lowest cost. In fact, choosing the cheapest can be a very costly mistake.  Other factors must be considered, such as culture, work ethics, the state of the economy, government support, fluency in English and the educational levels of the team members.The Philippines continues to perform…

Continue ReadingWhy the Philippines is a Popular Offshore Location

How to build your offshore accounting team

  • Post author:
  • Reading time:6 mins read

Some companies believe it is easy to establish an offshore accounting team. However, there are various factors to consider. You may be wondering where to start when looking to build a high-performing offshore team.The first step in developing a successful offshore accounting team is to evaluate your employment needs.  You must know your objectives and requirements.  This will help give you a clear understanding of the job role(s) and the type of people you want.  An effective offshore accounting services company, like iO, will help you to develop full job descriptions and person specifications.  These are vital. Without them, you…

Continue ReadingHow to build your offshore accounting team

Understanding and Managing Cultural Differences

  • Post author:
  • Reading time:4 mins read

Managing people from different countries, where attitudes, careers, families and work-life integration might vary widely, can be one of the biggest challenges in the evolving workforce. The effective management of your team can be greatly increased by your understanding of and ability to manage cultural differences. Finding the best strategies to manage these differences can be accomplished by researching the challenges and best practices as well as working closely with your managers and speaking with your employees to better understand any concerns they may have. Why is it important to understand cultural differences? Managing a diverse workforce requires understanding the…

Continue ReadingUnderstanding and Managing Cultural Differences