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Nick Sinclair – Strategies that Can Transform your Business

In this podcast episode, Derek is joined once again by Nick Sinclair of The Outsourced Accountant. He came to the Philippines and built a back office and then pivoted into BPO that offers accounting niche. In the discussion, Derek talked about Nick’s journey about outsourcing and the fantastic opportunities for business.

 

Summary

  • Nick’s background prior to The Outsourced Accountant was in financial planning. He was a financial planner and accountant for 10 years and ran a full financial services practice in Australia.
  • Nick shares that The Outsourced Accountant will turn 4 years old in December this year. So, as they stand today, they’ve got 612 staff working in their offices, and they’ve got 4 offices spread across Manila and Clark.
  • He also shares the benefits of having a strong global executive team but then also having a strong local legislative team which would drive the business strategy and day to day operation.
  • Nick discusses his business model and the products and services that they offer.
  • He also shares how he ensures the quality and caliber of the place of candidates since there are different taxation standards in different countries.
  • According to Nick, with the right training process and the client dedicating the time and effort required, it can be scalable and you can retrain really fast.
  • He gives an insight into service cost and the typical cost differential between what the firm would normally be paying in their hometown.

 

Key Points

  • The challenge is that they could be fundamentally a really strong accountant but if they don’t have strong communication skills and the ability to learn at a fast rate then they’re just not going to work in the BPO or the outsourcing environment.
  • It’s easy to get 10, 4, 5 staff up and running in the Philippines.  If one leaves, then you still have more trained staff compared to that 1 person you can hire in Australia. They’re going to use you for experience and then they’re gonna go off to somewhere else and get paid more.

 

Resources

Transcript

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