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Nick Sinclair – Outsourcing Misconceptions and the Flipside

In this podcast episode, Derek is joined 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, Nick talks more broadly about the opportunities of outsourcing and his thoughts potential for the future.

 

Summary

  • Nick states that the costing is a significant opportunity in the outsourcing sector.
  • He thinks that there’s a huge opportunity in outsourcing; certainly sees it by the number of speaking engagements and the increased interest over the years.
  • According to Nick, one of the biggest misconceptions is that he put on a team overseas. It takes away jobs, but he’s saying pretty much all of the firms who utilize them for growing their Australian based teams, US teams, UK teams and then, on flip side, they’re also growing a global team in the Philippines so he certainly see it as a positive.
  • Nick also shares that the real niche if there was 1 to 1 revenue of the business is good and more than double and probability would be more than triple so it’s not just putting on 1 person for 1 person. It’s the revenue the capacity, the income, the profit which means more taxes as well for the local countries where they’re operating you need to be win-win.

 

Key Points

  • Australia is one of the most kind of protectionist states in many ways and it is an island. It’s kind of in the middle of nowhere, it has a very limited workforce migration mobility and so as a result salaries are very high and kind of margins of pinch from every angle.
  • The niche is prime for outsourcing because of technology, because of the dynamics of what that industry is and that’s why it’s one of the fastest growing.

 

Resources

Transcript

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