In the spirit of helping you create Wize decisions when it comes to increasing your capacity with offshore team members, let me explain the two forms of outsourcing.
The first type is paying an offshore member an hourly rate for what you need like with NCS.
It’s a P&L play and helps smooth out the peaks of your workload and works ok with SMSF type work but not SME type of work.
It’s not a Balance Sheet play as you don’t retain the training you spend with the staff you get allocated to do the work. So you need to do the same training again the next year with the staff they give you.
The second one is hiring your own offshore staff. You get to retain the training you put into the staff you hire. It’s a Balance Sheet play. This works better with SME work.
Hiring your staff is investing in your Balance Sheet as the training you put in, you retain that for the years ahead. We prefer the Balance Sheet play as it works well with SME work.
In case you need more explanation around why one works better with SMSF, you can find more detail about this in our Wize Vault.
P.S. Whenever you’re ready… here are 4 ways we can help you grow your Accounting or Bookkeeping business:
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