Nick Sinclair is the Chairman and CEO of The Outsourced Accountant, a global provider of staff to accounting firms around the world. He has been in business for five years, with over 800 people on staff and doubling every year, and the interesting thing about his firm is that it is based in the Philippines. Nick and John go into the differences between outsourcing and offshoring, Nick's model for his business and how it benefits both Western employers and Philippine employees, and the future of cloud technology in the accounting industry. Tune in to find out more!

 

Key Takeaways:

[:21] John introduces his guest for this episode — Nick Sinclair.

[2:30] Who is Nick and what does his company do?

[4:56] What is the difference between outsourcing and offshoring?

[6:04] Why did Nick choose the Philippines to base his business?

[9:22] How does Nick deal with the security issue of sending data from his clients over to the Philippines?

[13:36] John and Nick discuss some reasons for resistance to outsourcing and offshoring.

[16:58] John highlights the need for a shift in the industry to allow accountants to review data to look for opportunities to help clients.

[20:37] What is Nick's model for pricing?

[25:12] Nick explains how his model works for larger offshore teams and the physical aspect of his business.

[26:54] What are the benefits of having a large staff of purely accountants working for different companies?

[29:27] How do the cultural values of each firm get communicated across to the offshore employees?

[32:47] Nick brings up the difference between the Philippine family structure and the Western family structure.

[35:08] Some of the really good technology around accounting is coming out of Australia. What's the reason for that?

[41:16] The industry is shifting toward cloud technology for accounting.

[44:12] John and Nick delve into the curiosity of the accounting industry and forward-looking companies that create value for their clients.

[48:04] Capacity is one of the biggest problems that accountants have.

[50:25] Get in touch with The Outsourced Accountant if your business needs help with accounting and more from a professional offshore team.

 

Mentioned in This Episode:

The Outsourced Accountant

Nick Sinclair on LinkedIn

Financial Gravity Podcast Episode: Special Report - What Went Wrong For Us This Tax Season

Rob Nixon

Slack

Robots, Elves and the White-Collar Factory Workers: Why Outsource/ Offshore in an America First Economy?, by John Pollock

Xero

Intuit

Entrepreneurs' Organization

Infusionsoft

Memberium