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Outsourced Accounting

The Twin Strategy: Working With More Than One Outsourcing Partner

CA Nemin Vora

Published on: Sep 18, 2024
193

If you're reading this, chances are your CPA or accounting firm is already offshoring certain tasks or functions to a trusted partner. Offshoring has become a critical part of how many accounting practices operate today. But as beneficial as it is, there can be some risks involved, especially if you're relying on just one offshoring partner.

What happens if they experience staff turnover during tax season? Or perhaps they don't have the specific expertise you need for a complex audit? This is where the twin strategy comes in—working with two offshoring partners to minimize dependency, diversify your talent pool, and build a more resilient accounting practice.

Let’s dive into how this approach can work for you.

Reducing Risks by Limiting Dependency

Relying on a single offshoring partner can create vulnerabilities in your business. What if they face a talent shortage, turnover issues, or challenges meeting deadlines? With just one partner, you’re placing all your eggs in one basket.

Here’s where the twin strategy makes a difference. By having two offshoring partners, you’re effectively building a safety net for your business operations. If one partner faces unexpected issues, the other can step in to maintain continuity. You’re no longer dependent on a single team to keep your projects running smoothly.

Think of it this way

when you spread the responsibility across two partners, you gain more control. Your business doesn’t come to a standstill if something goes wrong with one team. It’s not about having to manage two vendors; it’s about ensuring peace of mind.

Accessing a Broader Range of Skills

No offshoring partner can be an expert in everything. Each team will have their own specialties, and while one might excel in routine processes, another might bring specialized skills that you’ll need down the road.

By adopting the twin strategy, you can pull from a broader skill set:

Perhaps one team is fantastic at compliance work, while the other has expertise in financial reporting or data analytics.
You’re no longer limited to the strengths (or weaknesses) of a single partner. Instead, you can leverage the best of both worlds to access a wide range of expertise whenever you need it.

This approach allows you to choose the right team for the right task—ensuring better outcomes without the hassle of switching partners entirely.

Geographical Diversity: Extending Your Coverage

One of the most powerful advantages of offshoring is the ability to operate in different time zones, enabling work to continue while your local team sleeps. With two offshoring partners in different locations, you can maximize this benefit even more.

Let’s say your current partner is based in a time zone that closely aligns with your business hours. That’s great, but what if you need around-the-clock coverage? By adding another team located halfway around the world, you’re ensuring continuous progress on your projects.

At MYCPE ONE, for instance, we operate in over 40+ offices across 19 cities in India and the Phillipins , which means you can pick and choose the geographical setup that best suits your needs. Need a team to work on a project overnight? We’ve got you covered. Want to ensure your business is always operational, even during local holidays or off-hours? It’s possible.

Flexibility and Scalability: Preparing for Growth

As your business grows, your needs will change. Some months may be busier than others, and certain projects may require more hands-on deck. The twin strategy gives you the flexibility to scale up and down as needed.

Imagine having two offshoring teams at your disposal. You can easily distribute work between them, ramping up resources during peak periods or special projects, and scaling back when things quiet down. This flexibility means you’re never stuck with too much or too little capacity.

When your business needs to pivot, having multiple offshoring teams allows you to adapt quickly without disrupting your ongoing operations.

Continuity and Redundancy: Protecting Against Staff Turnover

Staff turnover happens—it’s a fact of life in every business. But when you’re depending on a single offshoring partner, even minor disruptions can slow you down. With two teams in place, you’re building in redundancy to safeguard against the impact of turnover.

With a twin strategy:

Knowledge transfer becomes easier because both teams are familiar with your business.
If one team experiences turnover or requires extra time to onboard new staff, the other team can continue working seamlessly.
You won’t face productivity dips due to staff changes, as both teams can share the load and step in as needed.

Continuity isn’t just a nice-to-have—it’s essential in today’s fast-paced business environment. The twin strategy ensures that no matter what happens, your projects remain on track.

Innovating Through Cultural and Skill Diversity

Diversity is more than just a buzzword—it’s a business advantage. When you work with offshoring teams from different regions or backgrounds, you’re tapping into diverse approaches to problem-solving and innovation.

By engaging two offshoring partners, each from different cultures or regions, you gain:

Access to different perspectives and ideas, which can inspire innovation and drive fresh approaches to tackling challenges.
An expanded cultural understanding that can be leveraged to enhance communication, collaboration, and client service in a global marketplace.
Think about the value of bringing together a team that approaches problems from unique angles. Not only does it foster creativity, but it also introduces solutions that might never have been considered otherwise.

Future-Proofing Your Business

The global business landscape is evolving rapidly. From market changes to political disruptions, relying solely on one offshoring partner can leave your business exposed to unpredictable risks. The twin strategy builds resilience into your offshoring setup, ensuring your business can adapt to whatever the future holds.

By having multiple offshoring partners, you’re future-proofing your business in several ways:

Adaptability: You can shift resources, reallocate tasks, or change strategies without scrambling for new talent.
Risk management: You’re protected against unexpected changes that could impact one partner, ensuring operations continue smoothly.
Long-term stability: You can plan with confidence, knowing that your business won’t be thrown off course by sudden shifts in staffing or market conditions.

Conclusion

The twin strategy isn’t about abandoning your current offshoring partner—it’s about enhancing your business’s resilience, flexibility, and access to talent. By working with two teams, you not only mitigate risks but also set yourself up for success by tapping into a broader pool of expertise and ensuring continuity in your operations.

At MYCPE ONE, we understand that no two businesses are alike, which is why we offer tailored solutions that fit your unique needs. Our extensive network across various regions allows us to bring the right talent to the table, ensuring your business thrives in a competitive, global market.

So, why rely on just one offshoring partner when you can have the best of both worlds? Diversify, strengthen, and future-proof your business with the twin strategy.

About the Author

CA Nemin Vora

Nemin Vora is a Chartered Accountant (equivalent to US CPA) and Tax Attorney, serving as the Director of Client Relations at MYCPE ONE. With over 7 years of experience working with Big 4s and public accounting firms across North America, he's the person you want to talk to when you're thinking about taking your accounting firm global. Nemin is a seasoned leader and a dynamic content creator, weaving stories and insights on tax, leadership, and life that resonate with a wide audience. This creative outlet showcases not only his depth of knowledge but also his ability to connect and inspire. He consults and speaks on various topics, including Building Remote Teams, Remote Working, Offshore Staffing, Strategic Planning, Scalability of Accounting Practice, Cloud Accounting, Practice Management, and AI in Accounting. Outside of work, Nemin is a learner at heart, an actor on the stage, and a tech enthusiast.

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