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Building a Global Accounting Team: Proven Strategies from Industry Expert Nick Sinclair
Imagine running an accounting firm where you can take a two-week vacation without worrying about work piling up. A firm that gives you time to focus on strategic growth instead of being trapped in day-to-day operations. A firm that grows while you work less hours.
Sound like a pipe dream? It’s not.
In a recent webinar on building self-sustaining accounting firms, industry expert and founder of TOA Global, Nick Sinclair, shared invaluable insights on this very topic. Nick – having run his own firm for over 12 years – understands the pain points accountants face all too well, including:
- Difficulty scaling operations to meet growing demand
- Struggles to find and retain skilled local talent
- Firm owners trapped in day-to-day operations, unable to focus on strategic growth
- Challenges in achieving work-life balance due to constant operational demands
“I’m really passionate about helping firm owners build capacity and add more value to their clients,” he said. With over 4,000 members across South Africa and the Philippines, TOA Global is proving that geography is no barrier to building a high-performing team.
Let’s dive into five key strategies Nick recommends for creating a self-sustaining firm with global talent:
1. Embrace the Global Talent Pool: It’s Not Just About Cost-Cutting
One of the most common misconceptions about hiring globally is that it’s purely a cost-cutting measure. Nick challenges this notion, emphasizing the quality and dedication of global talent: “The accountants that you get globally are just as good, or some of our clients would argue, better than their local team,” he states.
Another myth: Offshore teams are limited to basic bookkeeping or data entry. Nick dispels this: “We see all types of roles… It’s not limited to low-end work or just a certain type of bookkeeping. It’s all levels.” From junior bookkeepers to senior managers, global talent can handle a wide array of responsibilities.
He points out that the real challenge often lies not in the talent itself, but in the firm’s systems and processes.
2. Set Your Team Up for Success: Tools and Systems are Key
Nick emphasizes the critical role of proper tools and systems in managing a global team effectively. “If you don’t have the right structures in place…if you don’t have the right process…if you don’t have the right training, and you don’t have the right leader guiding them, then the quality is going to decrease,” he warns.
It’s also important that all processes are repeatable. “It shouldn’t rely on a person. Anyone on the team [should be] capable of picking out a file, for example, and running with it.“
This requires “having structure and [ensuring teams have] access to all the documents that they need. Particularly in a global or a remote team, this enables you to scale.”
Implementing robust practice management and document management systems is crucial. Don’t forget to set aside time regularly to review and optimize your processes. Continuously seek feedback from both your global team and your clients to identify areas for improvement.
3. Focus on Efficiency and Scalability: Small Gains Lead to Big Results
When building a global team, efficiency should be at the forefront of your strategy. He provides a compelling example:
“If you have five team members and you make it 10% more efficient, that gives you 200 hours back,” he says. “You can then do more value-add work, charge at a higher rate, and make more money.“
Nick also encourages firms to think beyond immediate needs when building their global team. He advises, “What’s the capacity you need over the next 1, 3, 5 years? What are those roles?”
As you build your team, ensure you have a plan to transition them throughout your business. As Nick highlights, “If they’re not growing or developing [while working for you], then they’re not going to stick around.”
This forward-thinking approach ensures that your global team can grow and evolve with your firm, supporting your long-term success.
4. Prioritize Clear Communication
Communication is the lifeblood of any team, but it becomes even more crucial when working on a global one.
Look for team members who can work during your firm’s primary business hours. “Our team members in South Africa and the Philippines work the hours that our clients work.” This ensures real-time communication and responsiveness to client needs.
Nick advises also establishing clear meeting rhythms and communication structures to ensure everyone stays on the same page internally. “Communication comes back to a firm. How good are you at actually communicating? What are the structures you have in place to give access to the information that your team needs to be successful?” he challenges.
5. Invest in Leadership Training
Building a global team isn’t just about hiring talent – it’s about developing leaders who can manage and inspire that talent. Nick poses a crucial question to firm owners:
“How many of you have actually given your managers or seniors leadership training on how to manage a team? To be a great inspiring leader that gets the best out of their team members? That accelerates the careers of the team members underneath them?“
This investment in leadership development is key to building a truly self-sustaining global team.
Empower Your Global Team with the Right Tools
Building a successful global team requires the right strategy, leadership, and tools. As Nick emphasizes throughout the webinar, having the proper systems in place is crucial for enabling your global team to succeed.
With 24/7 secure access, SmartVault’s document management system allows your global team members to access the documents they need, whenever they need them. It facilitates seamless collaboration with clients and enables team members to pick up where others left off, regardless of time zones.
By implementing strategies like those shared by Nick Sinclair and leveraging powerful tools like SmartVault, your firm can build a truly global, efficient, and self-sustaining operation.
Schedule a demo today to see SmartVault in action.
5 Key Strategies for Building a Successful Global Team