Outsourcing
Outsourcing is the business practice of hiring a party outside a company to perform services or create goods that were traditionally performed in-house by the company’s own employees and staff. Outsourcing is a practice usually undertaken by companies as a cost-cutting measure.
The Indian outsourcing industry accounts for about 56% of the global outsourcing market and is expected to reach $343 billion by 2025.
But how does one acquire US clients for their outsourced Accounting and Tax Services firm?
CA Kavita Tapdiya Chakraborty, founder of Konnect Consultancy Services, lays out five fundamental steps.
More US CPA firms are now outsourcing to India
Outsourcing bookkeeping, accounting, or tax work is not a new concept in the US.
Increasingly, SMEs and CPA firms in the USA are outsourcing work to India to cut costs. And many chartered accounting firms in India are beginning to explore this global practice.
Kavita Tapdiya Chakraborty, a chartered accountant and founder of Konnect Consultancy Services, recognized this potential almost 15 years ago.
She gave up her traditional CA practice and started a US-focused bookkeeping and tax firm.
What started as a team in 2008 slowly grew to a team of 150+ by 2023, generating millions of dollars in revenue.
When asked about the recipe for acquiring US clients, Kavita says that it’s nothing but 13 years of hard work and 4 straightforward steps.
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Register on Freelancing Websites
- Register on freelancing websites such as Upwork.
- Continuing to bid on clients through these platforms can provide a solid start and a good number of clients.
- Kavita mentions that back when she started, there was very little competition, but now everyone is on Upwork. On the bright side, competition also creates the market.
- Learn how to sell. Kavita worked for 18 hours a day, sending bid after bid. She finally closed her first UK client for $50 in the seventh month.
It is crucial to have patience and perseverance in the freelancing market.
- Creating a professional website that highlights your services, experience, and expertise is crucial for building a strong online presence.
- Kavita’s firm in 2016 had a breakthrough moment when they were hired by a US CPA firm through a freelance website.
- This experience helped them to understand the true nature of outsourcing.
- They also found a CPA in the US through LinkedIn, who later joined as a partner.
Have case studies in place of your previous work
- Before diving into sales, create a portfolio of successful case studies for various industries. It is essential to demonstrate your capabilities.
- Have a strong referral base that will automatically secure clients.
- “Before we went to the real market and started taking sales as a function, we had built good case studies. “If you had mentioned the potential for e-commerce, we knew people who could refer us to opportunities. Similarly, if we were discussing the need for a CPA firm, we had a contact who could refer us to a suitable one,” says Kavita.
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Attend industry events:
To establish connections with potential clients and industry professionals, it’s recommended that you:
- Attend relevant trade shows, conferences, and networking events in the accounting and tax industry.
- Kavita, however, was able to acquire clients without traveling to the US until 2023.
Be honest with your clients.
- Build strong client relationships by providing exceptional services.
- Carefully read and understand project requirements, and take up only the assignments you or your firm can handle.
- Do not solely focus on pay, and be transparent with your clients. This strategy encourages clients to return with additional requests and possibly refer you to others.
Conclusion…
Adding value to your client’s business every day is crucial to building strong and lasting relationships.
By providing personalized services and paying attention to detail, you would be able to earn the trust and satisfaction of your clients.
Focus on nurturing existing relationships, both with your clients and your team members.
Also Visit: Challenges and Opportunities in Outsourcing Software Development to the UK
