Offshoring not always the answer says Matthews Steer
Matthews Steer Accountants and Advisors have teamed up with Victoria University to implement a cutting-edge business efficiency program called Project Engage that provides clients improved price certainty, minimizes disruption, and ensures there are no surprises come tax time, while reducing the firm’s turn-around times by 27.5%.
Matthews Steer Accountants and Advisors has teamed up with Victoria University to implement a cutting-edge business efficiency program called Project Engage that provides clients improved price certainty, minimizes disruption, and ensures there are no surprises come tax time, while reducing the firm’s turn-around times by 27.5%.
Matthews Steer Managing Partner Ken Matthews says the decision to partner Victoria University PHD candidate Boris Petukhov in testing components of his wider planning and scheduling methodology was taken in response to the growing trend for outsourcing low-level accountancy tasks overseas.
“There is a threat to our business from our domestic competitors who are offshoring their tax and compliance work,” said Matthews of his 25-year-old firm. “There is little doubt that Matthews Steer could make more money by outsourcing overseas, but we have taken a moral and strategic stance to employ local people and we're committed to growing our local economy so we implemented Project Engage.”
Designed to optimise operational scheduling and decrease operational costs, Project Engage has improved workflow and turn-around times while maintaining and improving customer service levels at Matthews Steer - North-West Melbourne’s premier accountancy and advisory firm.
Project Engage is an integral part of Matthews Steer’s strategic focus on maintaining and nurturing a pool of local talent to support natural long-term growth at the firm, while maintaining high quality service delivery for clients. “As an added bonus to us internally we’ve seen a 27.5 per cent improvement in turn around times, which has in turn improved the firm’s capacity, and we’ve seen a reduction in staff turnover to 4.5% which is about a third of the industry average” said Matthews.
Petukhov’s research included analysis of the ‘as is’ and ‘to be’ states and his findings resulted in a number of updates to Matthews Steer’s systems and processes including upgraded technology infrastructure, updated practice management software, and a review of key suppliers and providers to establish capabilities and understand where technology is headed in the industry.
“The implementation of this method has enabled Matthews Steer to offer clients certainty around deliverables so that, barring any additions or changes to the scope, will mean there are no surprises or disruptions to their clients’ businesses arising from unexpected fees or altered timelines,” says Petukhov, who is now looking to test his methodology in other industry sectors including transport, logistics, building and construction.
“This innovative program has brought efficiencies into our business and delivered measurable improvements to Matthews Steer’s bottom line,” said Matthews. As a result of our collaboration with Victoria University our firm is now better equipped to anticipate change requirements and plan and budget for them for the 2016/17 financial year.”