“We did a lot of due diligence; we landed on Guadalajara, Mexico not only because of time zone, cultural assimilation, and a direct flight from the west coast but its citizens are highly educated, so there's a big pool of talented individuals working there.” – Martin MollThe finer details of this episode:Discussion of nearshoring and its benefits for accounting firmsDifferences between nearshoring in Mexico and offshoring in IndiaChallenges and advantages of nearshoring, including nurturing and training nearshore team membersExperiences with offshore teams and challenges faced when working with teams in IndiaImportance of critical thinking and cultural differences in offshore workChallenges of finding talent and benefits of outsourcing for smaller firmsImportance of building a strong bond with the offshore team and treating them as an extension of the firmEpisode resources:Summit Virtual CFO by Anders website: https://www.summitcpa.net/If you have questions or would like to be a guest on the show, email us at mcpasuccessshow@anderscpa.comCheck out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/https://www.cadencia.io/ Timestamps:Introduction (00:00:00) Introduction to the podcast and its mission to provide insights on accounting and related topics. Martin Moll's Career Story (00:00:54)Martin Moll shares his career journey from being a lawyer to becoming the president of Cadencia, emphasizing his experience with CPA firms and offshore operations. Choosing Guadalajara for Nearshoring (00:03:58)Martin explains the decision-making process behind choosing Guadalajara, Mexico, as a nearshore location, considering factors such as education, economy, and safety. Cultural Assimilation and Language Barrier (00:06:47)Discussion on the importance of cultural assimilation and the differences in exposure to tech stacks between nearshore locations like Mexico and offshore locations like India. Benefits of Nearshoring and Staff Integration (00:10:51)Martin highlights the benefits of nearshoring, emphasizing the potential for highly motivated and well-educated professionals and the integration of nearshore team members with the onshore firm. Advertisement for Virtual CFO Playbook (00:08:24)An advertisement for the Virtual CFO Playbook, offering essential tools for creating and delivering scalable CFO services. Comparative Analysis of Offshoring and Nearshoring (00:15:39)Comparison of offshoring and nearshoring, focusing on the cost, effectiveness, and the approach to hiring and training team members in Mexico. Career Development and Critical Thinking Training (00:17:28)Discussion on the career development opportunities and critical thinking training provided to nearshore team members, highlighting the focus on long-term career growth and skills enhancement. The learning curve (00:19:49)Discussion about the learning curve when working with offshore teams and the challenges of cultural differences. Outsourcing challenges (00:21:08)Addressing the challenges faced by smaller firms in finding people and considering outsourcing as an alternative. Community support (00:22:08)The importance of community support and sharing best practices among firms, especially for smaller firms. Establishing a bond (00:23:30)The significance of establishing a strong bond with offshore teams, including visiting them and integrating them into the firm's culture. Cost benefit for smaller firms (00:25:25)Highlighting the cost benefit of offshore staffing for smaller firms compared to larger competitors. Talent shortage and client-facing roles (00:26:20)Discussion on the talent shortage and the transition of team members to client-facing roles. Language fluency and communication skills (00:28:18)Ensuring team members are fluent in English and developing communication skills for client interactions. Security and trust (00:33:26)Addressing security concerns and the importance of building trust with offshore team members. Insurance and liability (00:36:23)Clarifying the insurance coverage for dishonest acts and professional liability. Onboarding and integration (00:37:28)Discussion on best practices for onboarding and integrating offshore team members into the firm's culture. Engaging with Cadencia (00:39:00)Information on how to engage with Cadencia and the initial process for reaching out. Martin Moll's Insights (00:39:14)Martin discusses the importance of meeting the team and the impact on hiring decisions. Closing Thoughts (00:39:39)Wrap-up discussion and hope for audience understanding. Near Shoring and Talent Competition (00:39:46)Adam highlights the competition for talent and the growing trend of near shoring. Mission-Driven Industry (00:40:08)Martin and Adam express their passion for the accounting industry and small firms. Valuable Discussion (00:40:26)Appreciation and closing remarks from the hosts and guest.
