Innovation and creativity are traits associated with both risk and reward. This column is about an innovation, which can allow accounting firms to cut their labor costs by 75 percent, while having work done on an outsource basis by qualified accountants.

The accounting profession is generally risk averse, but it still tends to follow trends that are established in other business services industries, such as banking, insurance and law. The banking and insurance industries have been using off-shore processing services for several years in order to reduce costs and improve their turn-around times.

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