Outsourcing is not new specifically in UK accounting arena. In our decade of experience, earlier accounting firms would think over outsourcing from cost perspective which is still part of the thinking of the accounting firms, especially in the UK. However, these days practices are pondering over from not just cost-cutting perspective but from a strategic perspective as market changes more rapidly and new compliances are being introduced which eventually at a time becomes arduous to spend more time with clients and focus on new business development.
UK accounting firms outsource transactional services like bookkeeping, year-end accounting, management accounts, accounts production, tax preparation which are majorly part of number crunching. For instance, last week we closed a deal from an accounting firm from Brighton, UK. The director described the motive of the outsourcing to us is the very fact that they could spend more time with clients for advisory and consulting rather than delving into number crunching. Number crunching could be outsourced as the outsourcing companies are specialized as accounting outsourcing firm having enormous expertise in the UK accounts. This saved time and energy could be used to further scale up the practice.
Another practice (100+ team member) in northern England describes their need to outsource by saying that they are growing at significant rate and thus their infrastructure could be utilised till a limit and thus they want to outsource their transactional work to us. Similar is the case with another firm in London – scalability.
As an experienced outsourcing company, the infrastructure is designed as such to absorb the scalability of their clients. The talent pool in countries like India having robust expertise in the UK accounting and ACCA certification acts like oxygen to the outsourcing industry.
Are you pondering over outsourcing and in search of fright outsourcing partner for your practice for your reason to outsource? Get in touch with us to have no obligation consulting call.