Running a firm is not a cakewalk. Accounting firms of any size, be it small-mid or large, need to put in lot of efforts to manage everything at once. They can’t ignore even a single aspect of business.
However, with so many things in their kitty, it becomes quite a challenging task to run important business activities without compromising other routine activities like accounting. To achieve hundred percent success, it is better to run some tasks on auto-pilot mode.
Accounting Outsourcing! This is something that works as a magic mantra for the overburdened UK accounting firms and is no more a hidden secret. However, still UK accounting firms don’t buy the fact easily and are baffled at the thought of trying out accounting outsourcing.
So, here we are busting some myths associated with accounting outsourcing. Read on…!
MYTH#1: Outsourcing is not meant for small-mid-level accounting firms.
NO. In fact, small and mid-sized accounting firms need more time with themselves to focus on building their brand name, acquiring large client base, and catering to the needs of the existing clientele. Even the outsourcing firms are ready to offer them their services, as it is always a good idea to be a persistent provider of services to growing firms.
MYTH#2: Depriving of control over firm.
Well, against your belief, the outsourcing firm’s team will work as an extended part of your in-house team. Its pertinent to note that the outsourcing team will work under your headship, following your protocols, working towards the KPI’s provided by you, keeping you updated with their performance and timely reports.
Having said that, the accounting firms should ensure that the regulations are clearly defined and agreed upon by the outsourcing firm beforehand.
MYTH#3: The security of data is in danger!
The accounting outsourcing firms don’t compromise with the data security and will consider it a grave concern. So forget about data breaching. The catch is that you need to choose an outsourcing partner who work in accordance to the GDPR. Also check if the firm follows security standards like ISO 27001.
MYTH#4: Can’t compromise on quality!
Just as it bothers your own firm, it affects the team of accounting outsourcing firms in the same way. Especially when a firm is packed with seasoned accountants, who are adept at accounting, bookkeeping, taxation, payroll and audit support and deliver their services diligently.
Though it might require proper evaluation of the outsourcer. That can be done by asking for testimonials from the outsourcing partner, and ask about experience of existing clients (UK accounting firms).
MYTH#5: Can’t communicate efficiently!
Well, this is the myth that is believed when offshoring the accounting work to an outsourcing firm in a different country. Talking about Indian accounting outsourcing firms, they are not only proficient in communicating in English language but also possess honed accounting, bookkeeping, taxation skills.
MYTH#6: It’s just cost cutting, nothing else!
A Straight No! It is not just about cutting cost, but improving other aspects of your business altogether. Yes, it’s a fact that skilled workforce is available at a fraction of your in-house accountant’s cost, helping in huge cost savings, however, it also helps in achieving –
- Reduction in workload for your in-house team, that helps in focusing on other aspects of the business such as client experience.
- Improved scalability by outsourcing more work on short notice or outsourcing to more or fewer people, depending upon the workload.
- Better client experience, as outsourcing will free up your time from the drudgery and help you think more for in favour of your clients.
MYTH#7: Only choose big outsourcing companies.
Contrary to the above myth an outsourcing firm of any size is capable of handling the large amount of outsourced work. They acquire the right knowledge, right strategy and apt resources to deliver UK accounting firms’ requirements.
Just ensure that they share testimonials of their clients, and or willing to give a trial that can help you to measure quality of work.
If you have reached to this point, chances are that you have gone through the complete blog and it helped you remove your uncertainties about accounting outsourcing.
Contact us today or email is at email@example.com to learn how our team of qualified, dedicated, and dependable specialists can assist you in scaling your business and providing a satisfying experience to your customers.