Accounting and finance division is oxygen to any company or business. Keeping accounting and finance optimized and healthy makes the businesses grow and excel. Technology such as cloud is one of the major drivers for the rising trend of cloud accounting. As per research carried by Accountex, more than 90% of the businesses shall move to cloud.
UK accounting firms are spending more and more to train their employees on the technology so that they can match up with the demand but the lack of talent skilled talent pool and rising attrition is making it harder for the practices to come out of the spiral in which, when the employees gets trained up, either she jumps to other practice or start their own practice. This hits the accounting practices and thus one of the major challenges for the industry.
Traditionally, accountants have always been regarded as the trusted source of advisors, however these days; the profession is on the verge of being commoditised.
3 key points on how offshoring the transactional work like outsourced bookkeeping services helps the UK accounting practices to take a leap forward.
- Helps you to focus more on high value work. Accountants these days are not spending enough time on strategic advisory and consulting which in a true sense helps build client relationships stronger and loyal, accountants are spending more on compliance and number crunching work. Compliance must be embraced as to put it simply it is a ‘compliance’. However, releasing the accountants time from number crunching is a very efficient and productive move for the practice. It brings lot of free time to invest in high value work which positively impacts the bottom line of your practice.
- Faster Turn around Time. Companies providing offshoring are generally experienced and have their board of directors with robust accounting experience. Thus, few of the offshore accounting services providers are experts in accounts, tax preparation, payroll, accounts receivables, accounts payables, bookkeeping and the teams have extensive knowledge on the UK accounting. Combination of all the points helps to increase the faster turnaround time with most accurate deliveries. Faster turnaround time also helps you to increase the efficiency and productivity.
- Managing the skill shortage & attrition. Creating an offshoring team with your offshoring vendor supports your practice in managing skills shortage and attrition of accounting industry. Managing skills shortage and attrition is a costly affair and as a cost reduction, you offshore vendor shall help you save lot of money because you do not have to pay the fees to recruitment agencies. In a way, creating offshore team helps you not save the cost of operations in general but the hidden cost saving comes from not paying to the recruitment agencies. Moreover, you do not have to spend on the training of the fresher candidates.
Feel free to get in touch with us to have no obligation consultation over Skype/call/in person on your offshoring requirements.
AcoBloom International has been supporting accountancy firms and business since decades as their reliable accounting partner while working not merely just as mere accountants but going beyond that to deliver sustainable growth & profitability to them. We take pleasure in helping our clients so that they could focus more on their core activities, while working with them, as their accounting and business partner. At AcoBloom, we are inspired to make a positive impact in our clients’ bottom-line.