6 Reasons Audit Firms Should Outsource Their Paperwork in 2024

Running an audit firm in 2024 isn’t a walk in the park. With the ever-increasing complexities of regulations and the demanding nature of client work, audit firm owners in the UK often find themselves overwhelmed.

The recent audit failures, such as those of Carillion and BHS, have put immense pressure on auditors to up their game. With the FRC enforcing strict controls and ordering the Big Four to split their audit arms, audits have become additionally complicated.

This is where outsourcing comes into play. Outsourcing your paperwork can be a game-changer for audit firms, allowing you to focus on what really matters – your clients. In this blog, we will understand how outsourcing audit support can revolutionise your business.

Why Outsource Your Audit Paperwork in 2024?

 Here are six compelling reasons why you should consider outsourcing your paperwork in 2024.

Focus on Clients, Not Paperwork

As an audit firm owner, your primary focus should be your clients. However, the administrative and compliance paperwork can often take up a significant chunk of your time. By outsourcing these tasks to a reliable provider, you can free up valuable time to dedicate to your clients. This would help improve client satisfaction and allow you to expand your services and grow your business.

Stay Compliant with Regulations

The audit sector is no stranger to regulatory changes. With the FRC enforcing stringent measures to regulate audits in 2024, things are expected to get increasingly challenging for audit firms. Staying compliant with these regulations can be a daunting task, especially when you’re juggling multiple audits. Outsourcing your paperwork to an audit support assistant who stays up-to-date with the latest regulations ensures that your firm remains compliant without adding to your workload.

Access to Specialised Expertise

Outsourcing your paperwork means gaining access to specialised expertise that you may not have in-house. Outsourcing providers are equipped with professionals who are trained in handling audit paperwork efficiently and accurately. They are well-versed in the latest regulations and standards, ensuring your paperwork is compliant and error-free. This expertise can be invaluable, especially when dealing with complex audit requirements.

Cost-Effectiveness

Outsourcing your paperwork can also be cost-effective. Instead of hiring and training new staff or overburdening your existing team, outsourcing audit support allows you to pay for the services you need when you need them. This can result in significant cost savings, especially in the long run. Additionally, outsourcing providers often have access to advanced technology and tools, further enhancing efficiency and reducing costs.

Improved Quality Control

Quality control is essential in the audit sector. However, with the increasing workload and pressure, maintaining quality can be challenging. Outsourcing your paperwork to a reliable provider can help improve quality control. Outsourcing providers have stringent quality control measures in place to ensure that all work is completed to the highest standards. Knowing that your paperwork is in good hands can give you peace of mind.

Technological Expertise

Keeping up with the latest technology can be a challenge for audit firms, especially smaller ones with limited resources. Outsourcing to a reliable audit support provider gives you access to the latest technological tools and solutions. These providers invest in technology to streamline processes, improve efficiency, and enhance accuracy.

By outsourcing, you can leverage their technological expertise without the need for significant investment on your part. This can give your firm a competitive edge and ensure you use the best tools available to serve your clients. Hear what our esteemed client, Partner at a Top 20 UK audit firm, says about outsourcing audit support.

How To Outsource Your Audit Paperwork Effectively

Now that you’ve recognised the advantages of outsourcing your audit admin and compliance work to an external provider, you’re likely wondering, “How do I go about it?” Here’s a step-by-step guide:

• Find the Right Outsourcing Partner: The key to transforming your audit function lies in selecting the right provider. Look for a firm that understands your unique requirements and can tailor its services accordingly. Consider factors such as the software they use and their industry experience. For example, QX Accounting Services specialises in audit support services and has successfully served over 200 audit firms in the past two decades.

BOOK A DISCOVERY CALL

• Interview Potential Candidates: Once you’ve identified a provider, you can proceed to shortlist and interview candidates to ensure they are the best fit for the role.
• Review and Sign the Contract: After finalising the candidates, your outsourcing provider will share the contract and complete the necessary paperwork. Take the time to review the contract thoroughly and clearly outline all terms of service to avoid any misunderstandings later on.
• Onboarding Process: Following the completion of the contract and paperwork, your selected resources can be onboarded within 48-72 hours. Alternatively, you may choose to opt for onshore resources, who can be onboarded within 30-45 days of finalising the candidate (subject to visa regulations).

Summing Up

In conclusion, outsourcing your paperwork in 2024 can be a game-changer for audit firms in the UK. It allows you to focus on your clients, stay compliant with regulations, access specialised expertise, save costs, and improve quality control. Consider outsourcing your paperwork and experience the benefits for yourself.

Ready to get started? Call us at +44 208 146 0808 or submit the form below to book a free, no-obligation consultation with our expert.