Blog

Topics: Outsourcing

10 MIN READ

Are you wasting your time on admin tasks like other UK accountants? There is an easy solution.

Written By VISHAL KURANI

Are you wasting your time on admin tasks like other UK accountants? There is an easy solution.

It’s highly unlikely that you trained hard to become an accountant just so you could perform manual data entry tasks like bookkeeping, bank reconciliations, and other such compliance functions. Yet that is the picture online accounting software provider, FreeAgent’s recent research is painting.

Their poll of over 100 accountants working with micro-businesses found that 20% accountants were spending most of their time on managing and processing expenses. A fifth of the respondents (19%) said they were busy reconciling bank transactions, while 18% were spending their time correcting financial and admin errors.A massive 66% said most of their time was spent doing tasks that are essentially bookkeeping, rather than in-depth accounting!

You can see a detailed breakdown of how accountants are spending their time for their SME clients below:

Completing tax returns 33%
Managing/processing expenses 20%
Reconciling bank transactions 19%
Correcting financial/admin errors 18%
Chasing missing information (i.e. receipts, bank records etc) 9%
Giving advice about their business finances/tax affairs 2%
Other 0%

[Source: FreeAgent]

Although admin tasks are part of any accounting professional’s job, there are several ways to cut down the time spent doing those tasks. Unfortunately, most accountants waste hundreds of hours each month because they do not take the time to rework the methods they use to undertake their client’s bookkeeping and compliance jobs.

According to FreeAgent’s research, a paltry 2% said they were spending their time giving advice about their clients’ business finance and tax affairs. This is of great concern because as the use of technology increases, businesses will seek more than compliance support from their accountants. Accounting is already evolving for a cloud-first world with the trend really moving toward integration of services that accountants and their business clients use on a daily basis. For small practices this means leveraging the technological shift and improving productivity across admin tasks like bookkeeping, bank reconciliations, tax returns, etc. But this doesn’t doesn’t precipitate the end of accountants. However, it does mean that the number of billable hours will decrease and accountants will have to move from being just an accountant to becoming a business advisor.

An even easier solution – QXAS helps accountants deal with bookkeeping and other admin tasks using cloud accounting

QXAS’s outsourced cloud accounting services were designed to specifically take the low-margin admin functions like bookkeeping and turn them into profitable services. Our cloud services (including Xero, QBO, FreeAgent and Clearbooks) are easy to use – all you have to do is allow our qualified accountants to access your systems remotely and we’ll do the rest. This will not only minimise the time you spend on bookkeeping but also contain the employment costs and free up your time so you can provide a wider accounting expertise to your clients.

If you want to find out more please call Parth on 0845 838 2452 or email [email protected]

Are you wasting your time on admin tasks like other UK accountants? There is an easy solution.

ABOUT VISHAL KURANI

My name is Vishal Kurani, the author of the QXAS blog and I appreciate you stopping by! I help accountants gain Accounts Outsourcing knowledge through my easy to follow blogs and guides. Download my free guide "The Accountants Guide to Making Payroll Profitable" to learn how to make payroll profitable for your accountancy practice. More Posts(110)  

Originally published Oct 18, 2015 03:10:39, updated October 18 2015

Don't forget to share this post!

Related Topics

6 Speakers You Should Not Miss at AccountingWeb Live

6 Speakers You Should Not Miss at Accoun...

25 Nov 2021

The AccountingWeb Live Expo on 1-2 Dec is sure to be a jam-packed event for accounting and finance p...

Read More  

Tax Season Stress

6 Tips to Reduce Burnout During the ‘B...

18 Nov 2021

Tax season is here, and how! Accounting firms across the UK are working round the clock to ensure al...

Read More  

Tax Return Deadline

Why Outsourcing Tax Returns Makes More S...

11 Nov 2021

It’s a well-known fact that the tax season is extremely busy and hectic for accountants. Add to th...

Read More  

Tax outsourcing

Shortlisting Tax Outsourcing Providers? ...

05 Nov 2021

Tax season is one of the most challenging times for accountants across the UK. Excessive workloads, ...

Read More  

WEBINAR: The 2022 Guide to Strategic Resourcing for a Modern Accounting Firm

WEBINAR: The 2022 Guide to Strategic Res...

29 Oct 2021

Topic: The 2022 Guide to Strategic Resourcing for a Modern Accounting Firm Date: 11th November 2021 ...

Read More  

Capacity Challenges in Accounting

The Art of Outsourcing: Supercharge your...

26 Oct 2021

Accounting firms face numerous challenges day in and day out, from timely client servicing to creati...

Read More  

SUBSCRIBE TO THE ACCOUNTANT’S DEALBOOK

Get more accounting advice, thought-provoking pieces and expert opinions curated just for you, each month

Get the monthly QXAS newsletter with curated content just for you

x