To Outsource or Not: Addressing Accounting Firms’ #1 Dilemma

18 October 2023

Accounting business process outsourcing doesn’t need an introduction to our industry. Your mailbox must already be flooded with hundreds of emails and offers from outsourcing companies. You must have read and heard multiple outsourcing success stories from peers over the years.

Yet, the dilemma around outsourcing remains – should I, or shouldn’t I?

To be honest, the decision isn’t easy. It is a big step for your business and there are multiple questions that must be answered before you can embrace it.

In this blog, we will address this dilemma and answer the most important questions about outsourcing to help you make a sound decision.

What is Accounting and Bookkeeping Outsourcing?

Let’s start simple. You already know the basics about accounting and bookkeeping outsourcing and how it works. Outsourcing is the process of delegating your most time-consuming jobs to qualified and experienced professionals outside of your organisation, so you and your team can focus on what really matters.

Outsourcing accounting can help your firm in the following ways:

• Access to talent: Access a global talent pool amid the skills shortage.
• Cost savings: Cut operational costs and facilitate savings for your firm.
• Focus on core competencies: Delegate mundane work and focus on clients and pressing issues.
• Technological advantage: Easy access to the latest accounting software and technology.
• Greater efficiency: Fuel your firm’s efficiency, productivity, and profits.

Should You Outsource or Not Outsource Your Accounting?

Let’s admit it – all modern accounting firms need help. It’s no secret that clients now expect more from accountants than just handling their books and crunching numbers. To meet these expectations and sustain the growing competition, it is essential to have additional team members, occasional helping hands, and backups ready.

But is accounting business process outsourcing the right solution? The answer is it really depends on your firm’s specific requirements.

TALK TO AN EXPERT

Outsourcing Accounting: Scary or Easy?

Although you now have some clarity around outsourced accounting services, it can be daunting to step into uncharted waters. No matter how simple things sound, if you haven’t outsourced before, things may seem scary.

Let’s understand how outsourcing firms go about the process and how the right service provider can empower your practice.

• Understanding your requirements: Top outsourcing service providers like QXAS customise their services for each client. The process begins with an outsourcing expert understanding your needs and suggesting the right solution and engagement model tailored for your firm.
• Supplying resources: Based on your unique needs, your outsourcing partner shares profiles of the most suitable candidates so you can interview and hire them in record time.
• Two-level review: Top accounting business process outsourcing firms like QXAS provide a two-level review process for each job, so you spend minimum time reviewing work and focus on more important tasks.
• Unlimited support: Outsourcing providers offer unlimited telephonic and email support to help make the partnership successful.

Outsourcing and Quality: Striking the Right Balance

Now, you may ask, “But how do I trust or assess the quality of outsourced services?” With the number of myths surrounding outsourcing, it is easy to think it will have you compromise on quality or lose control.

While it is true that delegating work outside your organisation can be prone to risks, there’s only one solution: choosing the right firm providing accounting services for small businesses.

• Regular training: Top outsourcing providers provide regular training to their accountants and bookkeepers so they are abreast of the changing UK legislation. They are also trained in the latest accounting tools and technology, so your work can be done on the software of your choice.
• Free trial: Assessing your outsourced provider’s mettle is easy. Leading outsourcing firms like QXAS also provide a free trial to assess their competency. Then, you can interview the candidate and hire the best fit for your role.
• Backup resources: One of the greatest advantages of accounting and bookkeeping outsourcing is that you always have backups ready when your extended team calls in sick or opts for leave. This ensures you can scale up and down during any season and never miss a deadline.

How Can QX Help You Make the Right Decision?

A market leader in the outsourcing space, we at QX have witnessed accountants’ challenges firsthand. Our experts are trained and equipped to help accounting firms make the right decision about outsourcing and choose the best engagement model for their practice.

If you are still unsure whether outsourcing is the right solution for your firm, a quick 15-minute call can help you decide. Connect with our experts today for a free consultation or assess our services with a free trial. Call us on +44 208 146 0808 or drop an email at [email protected] to get started.

Pooja Kshirsagar

With a rich experience of curating content for various industries, Pooja believes in the power of words in marketing and building brands. She enjoys experimenting with different forms of content and is currently on a mission to add value to the accounting industry through her detailed and researched write-ups.

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