Dealing with Staff Shortages in the UK: Consider Outsourced Bookkeeping

One of the most common topics of discussion among accountants these days is the staffing challenges in the accounting industry. Accounting firms have battled talent shortages for several years now. However, with the issue only getting graver post the global coronavirus pandemic, outsourced bookkeeping and accounting seem to be the only surefire solution.

Outsourcing has been helping accounting firms hire talented offshore resources and bring their processes to speed for several years, even before the pandemic. It was mainly preferred by accountants to save costs on their operations and improve productivity at the same time. However, there is more to outsourcing today than the mere element of cost savings. Most importantly, it can be a guaranteed solution to your staffing issues.

The Great Resignation and its Impact on Accountancy

The Great Resignation is back in the UK and is estimated to impact the accounting industry profoundly. According to a survey by recruitment giant Randstad UK, about 11% of workers switch jobs every year.

In 2022, accountants have become increasingly aware and certain about their expectations from employers. Adrian Smith, Senior Director of Operations at Randstad UK, warns that even if a sixth of the accountants in the UK choose to switch jobs in the next six months, it would cost firms more than a billion pounds in terms of lost productivity alone.

Moreover, the GenZ does not believe in toiling at jobs. They seek a better work-life balance and ample opportunities for skill development and career progression. Thus, recruiting skilled accountants and retaining them is estimated to get more challenging than ever in the coming years.

As the situation seems to slip out of hand, accounting firms now look to outsource their core functions such as accounting and booking. Thus, outsourced bookkeeping services are a trend to look out for in the coming years.

Outsourced Bookkeeping and Its Scope in the UK

Bookkeeping is an integral part of accounting. It is a long and tedious process, often taking up most of accountants’ time. While large accounting firms use the latest software to execute their bookkeeping tasks efficiently, small and mid-sized firms battle a budget scarcity to integrate the newest technology into their processes.

Top bookkeeping outsourcing providers specialise in resourceful staffing solutions tailored to the needs of accounting firms. These providers help practices tackle the global skills shortage and build the workforce of the future by providing them exclusive access to talented and extensively trained bookkeeping experts.

With the number of registered accountants and practices rising steadily every year and the staffing shortages getting graver by the day, outsourced bookkeeping services are the only sustainable solution. The scope of bookkeeping outsourcing in the UK is thus bound to grow remarkably in the years to come.

Also read: 5 Unparalleled Benefits of Outsourced Bookkeeping Services (qxaccounting.com)

Exclusive Access to Trained Resources with Outsourced Bookkeeping

 

Outsourced professionals are based offshore and work remotely out of a delivery centre. These professionals are experts in their field and have sound knowledge of end-to-end accounting and bookkeeping processes. However, in order to adapt to the clients’ way of working and be aware of the global accounting and finance norms, these resources undergo extensive training.

Outsourced bookkeeping providers take stringent measures to ensure their accounting and bookkeeping experts are industry ready. Some of the leading outsourcing companies in the UK have their training academies, wherein the accountants and bookkeepers undergo fixed-duration courses. These courses impart knowledge of the latest technology and processes and help boost their communication and interpersonal skills.

Thus, with bookkeeping outsourcing, accountants and practices do not have to worry about staff recruitment and training. This helps save a significant amount of time and costs otherwise lost in the training process and thus facilitates faster turnaround times.

Also read: The Step-by-Step Guide to Outsource Bookkeeping Services (qxaccounting.com)

Beat Your Staffing Woes with QXAS’s Outsourced Bookkeeping Services

QXAS is a leading outsourced bookkeeping services provider in the UK with over 12+ years of rich experience. We provide dedicated bookkeeping services with our resourceful Managed Full-time Employee (MFTE) model designed to make your bookkeeping process efficient and hassle-free.

An enterprise of QX Ltd, QXAS grew from a mere five-member startup to an industry leader in accounting outsourcing. Our expertise lies in tailored accounting and bookkeeping outsourcing, payroll management, end-to-end tax compilation, and audit support services for small and mid-sized accounting practices in the UK.

Our resources are skilled in UK bookkeeping services and are trained extensively at the QXAS Training Academy. All our recruits undergo a three-phase training program that prepares them for the real accounting world and its challenges.

We thrive upon our core values of Quality and Excellence and are devoted to making outsourcing a seamless experience for our clients. Our commitment to excellence was reinstated in 2022 when QX earned a 100% score in all British Standards Institution (BSI) audits.

Also read: How QXAS is helping accountants meet staff shortages?

Why Outsource with QXAS?

• Resourceful team of over 1500+ skilled accountants and bookkeepers
• Dedicated Managed Full-Time Employee (MFTE) engagement model
• India’s first GDPR and ISO 27701 compliant accounting outsourcing company
• Fully compliant with ISO 9001 for quality and ISO 27001 for information security
• Leader in IAOP’s 2022 Global Outsourcing 100 List for eight consecutive years
• Professionally affiliated with prestigious organisations like ACCA and ICAEW

To explore more of our services or speak to an outsourcing expert, call us on +44 208 146 0808, drop an email at [email protected], or log on to Outsourced Accounting, Bookkeeping, and Payroll Services | QXAS UK (qxaccounting.com).