Does Your Accountancy Firm Need an Independent Extended Bookkeeping Team?

Accountants, do you feel the pressure of changing client expectations in your everyday work life?

Alongside the rapid developments in the industry, the role of accountants has shifted dramatically. No longer are you just the keepers of books; you’re advisors, strategists, and partners to your clients.

With these added responsibilities, meeting client expectations has become more challenging. As a result, the need for an independent extended bookkeeping team has never been more critical.

To keep up with the growing pressure, firms have been outsourcing bookkeeping services for years now. However, with the tech revolution taking shape, is having an extended bookkeeping team necessary?

Accountants often come to us asking why they can’t just automate time-consuming processes or leverage AI to simplify time-consuming tasks instead of hiring additional resources.

In this blog, we’ll explore the evolving role of accountants, changing client expectations, and whether your firm really needs an independent extended bookkeeping team.

The Changing Role of Accountants

Today’s clients demand more from their accountants. They want insights, strategic advice, and support in making important business decisions. This shift means you need to focus more on high-value tasks and less on the time-consuming, routine work that bookkeeping entails.

Automation and AI have indeed simplified many bookkeeping tasks. But while technology is a fantastic tool, it isn’t infallible. Errors can occur, systems can fail, and without the right oversight, small mistakes can turn into significant issues. That’s where an independent extended bookkeeping team comes in.

Why You Need an Extended Bookkeeping Team

Have you ever considered or felt the need for an extended bookkeeping team that works independently without the training and payroll hassles? If yes, bookkeeping outsourcing may be the right solution for your firm.

Having a dedicated team to handle bookkeeping allows you to shift focus to the strategic aspects of your practice. You can provide better advisory services, improve client relationships, and ultimately drive your firm’s growth.

Here’s why an extended bookkeeping team is essential:

• Focus on Core Activities: By giving away routine tasks, you can allocate more time and resources to core activities that add value to your clients. This includes tax planning, financial analysis, and business advisory services.
• Cost-Effective Solution: Hiring an in-house team is both time-consuming and expensive. Salaries, benefits, training, and infrastructure add up. Outsourcing bookkeeping to an independent team can be a cost-effective alternative. These teams operate from offshore delivery centers, significantly reducing overhead costs.
• Expertise and Accuracy: Outsourced bookkeeping teams consist of skilled professionals who specialise in bookkeeping. They bring a level of expertise that ensures accuracy and compliance with regulations, minimising the errors and the associated costs of correcting them.
• Scalability: An extended bookkeeping team provides the flexibility to scale up or down based on your firm’s needs. Whether it’s tax season or a period of rapid growth, you can adjust the size of your team accordingly without the hassle of hiring or letting go of staff.

Addressing the Staffing Shortage

The accounting industry is currently facing a serious talent shortage. Finding and retaining skilled professionals is a significant challenge.

An independent extended bookkeeping team can help bridge this gap. With an outsourced bookkeeping service, you gain access to qualified professionals without the constraints of local talent shortages.

This staff works independently from an offshore delivery centre, so you have to invest minimum time and effort in supporting or reviewing their work. Plus, they can be hired at competitive prices without the hassles of recruiting, training, or managing their payroll.

How an Independent Extended Bookkeeping Team Works

An extended bookkeeping team operates independently from offshore locations. Here’s how they can integrate seamlessly with your firm:

• Dedicated Team: When you outsource bookkeeping, you’ll have a dedicated team of bookkeepers who work exclusively for your firm. They become an extension of your team, understanding your processes, clients, and expectations.
• Technology Integration: These teams use the latest technology to integrate seamlessly with your existing systems. This ensures real-time data access and updates, maintaining transparency and efficiency.
• Customised Solutions: Each firm has unique needs. An extended bookkeeping team provides customised solutions tailored to your specific requirements. This personalised approach ensures you get the most out of your outsourcing partnership.
• Compliance and Security: Data security and compliance are integral for any accounting firm. Reputable outsourcing providers follow stringent security protocols and are well-versed in compliance regulations, ensuring your data is safe and your firm remains compliant.

Furthermore, here’s the process that an outsourced bookkeeping team typically follows:

Boosting Profitability

Outsourcing bookkeeping services not only cuts costs but also boosts profitability. Here’s how:

• Reduced Overheads: Lowering costs associated with hiring, training, and maintaining an in-house team directly impacts your bottom line.
• Increased Efficiency: With routine tasks managed efficiently, your team can focus on strategic activities, boosting overall productivity.
• Better Client Service: Freed from the burden of bookkeeping, you can devote more time to client service. This not only enhances client satisfaction but also opens up opportunities for additional revenue through value-added services.

Final Thoughts

In the face of rising competition and technological advancements, accounting firms must adapt to meet evolving client expectations. An independent extended bookkeeping team offers a practical solution, allowing you to focus on strategic activities while ensuring accuracy and compliance in bookkeeping tasks.

Through outsourced bookkeeping services, you can address the talent shortage, reduce costs, and boost profitability. It’s a strategic move that positions your firm for sustained growth and success in today’s dynamic accounting landscape.

If you’re ready to elevate your practice, QX Accounting Services can be your ideal partner. As a market leader in accounting outsourcing with over two decades of experience, we provide an independent extended bookkeeping team tailored to your needs and goals. Call us at +44 208 146 0808 or write to us at [email protected] to learn more.

To sum up, outsourcing is a step towards efficiency, profitability, and enhanced client service. And in the end, isn’t that what every accounting firm strives for?