How A Managed FTE Solution Can Instantly Reduce Accountants’ Workload

The words ‘busy’ and ‘accountant’ go hand in hand, especially as we near the peak Self Assessment season. Even as the profession has opened doors to the latest technology and unconventional methods, accountants still battle a massive lack of time.

One of the most significant reasons for this is the shortage of skilled resources in the industry. Since accountants find it difficult to hire experienced resources for their firm, they are often caught up doing time-intensive compliance tasks themselves, leading to work stress and burnout.

The above figures confirm that hiring external help is more important than ever for accountants today. Several accountancy firm owners are, therefore, turning to outsourced accounting services to reduce the workload off their shoulders.

But is it enough?

Accounting Outsourcing for Capacity Creation

In order to reduce the rising burden on accountants, it is important to create capacity within a firm. However, with the talent shortages in the accounting industry getting more severe by the day, this is a real challenge.

This is where accounting outsourcing is crucial. Apart from cost savings, capacity creation is one of the most significant benefits of outsourcing.

Outsourced accounting services give firms exclusive access to highly skilled, trained, and experienced accountants. These accountants work as a seamless extension of your team and can help free up your internal resources. With the increased capacity, accountants can focus on more critical tasks, value-based services, and self-development.

What is the Managed FTE Solution in Outsourcing?

It is true that outsourcing helps reduce the additional burden on accountants. However, head accountants or practice owners are often left spending a considerable amount of time reviewing their outsourced team’s work.

This might prove challenging if you own or manage a small accountancy practice with limited staff and often work on tasks yourself.

The manager reviews, coordinates, and manages the end-to-end activities of the offshore team, thus immensely saving accountants’ time that is otherwise wasted in the reviewing process.

Benefits of the Managed FTE Solution

Top accounting outsourcing companies like QXAS understand the diverse requirements of accountancy firms and tailor their services to help clients achieve their goals. Crafted upon this ideology, the Managed FTE solution offers numerous benefits to accounting firms, some of which are listed below.

• Time savings: The Managed FTE solution allows accountants to save huge time on the review process as the manager/team leader takes care of it.
• Hassle-free reporting: The manager/team leader takes care of the necessary reporting process of the offshore resource or team, including regular governance calls, timesheets, and more.
• Improved organisation: The Managed FTE model is designed to streamline the outsourcing process and improve organisation. Accordingly, the manager takes care of allocating tasks to the team members and ensures all deadlines are duly met.
• Easy communication: With a dedicated manager/team leader in the picture, accountants have a single point of contact to communicate all their requirements and updates instead of coordinating with multiple resources.
• Better quality control: The manager regularly conducts quality checks to ensure 100% accuracy in all accounting tasks. Moreover, with a single person managing the review process, accountants can be assured of consistency and efficiency.

Is the Managed FTE Model Right for Your Firm?

With the busy accounting season fast approaching, accountants need a surefire solution to ease the burden on themselves and their team. But how do you evaluate if a Managed FTE model is suitable for your firm?

If you are planning to hire an outsourced accounting service to create capacity for your firm, answer the following questions before choosing an engagement model.

• Do you work on accounting tasks yourself?
• Do you spend a considerable amount of time reviewing your team’s work?
• Have you outsourced before?
• If yes, did you face any challenges?
• How many offshore accountants are you looking to hire?
• Do you have a dedicated in-house resource to exclusively manage the offshore team?
• What are your firm’s growth goals?

If you answered yes to most of the questions, the Managed FTE solution might be the right engagement model for your firm.

QXAS Exclusive! Grow Your Firm with a Managed FTE Solution

QXAS is a pioneer global accounting outsourcing company with a rich industry experience of 18+ years. We understand our clients’ ever-evolving needs and have exclusively crafted the Managed FTE engagement model to help accountants better organise their time and growth goals.

The QXAS Managed FTE solution gives accountants exclusive access to highly experienced and extensively trained professionals with seamless knowledge of the latest UK accounting regulations. With our dedicated outsourced accounting services, accountants can scale their firms effectively.

To learn more about how a Managed FTE solution can help achieve your firm’s growth goals and facilitate end-to-end outsourcing success, book a free consultation with our outsourcing expert today or drop an email at [email protected].