Have you ever tried to clue anyone on accounts outsourcing? Why do it? Rise up to the challenge by getting the basics right. Rather than thinking how it is nothing more than a simple cost cutting opportunity, use this sound information to usher yourself and anyone else into the accounts outsourcing universe. What’s accounts outsourcing? Accounts outsourcing is when accountants contract out niggly compliance processes to an outsourcing company to perform for them. This is done with the objective of increasing capacity, expanding business, meeting staffing shortages, and improving profitability. It’s a revolution that happened silently after the economy took a turn for the worse in 2007. Accountants (amongst other businesses) who could no longer afford the fixed costs of a large workforce felt it crucial to hire professionals on an ad-hoc basis. Demand for a flexible workforce – without the costly overheads – rose and that’s where accounts outsourcing came in. So instead of growing by taking on more staff, accountants started expanding through outsourcing. With the shortages of skilled accountants still being felt, it’s likely that the state-of-affairs will remain the same. Accounts outsourcing is similar and different to doing the work in-house Imagine being able to avoid growing pains by utilising external expertise available from outsourcing companies. So instead of spending billable time on compliance tasks, your in-house staff is focusing on delivering higher fee earning work, building and maintaining client relationships and growing the practice. When you outsource the rest, you get time to do what you do best. Right! But is virtual as good as real? As real as your own team. Years ago, communicating was much more challenging. Today there are a variety of instant communication tools such as video conferencing, Skype, GoToMeeting to make you feel like your outsourced team is sitting in a room next door. Wonderful, is it safe? An outsourcing process is safe because it is done remotely on your workstations. It does not involve work leaving the UK. You data is accessed on your computer – it’s how everything is kept safe. Success? Good. Now wait for the next time one of your accounting colleagues or competitors brings up the topic of ‘accounts outsourcing’, ‘overflow work’, ‘cost arbitrage’, ‘profits’, ‘secure processes’ and ‘staffing shortages’. And try to put up an honest smile when their business problems are bigger than yours. VISHAL KURANI Bringing forth rich marketing experience in the accounting industry, Vishal blends his wealth of knowledge and creativity to educate accountants about the pressing industry issues. He is passionate about marketing and helps accountants scale their practice through his detailed write-ups. Unauthorized copying or plagiarism of our content is a violation of intellectual property rights. We take such matters seriously and will pursue legal action to protect our original work. Anyone found engaging in such activities will be held accountable under applicable laws. Originally published Sep 29, 2017 04:09:54, updated Apr 27 2021 Topics: accounting Don't forget to share this post! Most Popular QX Recognised “Leader” by IAOP, Achieves “Sustained Excellence” distinction and “All Star” award QX INSIGHTS | 2 MIN READ Leading Women in Payroll: In Conversation with Lou Gray Growth | 10 MIN READ QB Connect 2020 : 11 Experts Reveal How to Own the Future in Accounting Growth | 6 MIN READ How Much Does it Cost to Outsource Accounting Services? Accounting & Bookkeeping | 7 MIN READ Pay-Roll, Camera, Action: Setting the Stage for Payroll 2021 Growth | 3 MIN READ Get a Free Strategy to Transform Your Business Operations Resolve the talent gaps, reduce costs, and improve your margins Get a Free Consultation
