CHANGES IN THE OUTSOURCED BOOKKEEPING

Change is the law of nature, and outsourced bookkeeping services are no exception. It is essential to adapt to new practices and technologies to provide the best services to the client. We have seen significant changes in the  industry  from various perspectives. So, I have pinned down some of them.

FROM DESK TO CLOUD

The accounting principles have not changed, but the approach to accounting has seen drastic variation. Cloud-based computing has enabled accountants to be mobile and reactive to the needs of the client not only across the corner but globally. This method of online bookkeeping has encouraged outsourced accounting services. Most importantly, modern outsourced accountants are leveraging cloud-based software’s for outsourced bookkeeping to make better decisions and provide fast services.

FROM HANDFUL TO LARGE SCALE

Initially, clients and accountants preferred conventional brick and mortar locations. Therefore thought of outsourced accounting services was never given any attention. But with technological development and globalization, accounting outsourcing services were brought into the picture. We have got many firms providing accounting outsourcing services in the UK.

INCLUSION OF SOFTWARE DEVELOPERS

Accounting outsourcing services in the UK was hired for their accounting expertise. But now the client needs value-added benefits as well. Therefore accounting alone won’t help the clients. That is to say, clients are looking for software options available to them and are including software developers and designers in the team. In short, a perfect blend of accountant and software engineer is the need of the hour.

CHANGES IN THE MEETING DYNAMICS

Gone are the days when the communication was over the phone call or email. The meeting dynamics have taken a sharp turn. Today the clients and the accountants have face to face meeting via video conferencing. However, this option did exist in the past, but it was unreliable and expensive. But with the help of tools like Skype, Zoom, etc. it has become affordable.

AUTOMATION AND ROBOTICS

Outsourced accountants are using artificial intelligence and robotics for outsourced bookkeeping services. Be it online bookkeeping or finance function services; robots are being used in every stream. Most importantly, the efficiency of accounting has set new standards with the use of robots. Besides, the accountants will not spend their time on entering transactions. Rather they can utilize the time for increasing the bottom line of the client’s firm.

OUTSOURCED BOOKKEEPING

Undoubtedly, exchanging documents over the post is quite an old stream. Outsourced bookkeeping services have seen a paradigm shift due to the usage of technology. Tools for carrying out operations in accounting are being appreciated by the clients and extensively used by the accountants. There is nothing like offline work in the accounting sector. To sum up, documents, clients, accountants are all online.

To ace in the race, outsourced bookkeeping services have equipped itself with all the modern technologies and smart accountants to give the best services to the client. By all means, it is a no brainer why accounting firms from the UK are outsourcing their accounting work to firms like  info@米6米乐体育 Info Solutions (P) L td .

The firm has got employee, expertise, and experience to keep your company in safe hands. Contact us at  info@米6米乐体育 . We look forward to schedule a meeting with you.

When and why you should go for outsourced accounting services?

To credit the profits, outsourced accounting services in your asset. It is a service which every business should leverage to keep itself sustainable and healthy. Boosting the bottom line is what every business aspires, and external aid is always necessary. The article speaks about when and why the help will be required.

When should you outsource?

1. When the business is in the booming stage

The business is in the booming phase will need an outsourced accountant who can use his expertise to maintain the growth trajectory. The thriving business will demand your attention and energy, which you would rather spend on bookkeeping. Outsourced bookkeeping will help you dedicate your time to the business.

2. When the company is set for a new launch or before an audit

The dynamics of financials will change with the launch of a new product. Outsourced bookkeeping will give you a new perspective and outlook. Organizational audit needs extensive paperwork and information about minutest details. Outsourced consultants are trained for such events, and their knowledge is of great help to reduce the risk factor. They have faced a similar situation and might have valuable information for you to take into notice.

3. Right now!

The opportunities are always on the doorstep, and you should always be equipped to encash it. If the business is in the growth stage, the outsourced consultant is a must. If it is not doing well, an outsourced consultant must have a look at your books. To prevent any unwanted uncalled action, you should have a ninja looking after your books. Outsourcing your accounting in safe hands is of immense importance for a sustainable business.

Why should you go for outsourced accounting services?

1. Outsourced bookkeeping is cheap

Full-time employee will cost you a fortune. The monthly salary, the added benefits even in the months when the business is not doing good is not suitable for the company. Outsourcing your accounting to an outsourced consultant when you want is the right decision rather than having him around all the time. The office expenses are minimized, which add up to thousands of dollars.

2. Outsourced bookkeeping brings efficiency

The outsourced accountant has to be always updated to remain on top of the game. They are certified, reliable, and firms outsourcing accounting services in the UK always hire the best. The expertise brings efficiency in the business. Be it the knowledge of the advanced software’s for online bookkeeping or the experience of functional financial services of the firm, the outsourced consultant haves it all.

 3. No frauds and risks

It goes without saying how vital an external unbiased watch is for the business. Frauds can bring down the reputation of the firm and cause substantial monetary losses. To prevent such disasters and minimize risk, get an outsourced consultant.

Conclusion

When and why might have helped you realize why outsourced accounting services are essential. Accounting firms from the UK are outsourcing their accounting to firms like  info@米6米乐体育 Info Solutions . To get access to the finance function services of our  company , drop us a mail at  info@米6米乐体育 .  Stay assured your books are in safe hands!

Steps to follow before you opt for accounting outsourcing services in the UK

Are you looking for outsourcing your accounts work to a professional and capable firm? Indeed, it is a precarious job to look for a  proficient company  that provides accounting outsourcing services in the UK. But adequate assistance can help you save operational overheads by saving time and effort spent in managing your accounts.

Irrespective of the size of the business company, the majority of organizations are now turning to outsource accounting services providers to solve all issues related to accounts and earn more profit. Accounts form the core of businesses in any field as it holds the most confidential and sensitive financial information about the business structure. There is always a risk of malfeasance, and therefore, there is a need to assure that the data is safe with the service vendor. To make this easy, there are a few steps one can follow before hiring a company to opt for services.

Accounting Outsourcing Services

Irrespective of the size of the business company, the majority of organizations are now turning to outsource accounting services providers to solve all issues related to accounts and earn more profit. Accounts form the core of businesses in any field as it holds the most confidential and sensitive financial information about the business structure. There is always a risk of malfeasance, and therefore, there is a need to assure that the data is safe with the service vendor. To make this easy, there are a few steps one can follow before hiring a company to opt for services.

Analyze your requirements

At the very first step, the company should be clear about what is that they need help in. Besides looking for the general service provides look for a firm that specializes in what you need. Here you can be specific about what tasks you want the outsourced accountant to do for your company. For example:

Write up and bookkeeping work

Annual accounts production

Accounts management

Preparing Vat returns

Preparing cooperate and personal tax returns

Payroll

To avail these services, there is a need to regularly provide all transaction details of the cash that flows in an out of the firm on a daily, weekly and monthly basis. The service will provide all the support you need to manage your business accounts.

Find an experienced outsourcing team

Before choosing a firm to handle your accounts, it is recommended to verify their work experience. One can check the number of years the company has been working, variety of clients the company serves, the size of the company they are serving, the testimonials the company has. All of these must be checked and verified before finalizing the accounting outsourcing services in the UK to handle your accounts. These will help you overcome various fears regarding outsourcing.

Compare the service providers

Once you understand that it’s time for you to opt for an accounting outsourcing company, then do not restrict yourself to local options. Thoroughly compare various service providers. All you have to keep in mind is that you hire a company that is aware of the local laws dealing with tax filings. While comparing various companies, look for their reviews online, business information and their reputation in the market and enquire about their certifications. To understand their methods of working and the quality of work provided, you must always ask a company for sample works to testify and check if it suits your requirement.

Ask for quotes

One can ask the accounting company to present its proposal. Along with that, the company should be ready to develop a strong communication link which supports in avoiding any kind of discrepancy.

Keep security in mind

As a company, whether you hire an in-house accountant or outsource accountant, you have to be careful as and when you are handling your confidential information to the outsourced bookkeeping company. Know their security measures, encryption methods they employ on websites and internet portals. Clear all your doubts before finalizing the company.

Conclusion

Outsourced accounting services provide an organized approach in handling the accounts outsourced to us by big and small business firms, and at the same time, they reduce the overhead costs. They offer a systematic way to streamline the company’s finances and helps in growing the business. All you have to do is opt the right accounting outsourcing company in the UK. Contact  info@米6米乐体育 Info Solutions  at info@米6米乐体育 for your accounts solutions and enjoy a fruitful relationship with us. We at  info@米6米乐体育 Info solutions  use the latest technology and use the best practices as per the norms of UK Accounting and Reporting standards. This helps us in achieving the desired result in the projects outsourced to us. We make sure to handle them critically and give better results.

Why should you use an outsourced bookkeeping service for your business?

Are you wondering why is there a need to shift to outsourced bookkeeping service for your business?  8 out of 10 companies fail due to poor management of their accounts. Many business owners hem and haw about the need to have an outsourced bookkeeper rather than hiring an in-house staff to handle their accounts.

Let us discuss the valid reasons and benefits of choosing an accounting outsourcing company in the UK.

Added expertise

Accounting outsourcing will offer you comprehensive benefits without spending for a full-time salaried person. Handling over your books to an expert team of professional accountants can bring in a lot of functional changes and growth in your business. Outsourced bookkeeping service will make things easier for you by keeping a check on the cash flows and categorize all transactions into various categories. It further helps in analyzing the financial status of the business and its performance in a better way. An expert will not miss even a single transaction, and they will make sure all tasks are done on time. For example, all payrolls are paid regularly.

Saves time and overhead expenses

While you run a business, taking care of books yourself is not an efficient usage of time. Sitting back and entering invoice details and making entries will kill your core time. Bookkeeping and accounting itself is a full-fledged job. Managing your tasks on your own is a good thing, but it should not be at the cost of your primary work schedule. Even accounting is never a CFO, or non- accounting staff’s job.  Managing accounts is not everyone’s cup of tea, and your business was not meant to spend time handling your books. Also, unravelling mistakes can be time-consuming and pain in the head when you have your regular work lined up for you.

In such a scenario, it is always wise to have an expert outsourced accountant and bookkeeper who can manage your accounts well without errors, and all of this come under the outsourced bookkeeping services.

Save Money

No wonder opting for an outsourced accountant will cost you money, but when an expert outsourced accountant takes care of your books, you will save much more money and see visible growth in your business.  Also note using outsourced accounting services is cheaper than having an in-house salaried bookkeeper. With outsourcing, one only has to pay for the services they use whereas you pay more to a full time professional for the same number of tasks.

Fewer chances of fraud

Fraud is one problem that is prevalent in every business, whether small or large. The company owners have to set aside their resources for preventing fraud and handling the errors. Fraud is inevitable but with outsourced accountants, it can be reduced to much extent.  In outsourcing accounting services, the duties are separately managed by the professionals, which help in preventing fraud and misconduct in an organization. With a team of professionals taking care of a single firm makes sure there is no discrepancy in reports and managing transactions.

Outsourced bookkeeping service -“Books Are Being Taken Care Of”

This is the only thought that brings you comfort at the end of the day. This is one of the main reasons as to why leading accounting firms from the UK are outsourcing their accounting and bookkeeping jobs to companies like  info@米6米乐体育 Info Solutions . If you have any query or are looking for an accounts outsourcing partner in the UK, you can get in touch with us at  info@米6米乐体育 . We, at  info@米6米乐体育 Info Solutions , understand that as accounts professionals, you have a lot of responsibility towards your clients. But stay assured when we say that outsourcing your client’s accounts and bookkeeping jobs to us would be the best decision you will take for your as well as your client’s business.

Tips to Improve Social Media Strategy for Accountants

Social media has become an integral part of the day-to-day life of most people. With an upsurge of smartphones and easy access to the internet, most people use social media to get information about their everyday needs. This has given rise to new opportunities for people who want to expand their client base using social media. Social Media Marketing can be great for individual accountants as well as small or medium-sized accounting firms as well. It can help them reach out to clients who are geographically distant too, and it won’t even require them to visit them personally because they can carry out all the accounting functions remotely.

Some of the best social media platforms where you can create your accountant profile are LinkedIn, Twitter, Facebook, and Instagram. You can also expand to Pinterest and others later but for starters you can begin with the first four.

So, let’s check out some exciting tips & tricks that can help accountants improve their social media strategies to get more leads!

Top 5 Tips & Tricks to improve Social Media Strategy for Accountants

#1 Understand your customer base

Understanding your customer base is crucial to your success in any business. As an accountant, you might see confused or negative comments on your social media profiles at times. In such a scenario, you must not hesitate to text them personally and to try to understand their problem and where they are coming from. Having this approach will not only help you understand your customers and some of their common issues but also give you the right name amongst your clients.

#2 Using hashtags to find prospective clients

The power of hashtags cannot be denied in present times. As an accountant, you must know that social media platforms allow for checking companies based on their niche, region, or locality. So, you can pop out when people search for a niche if you use your hashtags properly. You can check for the popular and trending ones on twitter, facebook, Instagram, or other social media platforms. If you do this well, you will be able to reach out to more and more people who can be your prospective clients.

#3 Offer valuable information through your posts

You can also share some useful information with people by creating relevant posts or writing some short and easy-to-understand blog posts. This can be a follow up from trick #1 mentioned here. If you see some common concerns of your clients, you can always write a post about them and share it with people. You can even use some hashtags and mentioned in trick #2 to make these posts reach out to a wider audience. You don’t need to make very technical posts about accounting but can talk about primary concerns like how to save taxes and other relevant issues that will be a value added for the readers. When people see you have good knowledge of accounting issues, they will trust you more with their work too.

#4 Make your profile attractive

You must also note that making your profile attractive is critical for its success. You must have a good profile photo so that the audience can connect to you and your work. You can also use some targeted keywords that other accountants use. This will help you reach out to a broader audience. Moreover, you can optimize it by adding location, description of your services, and other essential details. Such small things can make a big difference when you start implementing your social media marketing strategies as an accountant.

#5 Hear your customers  

You must also try to create some interactive posts on social media where you can hear about common customer grievances related to accounts. Once you see people being vocal about their questions, you can give them solutions. This will help you attract more leads because it will also help you build trust among your prospective clients.

Final words

To sum up, social media is a powerful tool, but you need to be on top of your game when you decide to use it. You must be very clear about your strategies before implementing them. You can always take help from experts in the field. So, if you liked these suggestions and want to read more about it, you can click here and also explore other  useful articles that would help you grow your accounting practice.  We at info@米6米乐体育 help accounting firms become more profitable and grow considerably using your existing resources.

Please contact us at   kevin@sapphireinfo.net   or call at 02030026314 to book a consultation call to see how we could help you integrate outsourcing into your practice.

What does it cost to hire a new Employee today?

Are you planning to hire a new team member for your practice? An accounts assistant would cost about £ 23000 these days varying from about £21k to £29k based on a city. You would be wrong if you consider this to be your total costs for a new hire. There are various other employment costs that you need to keep in mind too.

Hiring Costs

To get the right person you would either take help of some recruitment agency or do it yourselves on social media and job sites. The recruitment agencies normally charge around 20-30% of yearly pay, which would come around £ 5000. In case you use LinkedIn or other job sites such as monster it will cost you around £300 – £ 500, add your time costs for interviews etc.

Bonuses, NI Contribution & Pension

A bonus has become a norm these days and average payment as per govt estimates are around 5% of yearly pay. Employer NI contribution adds another 13.8% & pension adds 2%. Total costs around 20%.

Other Overhead costs

As if this was not enough there are various other hidden costs to be considered too.

Office space – The cost of providing a desk in your office. Calculate this from your rent.

Office Equipment – Computers, peripherals, phone line etc.

Training – Most of the new employees would require in-house training just to understand your way of working. This would normally come to 10-15 days of time.

Misc. – HR costs, Sick pay, Holiday cover, maternity leave etc.

Total Employee Costs

  1. Salary                                – £23000
  2. Hiring Costs                     – £5000
  3. Bonus, NI & Pension       – £4600
  4. Other Overheads           – £8000

The total amount that you would spend on a new hire in the first year would be £40600 as opposed to £23000 that you would pay. The total costs nearly double the “perceived costs” and small to mid-sized practices need to budget carefully while taking on a new member on their team. No doubt taking on new people is essential for the future growth of practice but creating unnecessary financial burdens also take its toll.

We at info@米6米乐体育 provide ample opportunities to accounting practices to grow their practice by outsourcing their work to us. You can expand and grow without extra financial strain on the practice. Please contact us at  info@米6米乐体育   or call at 020 3012112 for further details.

Importance of WIP (Work In Progress) Sheets in Practice!!!

Closings are the time of month you dread the most. Many enterprises form businesses to govt entities dislike the time as they need to put in extra time & energy to close their books. The public and other stakeholders rely on receiving reliable financial information on a monthly basis. But an accountant is the only person responsible for preparation of management accounts and information required for various stakeholders on a timely basis. This is where a work in process sheet is essential.

The goal of monthly WIP sheets are to:-

  • Use it as a tool to plan & allocate your available resources.
  • Tool for timely completion of monthly tasks in hand.
  • Outline due dates.
  • Document responsibility of each resource person for achieving the targets / completion of tasks.
  • Keep the whole practice on course.

It should be used as planning tool to determine available resources vice versa the time required to complete the tasks in hand. In terms of shortfall of resources you might feel to postpone the important tasks to a later date & vice versa in case of excess of resources postpone some tasks for next month. Needless to say that monthly WIP sheets play an important role in ensuring your practice stays on course.

We at info@米6米乐体育 provide ample opportunities to accounting practices to grow their practice by outsourcing their work to us. You can expand and grow without extra financial strain on the practice. Please contact us at  info@米6米乐体育   or call at 020 3012112 for further details.

Cloud Accounting – Need for Accountants

The entire world is increasingly adapting to cloud services from connected appliances to internet-based educational programs. Basically, cloud platforms have helped medium & smaller businesses to offer their services more effectively to their clients using shared technology platforms.

This has mostly happened by eliminating the need of dedicated IT infrastructure to handle data, accessibility & interconnectivity. The large businesses have also benefited by cutting their IT costs & availing latest technology at a fraction of their in-house costs.

So what does this entail for accounting profession & how it can benefit the accounting practices today? First of all, let us know the difference between cloud & traditional accounts.

 

Traditional
Cloud
A.   Data stored on files or local hard drives

 

B.   Data information is used by a single user.

C.   Automation of data entry not possible or not cost-effective.

Stored data on a web-based server available for access to authorised users from all over the world.

Multiple access available for updating & retrieval of data.

Automation-assisted accounting helping to reduce error & reduce time.

Advantages of Cloud Accounting
  1. Improve performance & efficiency by automating data entry process thereby reducing errors.
  2. Ability to employ remote employees provides flexibility, convenience & affecting the practice.
  3. Better safety for customer data provided by cloud service providers than viable for small & medium practices on their own.
  4. Ability to serve new geographical areas with help of cloud accounting. The practices can market their services over a vast range of geography & be able to effectively provide their services too.
  5. Ability to develop & target a niche clientele all over the country by using cloud services e.g. say providing personalised service in a very specific sector of agriculture which would not have been viable eventually because of a low number of prospects.

However, a word of caution for some of those practices who do not wish to give access of client’s data to a third party & lose control of their accounting data, that this might not be the route for those.

5 COMMON ACCOUNTS OUTSOURCING MYTHS ~ BUSTED! (PART-2)

  1. Cheaper the labor, lower the service quality.

It is a general tendency to assume the quality of a commodity in proportion to the cost price. But, when the global factors are in play it is a whole different game. In India, there are a lot of skilled, highly-qualified and experienced graduates  in the workforce.  Service provider’s long track record of working in the British environment is an asset.

info@米6米乐体育 is able to successfully provide you a competitive pricing as compared to other local outsourcers as it is located in a sub-urban area (as opposed to a metropolitan). The skilled and trained qualified workforce along with the locational advantage is what info@米6米乐体育 offers to all its clients.

  1. Outsources have tendency to extend the working relationship which is against the long-term interests of the company.

The process of outsourcing is at best an ‘evolving’ one. Both parties see in time how things are working for them, what needs to be changed so on and so forth. As a business looking to outsource your operations one should openly discuss the plans for the future with their outsourcing vendor, which must be signed under an agreement between both firms.

Being straightforward about the kind and volume of work will ensure that confusions are kept at bay.

Communication is the key!

  1. Constant excuses for not delivering as promised.

Such hitches can be avoided by ensuring that you choose an outsourcing company with high work ethics and adherence to the standards of service quality. The accountancy getting their work outsourced should keep the teams (both offshore and onshore) involved, giving incentives and appreciation as an encouragement to work harder.

At info@米6米乐体育 we maintain a strict regime of maintaining and adhering to the work processes. We also ensure timely exchange of information between the client and the team to avoid any kind of gap that may lead to unwanted delays.

  1. Different person to deal with every time.

It is the basic protocol of any outsourcing firm to dedicate a specific team to their client. The team manager (Accounts Manager in this case) will be there to receive any query or instructions from the clients end. In case there is a new person on the job info@米6米乐体育 ensures that he is properly trained to deal with the specific conditions of the client and a prior notice is given to the client informing them about the change.

  1. Impossible to bring the services back in-house In future.

Or is it? Most accounts outsourcing businesses have their own technical infrastructure. At info@米6米乐体育, we access your systems through a remote desktop access. At any point you wish to bring back the activity into your facility, you simply change the login details provided to us and that would terminate our access to your system. All data is kept and processed on your systems and none of it is held by us.

Accounting Outsourcing–Gaining ground in the United Kingdom

IT (Information Technology) outsourcing has been a significant trend globally for more than two decades now. US have been a leader in the world in outsourcing due to the combination of high overhead costs and strong cultural affiliation between the US and Asian technology companies. Most of the accounting outsourcing work started with requirements of companies worldwide to provide services to accountancy firms in the world.

As the business model proved successful, a lot of companies outsourced their Customer service, data entry and financial services later. If the US has been at the front to outsource the work, then it is India which has been a significant service provider. At present, it is estimated that at least 285 out of Fortune 500 companies outsource some of their work to countries in Asia.

So where is the need for a firm to look for accounting outsourcing its work? 

Like all businesses, accountancy firms are there for profits and long term sustainability. Some of the major issues confronting the firms are:-

  • Staff Costs form a significant part of the operational costs.
  • Small firms and startups have difficulty scaling their resources to meet the fluctuating needs of the business.
  • Tougher competition in a slowing economy.

In the midst of all this accounting outsourcing services in UK are growing every year. Most of the top 100 firms are either actively involved in the process or are on the lookout. The primary mode of operation of these firms has been to set up captive centres in India. Apart from large accounting firms, large companies like BT and even some government councils etc. actively outsource their finance and accounting work to India.

However, it has been seen that only a small percentage of small and medium practices have hired outsourced accountant. There are apprehensions about various issues like staff non-cooperation, software licensing, security issues, work quality, fear of redundancy of essential work etc., and these firms are trying to find a way out of these concerns. Many firms are just testing the waters and selectively indulging in the practice of accounts outsourcing to take care of the busy season.

What have been the significant benefits of  outsourced accounting services  ?

Operational costs are a significant draw as it decreases. There is also an increase in the total chargeable time of the existing staff, which allows them to concentrate on high-end work. Otherwise, even savings from the outsourcing funds an additional full-time person with analytical capabilities for generation of consultancy work, business valuations, acquisitions, forensic accounting etc.

There are other hidden advantages also as you move from papers to scanned documents, some document management system comes into place. Moreover, as you interact with the service provider through emails, it forces the firm to be more precise and more disciplined in their communication.

We do feel that outsourced bookkeeping shall continue to grow in the UK at a faster pace than earlier and it shall be a significant trend for the coming years for the reasons as summarised below:-

  • Firms that don’t consider accounting outsourcing as an option will be at a competitive disadvantage in the near future.
  • Significant cost savings are possible by moving the online bookkeeping to non-UK locations like India, where the talent is capable and cost-effective.
  • Using emerging technologies and finance function services will reduce headcount, producing even more significant savings.
  • Firms will need to develop internal systems and discipline to achieve these changes.
  • Cost is not the only motivator. So is flexibility and the ability to change.

 

By:  Kawitansh Khanna  CA (Director,  info@米6米乐体育 Info Solutions (P) Ltd .)