Key Reasons to Outsource Your Compliance

It is without any doubt that accounting outsourcing services are becoming popular in the UK. It is expected that by 2025, the outsourcing industry in the UK will hit 22Billion Euros in revenue. That means there will be a vast reduction of in-house hires, and specific industries will be affected more. Accounting is said to be among the most outsourced services in the UK. In 2019, accounting took up 24% of the most outsourced business process service, according to a report by the cyber crew. This is 10% less than the top most outsourced service, which is IT support with 34%.

One of the main reasons why a majority of businesses outsource some services is to cut down on costs. Other reasons include transforming the business and improving the quality of services. According to a joint investigation by Forrest Brown and Accountancy Age in 2020, 73% of the interviewed accountants in the UK admitted that outsourcing could have a positive impact on any business.

How to find the best place to outsource any service

1. Customer reviews

You will quickly find customer reviews online concerning a particular service provider you wish to outsource. The best thing about customer reviews is first-hand feedback from people who have worked with a particular service provider. You will want to look out for a common complaint or compliment when going through reviews.

2. Referrals

You can always look for referrals from friends and family members who are already outsourcing a service you are looking for. Make sure that you are happy with what they are already working with so that you are not referred to a service provider that will not deliver as expected.

3. Hiring platforms

There are hundreds of talented service providers and agencies on hiring platforms like Fivver and Upwork. The best thing about these platforms is that you can find all the information you need about a service provider, including their ratings and how much they charge. If you are a small start-up, it is safe to work with a single freelancer, but if you have a medium size or large company, then hiring an agency will remove a lot of work from your hands.

Top 6 reasons to hire info@米6米乐体育 to handle your UK Compliance work:

However, there are many reasons why you should trust us with your compliance needs; the following are the top 6 reasons why our clients choose us;

Trust in the caliber of the work produced.

You can trust the job done when you outsource to a reputable compliance company.
That is because we have years of experience with various clients and therefore we have the capacity to quickly handle any rising issues effectively. We also have a long list of returning and long-term clients, which indicates that we are doing a good job for them. We work for more than 50 UK practices/businesses at the moment, some of which amongst the top in the country.

By outsourcing, you may concentrate on cutting-edge problems

Outsourcing your compliance services will remove a lot of work from your desk, thus creating room and time to focus on important things. Many businesses are made up of different departments, which can mean hiring more people and finding enough space for them to fit in. For example, when you outsource our services, you avoid the costly hiring process and the need to find enough space to fit all your employees.

There are significant financial savings.

As already stated, in-house compliance services can be costly in terms of space and remuneration, especially if you have to hire a team to take care of your compliance. The hiring process is never a joke, especially if you need to interview a long queue of applicants. Nevertheless, finding the perfect fit usually is an issue for many companies, and finding one in most cases means paying them a huge salary. With info@米6米乐体育, on the other hand, we are already dealing with many clients; hence our cost of service is set to be fair.

Better service standards for your clients. Have time to give your clients a higher quality of service.

By taking off your compliance needs from your to-do list, you can focus on more important stuff like improving your client’s experience. You can update your to-do list with important things that will improve your revenue. These can include working on a new marketing strategy or researching ways to improve your product or services for clients and the future market.

Your workers will be more engaged if you outsource the more routine compliance work.

Employees today are after more than a good salary. They are looking for growth and new challenges that will give them the feeling of achievement. Having to handle routine compliance work can be a major turn-off to your employees, who will yarn for the opportunity to grow and face new challenges. This can lead to your employees looking for better job opportunities which usually comes at a huge cost.

A smart outsourcing business Allows for flexible service use. You haven’t heard the phrase. “pivot-turn” is enough.

Our experience in the compliance world makes us prepared to help you handle any accounting issues as they arise. At info@米6米乐体育, we have expert accounting officers specializing in various compliance fields. That means when the need to fill up new compliance needs as tax arises, you don’t have to hire a new accountant who is a tax expert. We will handle that for you swiftly. The same goes for scaling down; you need to get rid of some accounting services. You don’t need to fire anyone.

Bottom line

Digital accounting services are soon going to take over the world. It is only safe that you start to adapt as early as now. At info@米6米乐体育, we have a team of experts. info@米6米乐体育 outsourcing is one of the early adopters of cloud computing. Apart from using all cloud-based accounting systems such as SAGE, IRIS, XERO, QuickBooks etc, info@米6米乐体育 has developed its own enterprise software platform to manage workflow & increase productivity & customer satisfaction. info@米6米乐体育 is pioneer in adopting new technologies to help you achieve digital transformation in your accounting department. Get in touch with us for enabling digitalisation in your business.

WFH and Productivity: Does Work-From-Home affect employees productivity?

Work-from-home aids employers in saving that extra travelling time, money and focus better on the job. Moreover, when employees feel that they have more right over when and where they work, they are inclined to feel happier and all the more productive. Furthermore, as employees can spend more time with their loved ones, it facilitates a better work-life balance.

For companies, the key benefits of Working from home is that they can save on costs like utilities, rent and office goods. At the similar time, turnover rate is supposed to be lower as employees have less reasons to look for a new opportunity when they WFH.

As per an article by the Financial Review, “WFH has been said to not be working for firm employers.”

As per a study involved in 10,000 employees at an eminent company, “Productivity has declined by 20% regardless of employees working for longer hours.” The study also figured out that as working remotely requires more co-ordination, staff end up spending more time attending meetings and answering emails and not in the outputs.

Employers are now in the dilemma – whether they should be continuing WFH or not. Because, if they continue the WFH policy, they will deal with profit-loss situation, but if they enable ‘back to the office’ mandatory, they will face notable increase in turnover rate.

Outsourcing is the answer

Outsourcing seems to be the only credible option for firm owners. As outsourcing providers are only paid when the output is given from their side.

Because outsourcing providers are only paid when the work is completed (output), rather than by the hour, it helps businesses stay productive while keeping expenses down, especially in the work-from-home approach. Not to mention, taking UK’s current labour shortage crunch in accounting, outsourcing seems to be a viable option for hiring and retaining employees.

Outsourcing offers numerous advantages to firm owners. The process enables employers to build a team of professionals without having the extra space and machines. With the help of outsourcing, businesses can focus even more on achieving company’s success.

Benefits of Outsourcing for business

Save Cost and Scale your Biz

The cost for employment come between 20-50% (on an average) or more of a biz’s total sales, varies by industry. Now depending on the outsourcing service provider, the process can drastically lessen these costs by upto 70%. The decline in cost can be a mix of:

Overhead cost savings as the outsourcing provider will look out for the IT, infrastructure and services needed for the outsourcing team.

These savings imply that businesses can set aside funds to invest back into business growth.

Gain in business efficiency

How much value-addition work can be done by your team if the time-taking and recurring tasks were not there for them to perform? How typical is the statement ” If I didn’t have to put my time and energy into this, I would get plenty of time to do that”. Here is when outsourcing comes to the rescue. As you can delegate those tasks to the outsourcing team that will provide support to your local team by working on those repetitive tasks.

What next?

Thinking for Outsourcing and unsure where to start?

At info@米6米乐体育, we have a team of experts. Outsourcing is one of the early adopters of cloud computing. Apart from using all cloud-based accounting systems such as SAGE, IRIS, QuickBooks etc, info@米6米乐体育 has developed its own enterprise software platform to manage workflow & increase productivity & customer satisfaction. info@米6米乐体育 is pioneer in adopting new technologies to help you achieve digital transformation in your accounting department.

Get in touch with us for Outsourcing services for your business. For more such tips, stay tuned!

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.

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 ~ 1)

Outsourcing your core services (bookkeeping, tax preparations, payroll etc.) can prove to be an intimidating task, since you’ve never done it before or are dealing with a new outsourcing vendor of a new
country. And often, these fears and uncertainties can give birth to a lot of myths. Let’s try and bust some!

  1. Outsourcing is only for big and mature companies

This is the most common myth among the newly established British accountancy practices (small-scale to medium scale) that prevails. But, contrary to the popular belief, the decision to outsource their activities if a fruitful one as these practices are looking to grow from startup to a mature organisation.

The erratic nature of work inflow is what info@米6米乐体育 is beautifully accustomed to and hence is more than ready to tackle it.

  1. Communication and Technical Infrastructure imbalance

An expert outsourcing company will always be ready to deal with gaps in communication by ensuring superiority in technology and related equipment; establishing clear communication lines between the firm and the client and guaranteeing that the right person receives the necessary information.

At info@米6米乐体育 communication is usually maintained between the parties via telephone, emails and online video conferences.

Our separate IT department is adept in dealing with sustenance of such technical requirements of the business.

  1. Cultural and linguistic differences creates obstacles in mutual understanding

Usually, this poses a risk if the outsourcing firm is in direct touch with your clients. The language style and cultural nuances become impediments to your success. But, as an outsourcer to another British accountancy practice there is little or no such risk.

info@米6米乐体育 boasts of qualified, well-versed and capable staff dealing with the British atmosphere for about a decade now. Issues regarding the matter (if any,) are dealt with speedily and sorted out in no time.

  1. Lack of control and management

Managing personnel in-house is a lot easier. From operations to training to communications you have the ability to exercise control to ensure the standards are met. Ideally, a premier service provider ensures a well-trained staff, adjusted to your preferences and protocols.

info@米6米乐体育 has been working with British chartered accountants since 2004, and has ensured that with timely communication and control, the jobs are executed as per the desired standards.

  1. Time Zone difference

Nobody can deny that there are issues in outsourcing to firm based in another country. But, such difference that also affects the work flow can be continually overcome by establishing flexible communication channels. Any urgent work can be done on priority and be promptly replied to and the normal operations can be done within the usual prescribed timeline.

At info@米6米乐体育, we pre-establish the work principles regarding the frequency and mode of communication along with singled out professional staff dedicated to your firm.