How to make outsourcing a success for your practice

Accounting outsourcing

We’ve learned three lessons from previous years that are crucial for outsourcing success:

Lesson 1. Choose a sizable outsourcing services provider with a wealth of industry knowledge and ample resources to support your growth.

Although the newcomers in the outsourcing industry may appear appealing, the reduced cost usually has price. The service levels are compromised because as they are not able to hire good talent because of low margins.

There are some things that a new supplier might be able to “perform as well as” the market leaders, but in practise, the new provider will be stretched thin while attempting to meet every client’s needs.

A “plug and play” service should be offered by an outsourced provider. The service should give you with a smooth onboarding procedure, with the first work arriving within 24 hours of your choice.

A provider is not a truly skilled outsource provider if they are returning work to your company, such as training, onboarding, new procedures, etc. They are probably inexperienced or acting as an outsourcing provider while actually just being an offshore labour provider.

Lesson 2. You must feel at ease with the level of outsourcing at your company.

A quality outsourcing solution should provide multiple choices. info@米6米乐体育 has concentrated on streamlining a pay as you go service offering and believes in a “task” oriented strategy. However, we do have clients that want to manage their own resources, and we also have clients who hire sapphire as a full-time resource & pass on majority of theirs work to us.

The amount of work you ask your outsource partner to complete should be variable regardless of your choice of pricing & packages. Your supplier should be able to accommodate you if you wish to send half of your work to them and keep the other half in-house.

The key is adaptability.

Lesson 3. You should have more time after outsourcing so you can engage in other activities.

Although it may seem obvious, outsourcing should leave you with ample free time to pursue other interests. You should have time to read about the market, consider new service options, or spend more time with yourself.

It’s crucial that you have the time to determine what, at this point in your life, is essential to you. This adaptability is essential to an outsourcing service.

With the help of a top-notch outsourcing service, you should be able to take a few weeks off and go on vacation without worrying about the work’s quality. If you had the ideal supplier, you could even be able to relocate across the country.

So there you have it – our three suggestions for succeeding with outsourcing!

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.

How to increase your customer loyalty?

Customers are how a business works. If a business has loyal customers, it means flowing revenue and the growth of a brand. Every company must focus on client retention for repeat business. This is because once a customer is loyal to your brand, he/she will not go elsewhere. Businesses that have a certain relationship with their customers usually inspire the latter to make repeated purchases. However, how can you increase your customer loyalty? Let us find out!

Good customer service is key.

Always prioritise customer service in your company. Good customer service is a true reflection of just how much you appreciate and value all your customers. Your customer service support team must be on point on social media platforms and via calls/emails. This will help the customers feel more at ease with their buying decisions with you.

Seek feedback & heed it.

Take feedback from your customers and heed their advice. Every business must go the extra mile to collect reviews of how they have been doing. This criticism can help you go and improve your services. Hence, it will automatically increase your customer loyalty.

Make it easy for customers to buy your products/services.

You must make your products and services easily available to your customers. Many times, complicated sign-ups or asking for too many personal details drive the customers away. Hence, it would be best if you tried to make it easy to buy or pay for your products and services. You can try to offer as many payment options as possible so that the customers can choose as per their convenience.

Your brand should be about more than just money.

Building a brand name plays a vital role in gaining personal loyalty. Therefore, you must aim towards prioritising having a solid name in the market over money. For this, you can offer attractive discounts and impeccable customer service. This might mean walking the extra mile in the beginning, but you will see good returns in the future. If you work with this attitude, you will notice an increase in your loyal customers.

Conclusion

Customer loyalty is the best way to ensure repeat business. In fact, if a customer is loyal to your brand, he/she will recommend it to others. Following these handy tips can help you increase customer loyalty significantly.

At info@米6米乐体育 Info Solutions Pvt. Ltd., we offer expert outsourcing services that can help drive your costs down to help your customers and increase loyalty. Check out our range of services at our website!

Attract Right Team Members to your Firm

It is team of employees that defines the success of any firm. Therefore, it is crucial to attracting the right team members to your firm so that both of you can mutually benefit from each other. Before hiring new members to your team, you must have a clear idea about the type of people you want to work with so that you create the right space for them.

  So let us check out how you can create a positive space for your prospective employees so that they are attracted to your firm!

  Offer Challenging Opportunities

One of the most important things that attract right talent towards a firm is challenging opportunities. Interesting work and the autonomy to come up with creative problem-solving ideas is always a significant driving force for the employees. Moreover, during the hiring process, you can always check with your prospective employees about their expectations and offer them opportunities accordingly.

  Have Positive Communication

Having a positive relationship is the key to a successful employee and employer relationship. You can attract the right talent to your company by instigating such positive communication. It is essential to understand that everyone has a distinct working style. So, it is best to communicate the expectations positively without criticizing or judging your employees. The final goal must be to instigate healthy communication while keeping the motivation level up.

     Give Possibilities of Growth

The ultimate objective of employees is to look for work opportunities where they can have a proper scope for growth. So, the right team member would need the assurance that they will grow as the company grows. This will also make them stick around with your company for a longer time. Creating an environment of negative competition and pressure is not a sustainable way to help employees grow. Therefore, you must create a positive environment where all the team members work together towards the growth of their company, and their own growth can be a bi-product of their hard work.

  Appreciate & Value Your Employees

You must not forget to appreciate your employees for the hard work that they put in so that they feel valued. You can give them small gifts and bonuses on special occasions if the company does exceptionally well in something. After all, it is your employees who make the company run, so offering them gifts and tokens of appreciation keeps their motivation levels high. If they are happy and motivated, they won’t hesitate to put in some extra effort to get the work done in the best possible way. So, always appreciate your team members for their efforts!

  Be an Empathetic & Kind Firm

You must establish the name of your firm as an empathetic and kind one. Being kind towards your employees is the key to attracting the good ones to your team. We are all humans, and we might face problems in our lives, so in case of an accident or family issues, you must be ready to offer support to your team members. This makes them feel a part of the firm and motivates them to work harder. Kindness and empathy are like investments on your employees that give good returns in the future.

Final Words

To sum up, if you want the right team members, you need to create a comfortable environment that encourages positive outlook and growth. You can work with a simple theory of “we all grow together.” This will make sure the employees have a sense of belonging in the company, and they work together against all the odds. Following the tips mentioned above and attract the right talent to your team.

 

Coronavirus and How Virtual Accounting Companies Can Help your Business

Business

With the pandemic changing the business landscape, working with virtual accounting companies is the best way to keep your finances and other critical processes in check.

The Coronavirus pandemic has disrupted the way that companies do business. Just a few months ago, it was all business as usual. But now, the government regulations to control the spread of the disease have seen most business close doors. Now, many companies are shifting to the internet to render services to their esteemed clients. They are also having their employees work from home.

If you were contemplating between an in-house and outsourced bookkeeping expert, then the decision is now easier – a remote one will be more beneficial than an in-house one. Working with the best  virtual accounting companies  is a great way to get your bookkeeping and accounting solutions handled without worrying about the effects of the pandemic. In this article, we will tell you how a remote accounting company will be beneficial during the global crisis.

Play your part in preventing the spread of the virus

Coronavirus is spreading like wildfire. Just a couple of months ago, we all thought that it was a China-only problem. But at the moment, it has affected more than three-quarters of the world. By working with a virtual company, you cut out the need of employees having to come to the office, and thereby, minimizing exposure. You can think of this as your way of supporting the government’s effort to stop the spread.

Avoid overspending during the crisis

If there’s one thing that most businesses are struggling with right now is to stay afloat amidst the mess. The last thing you want is to start spending lots of money trying to put new structures in place for the new team. Not to mention the interviews and training costs. Working with online accounting companies means you enjoy the services without having to spend a fortune on the onboarding process. Additionally, you may not need to spend money trying to buy new bookkeeping and accounting software and technology because these companies already have the latest ones.

One less thing to worry about

Hiring a virtual accounting company means your accounts, VAT, payroll, invoices, cash flow, and other bookkeeping solutions are taken care of. At least, that’s one less thing to worry about. Besides, a virtual company ensures you get real-time, accurate financial reporting you need.

Virtual is the new norm

We are living in unprecedented times. No one knows for sure how the business landscape will look like after the pandemic is over. But still, one this is for sure – more businesses are shifting online to offer services. Clients, too, are turning to the internet to buy solutions. Unless you adjust your structures to accommodate online services and transactions, you might end up missing out. A virtual accounting company allows you to streamline your finances both virtually and physically, allowing for a smooth transition to the latest marketing models. They will advise you on tax matters and everything you need to know about selling online.

Conclusion

Working with a remote company might be of a necessity than an option right now. But you shouldn’t view it as a punishment, but an opportunity to expand your business and align with the new way of doing things.

5 Costly mistakes for an accountant

Accountants are the ones primarily responsible for the maintenance and examination of records of a business while computing the financial status of the company by preparing final accounts like P&L account, Balance sheet, etc. Also, accountants are the ones liable to file taxes and scrutinize the accuracy of records of a company. As a result, they are expected to be accurate. Any accounting mistake on their part can have long lasting effects.

Incompetence as well as inaccuracy in maintaining the accounts of the company can give major blow to a small sized company. Though it would not be right to say that big companies wouldn’t be affected by it at all. Misleading information resulting from the accountants mistakes can lead to major losses and punitive action from regulatory authorities. In this content, we will talk about the costly accounting mistakes that could cost high to companies of all sizes and should be avoided by the accountants-

An accountant should not:-

Maintain one account for personal and professional finances of the owners

An accountant should not commit the mistake of maintaining one account for personal and professional transactions. Rather, he should have different accounts for the proprietor’s and business’s transactions to be able to have a clear picture of profitability of the company.  Separate accounts will also facilitate in enjoying tax benefits through claimable business expenses. He should also insist on a business-only credit card. These steps also help in regulatory audit if any done later on.

Go with the traditional mode of monitoring expenses, rather make use of technology

Are you still confined to traditional type of accounting? It not only involves more human errors, but also require vigilant collection of receipts and other proofs of income or expenditure making the work little tedious. Switch to technology and use apps. These applications draft easy to share expenses reports and affirm automatic sync with the accounting software.

Ignore to manoeuvre for growth

Are you emphasizing on for the strategy for long term expansion of your clients’ business? If not, then this is one of your costly accounting mistakes. Successful accountancy refers to overseeing day-to-day finances along with working on to fetch future expansion of the business.

Software and cloud-based accounting confirms much easier way. It tracks the financials along with identifying the potential risks, trends, and metrics.

Show ignorance in accounts receivable slide

Mistake in keeping the track of accounts receivable and outstanding invoices is another serious mistake on behalf of the accountant. An accountant should be highly vigilant as well as strict in making policy for tracking the accounts receivable as well as that of due invoices.

Immediate action, up-to-date accurate records, and adoption to cloud based accounting is the solution to this mistake.

Should not be a one man army

One of the mistakes is absence of comprehensive knowledge as well as qualification of accounting. No matter what the size of a business is, the accountant should be well-qualified, trained, and experienced with the accounting skills. However, the accountant cannot be expected to have expertise in all areas of business. Therefore, one should not hesitate to seek help of  specialised accounting professionals  in the matters related to specific line of business.  An accountant should seek the help of trusted professionals, invest in  excellent IT solutions , and get himself updated with the latest trends and tools.

Accounting vs Finance

The growth in business will lead to significant cash flows and hiring an outsourced accountant expert will be the need of an hour. Whether to go for accounting outsourcing or financial planning might have been confusing you. The article will help you to decide whether to hire an outsourced consultant for outsourced accounting services or a financial planner for finance function services.

When to hire an accountant?

Outsourced Bookkeeping Services

An outsourced consultant  or an accountant will take care of the bookkeeping services. It can be online bookkeeping or offline bookkeeping. The services include filing taxes, balance sheet services, ledger maintenance, preparation of reports, etc. to name a few.

Business plan

The business plan is the future goals for your firm. It also tells about what you have in store and what are you going to offer in the future. The outsourced consultant will assist you in project plans and figures. Outsourced accounting services make sure to equip their consultant with the necessary skills and keeps them updated.

Online Bookkeeping

Accounting software for online bookkeeping eases the task of maintaining records when the business grows. It is one of the significant benefits of accounting outsourcing. The outsourced consultant has deep insights into the latest software. Majority of the times this knowledge is found missing in the in-house team. Corporates prefer so outsourced bookkeeping.

Minimize risk and frauds

Frauds and risks to the business cause significant monetary losses & the company’s social capital is also affected. The accountants not only aim in minimizing the risks and frauds but also strive hard to prevent it in the first place. No wonder accounting outsourcing is given a lot of importance.

When to hire a financial planner?

Management of assets

Assets are the resources that help generate profit in your business. The land, cash, stocks, etc. are the assets to the firm. The financial planner will help the firm in managing the assets through his strategy based on the risk-return framework, the time duration of investment and objectives of financing.

Planning of insurance

Insurance planning is a critical component in the financial planning of the corporate and the individual. A proper insurance plan helps to mitigate the risk and be prepared for unforeseen conditions. The financial planner will guide you with various insurance plans and services.

Employee benefit plans

It is immensely important to give lucrative benefits to the employees. The perks can be related to the sick leave, health insurance plans, bonus, salary hikes, etc. The financial planner will make sure to chalk out all such perks maintaining the federal, state and local rules and regulations.

Valuation of the company

The valuation of the company is a tricky business. Valuation techniques and methods are complicated. The financial planner can help the firm on valuing itself and knowing its worth.

We are pretty sure you have realized when to call an accountant or financial planner. If you are looking for accountancy outsourcing solutions,  info@米6米乐体育 Info Solutions provides the best accounting outsourcing services in the UK.

We look forward to schedule a meeting with you!

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.