Reasons Why Remote Workers Perform Better Than Employees

According to a recent study, the percentage of workers who claim they can’t focus at their desk has climbed by 16 percent since 2008 and the percentage of people without access to quiet spaces to focus has increased by 13 percent.

Even without the continual distraction of mobile phones, the design of today’s offices tends to include noises and other distractions that break concentration or impair the capacity for concentrate.

It’s hardly surprising that office workers find it tough to seek out the endorphin rush that comes from monitoring social media, given the availability of empty social media calories at any time.

And if it’s not social media, it’s another app, making travel arrangements, messaging, or making phone calls. The number of distractions from other tasks grows.

And too many individuals still think that sending emails around an organisation adds value, even on a good day when they are focused on their work. Most definitely, it’s simple to become lost in a day of email pushing without accomplishing any longer team goals.

Therefore, taking into account this incapacity to accomplish compliance work without major interruption, we have identified reasons why “outsourced” remote personnel can work longer hours and provide higher-quality results.

  • Remote personnel who have been outsourced are experts. Good outsourcing businesses specialise their workers in many functional areas. Not all things are covered by it. It is an expert in just one compliance area.
  • Remote employees who work for outsourcing companies can focus on the current task. Good outsourcing firms limit outside distractions, preventing access to chat, phone, and email.
  • Specialized support, training, and mentorship are provided to remote employees who are employed by outsourcing firms. This is delivered on-site by reputable outsourcing companies.
  • Remote employees who are outsourced lack access to the internet and are unable to use their mobile phones in a work setting. It’s crucial to finish the task at hand!
  • Focused outsourcing firms typically enable staff to concentrate on compliance tasks. Meetings and chats are hardly used since good outsourcing organisations have streamlined and systematised their operations and processes. It’s all about finishing the task at hand.

So instead of the morning huddle, talk to us about how we might let your local office staff to focus on the crucial tasks.

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.

What is the Difference Between Bookkeeping and Accounting Services

As businesses grow and start to attract more customers, keeping track of the finances can become difficult. Hiring  online bookkeeping services in UK  or accounting services may be a solution to that challenge. However, do you need a bookkeeper or an accountant? Many people use the terms bookkeeping and accounting interchangeably but the truth is while they are similar and some tasks may overlap, these remain separate services and before you think of outsourcing  online bookkeeping services in UK , you should understand the difference between a bookkeeper and an accountant. Here are some of those key differences.

Bookkeeping Definition 

Bookkeeping is about daily records of transactions . A bookkeeper keeps a tally of all the daily expenses of a business as well as the money coming in. The duties of a bookkeeper however are much wider than just taking records.

Accounting Definition 

Accounting involves summarizing, analyzing, and creating reports  based on the bookkeeping records. An accountant will create concise statements about business transactions over a particular period. To get a better understanding of the two definitions, let us take a closer look at the roles they play in a business.

What a Bookkeeper Does?

This is a service that has been offered for decades. Bookkeepers kept records of early trader’s money inflows and outflows. This service continues today with bookkeepers recording daily transactions in a systematic way that is easy to read. These records will then be used by the accountant to do their job. A key duty for a bookkeeper is the maintenance of a general ledger. This document contains records of expense receipts as well as amounts from sales. Modern technology enables bookkeepers to use software like QuickBooks and Xero to keep track of all the entries made into the ledger. Whatever transaction is made by your business needs to be recorded in the ledger. This function also helps when you have to do your taxes. A bookkeeper doesn’t have to have as much training as an accountant to perform their duty, however, they may need certain principles of accounting like how to use accounting software as well as financial terms. The work of a bookkeeper can be overseen by an accountant or the business owner. Other tasks that they take on include: – Monitoring daily cash flow – Issuing invoices – Following up on payments – Making payments on behalf of the business – Handling payrolls – Preparation of trial balances – Reconciliation of bank and credit card activity – Monitoring and controlling credit card activity – Keeping nominal expense records – Handling multi-currency transactions – Handling other daily financial tasks requested by the client

What Accountants Do?

Accountants pick up from where the bookkeepers stop. They analyze the daily financial records to come up with detailed insights for the business owner to make financial decisions. Accountants can also help in the decision-making process by offering advice in different fields of finance. Some of the roles they play include: – Verification and analysis of data – Reading financial signals to help in forecasting opportunities and trends for development – Performing audits and getting tax records in order – Preparing reports like balance sheets and income statement – Guiding business owners to make the right financial decisions. Accountants can also do bookkeeping but bookkeepers cannot do what accountants do. Some businesses pay accountants to do the bookkeeping as well as accounting.

When Should You Hire Online Bookkeeping?

If your business needs to keep track of its daily financial activities, then hiring online bookkeeping services would be advised. Remember that bookkeeping is about the day to day running of the business’s transactions. It is however convenient when you hire a person or company who can do both bookkeeping and accounting. This will mean when you need reports that focus on the big picture of your business finances, then there would be someone ready to do that as well.

When Should you Hire an Accountant?

You may not need accountancy services every day. Most businesses need accountants when they need to carry out an audit of their financial transactions or when they need to make big financial decisions. Accountants can help prepare reports that give you a clear picture of where your business stands after a given period of operation. Accountants can also be important when you are preparing to present your books to the taxman. They will provide you with sound tax advice and guide you through the complicated UK tax system which many business owners find a headache to deal with.

Verdict 

Both bookkeeping and accounting services are relevant for the smooth running of a business. When you need help for short term daily financial tracking, the bookkeeper is your solution and if the need is to look at the long-term business finances, then you need an accountant. Finding a professional company that can provide the entire package would be the best option as opposed to choosing one or the other.

How to Stay Productive While Working from Home?

accounting outsourcing services

Working from home can be joyous because of the flexibility it offers to your daily schedule. However, it can be challenging to stay organized and productive if you don’t plan well. Recently, many people opted for or were forced to work from home during the lockdown. Hence, it is a good idea to learn a few hacks to stay productive while working from home. This way, you can discover how you can use it to your advantage and do much more than you imagined.

Have a Designated Work Space

Tricking your mind is important! So, having a designated workspace can help you immensely and put you in “work mode” immediately. If you have a spare room, you can dedicate it to working. If not, you can also take a corner with a table and a comfortable chair. Make sure there is adequate lighting where you work. That always helps focus better and be more productive.

Plan One Day In Advance

Planning is crucial to having an organized and productive day. You must make a priority list of the tasks that you plan to do the next day. This will help you get on to the tasks immediately and not waste time planning things. With a concrete plan, you can also schedule regular breaks and finish your workday without stretching. It can also help you avoid working late nights. Hence, plan in advance and be strict about not working late nights because that might mess up your schedule the next day too.

Have Specific Work Hours

As mentioned above, having specific work hours is very important while working from home. If not, you might end up wasting crucial work time in the morning, leading to working late hours in the evening. You must be strict with your schedule and go to your work area like you go to the office. You must have a nice and healthy breakfast, take a shower and start your workday early. Knowing when your productivity is the highest can help a lot too. You can plan to make the most of your productive hours and schedule all the important tasks around that time. So, make a schedule and stick to it. But don’t make it too tight and leave some space out for breaks and relaxation too!

Create The Right Ambience

The right ambiance can also do wonders for your productivity. Therefore, you must create it well around your workspace. You can do so by keeping your workspace clean and tidy. Furthermore, you can have some soothing music to have a relaxed ambiance. Make sure not to have anything that distracts you, such as television, loud music, or social media chats. Surround yourself with things that help you focus better.

Conclusion

These are some hacks that can help you enhance your productivity at home. You must enjoy your time at home that allows you to have little breaks or short naps. Work from home can be a blessing in disguise. All you need to do is plan it well!

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.

10 Reasons To Outsource Your Accounting Work

Do you feel your competitors are taking away your clients because they are able to out price you? And do you feel threatened by ongoing onslaught of technology in your profession?

Do you feel you need to add new service offerings to your clients?

Then read below and consider outsourcing your accounting and bookkeeping work to achieve various improvements in you practice.

Outsourcing accounting is not just about cost-saving. Here are the top 10 advantages of outsourcing accounting and bookkeeping services for accounting firms.

1. Faster growth for your practice.

One of the major benefits of outsourcing is that you can have more time on your hands to increase your efficiency, grow your firm and restructure your operations to and maximize your return on investment (ROI) on the core competencies of your business. You can use this extra time to try to bring in more clients, by improving your marketing efforts and customer services and more. Outsourcing accounting services is most likely to reduce your costs by 30 to 50%.

2. Never lose a client to non-availability of time

Outsourcing provides you with a team of professionals at a short call and your ability to deliver services is no longer limited to how much time you can personally put in around the clock. Hence, you can now entertain new projects and clients coming your way with all the help you are getting.

3. Don’t pay for the overheads just pay for the actual work.

When you outsource you do not need to pay for the overheads, vacation, sick leaves, NI, training and other staff expenses. You pay for the actual work done for you at most of the time at an agreed price.

4. Alleviate the risk of overnight losing of your staff.

The stuff bad dreams are made of. You reach your office to find one of your staff is ready to put in his/her papers. If you have been in practice for long enough you would definitely have faced this situation. Most of the practices can’t afford a backup person but when you hire an outsourcing outfit you don’t have to worry about such situations, as their business nature requires them to have an expert, qualified and experienced team that is reliable and ready with an effective backup.

5. Standardise quality control .

Most of us get frustrated over review times and other delays and efforts required to minimise errors in the final output. Having an outsourcing team changes all this as you get advantage of standardised quality control procedures put in place by them and you could even mutually agree to more stringent requirements.

6. Utilise diverse experience across various lines of business.

Outsourcing companies work for various accounting practices thereby earning diversified experiences across various sectors. You can utilise this expertise to gain competitive edge in your area.

7. Allow you introduce new services.

If you had always wanted to introduce some new services to your customers but could never take the initiative because of lack of time and expertise available, hiring outsourced services can really help you change that. You can introduce new services to your customers, which is just like adding new sources of revenue and making the best use of your in-house and outsourced capabilities and expertise.

8. Re-engineer your practice.

You can reengineer your services offerings to shift from compliance work to higher proportion of advisory services enabling your firm to be future ready in the upcoming digital work environment.

9. Work less, earn more.

Outsourcing helps you to cut expenses on overheads and pare down your salary bill. You are able to increase your bottom line without increase of efforts from your side. Moreover you can utilise savings in profits to teach yourself and your staff for more value added & niche services.

10. Increased valuation of practice.

The firms that outsource show increased profitability as compared to their peers not using the services. As such you would enjoy higher valuation multiplier increasing the valuation of your firm. This also helps firms in case they wish to raise borrowed funds from banks.

Benefits Of Moving Clients To Cloud

Cloud computing has brought about a revolution in our lives. From using social media to paying bills through online banking, we are always on the move. The domain of accounting has also been affected and statistics point to a massive change in the domain of accounting in the form of cloud accounting. This term implies the usage of cloud computing for managing the accounts instead of desktop accounting. Apart from providing the benefit of mobility, it provides a lot of additional benefits which only cloud-based computing can offer. An accounting practice can benefit immensely by moving from desktop-based accounting to cloud. Below are some of the core benefits of moving clients to cloud based accounting.

Flexibility of Work

Cloud accounting allows you to access your accounting application as well as data anytime, anywhere and with any device connected to internet such as desktops, laptops, smartphones and tablets. Your data is available 24×7 and all-round the year which was never possible in the era of desktop computing.

Realtime Information

Since multiple users can work at the same time, the data on a cloud-based system is always updated and provides real-time insight. It provides a clear and real-time overview of the financial position of the client allowing accountants and management to take informed decisions.

Low Costs

With cloud accounting, there is no need to spend much on IT infrastructure or hire expert IT staff to manage servers. Neither IT staff has to install or update accounting software on your machines. Just by a single subscription, all your work is being done at a fraction of the cost. It frees up the IT team to do other tasks. Apart from that, it reduces unnecessary expenses on server maintenance, energy consumption, expert staff and other associated costs.

Boost Productivity

Since accounting data is ever increasing, it leads to desktop accounting systems becoming slow and unresponsive over a period of time. On the other hand, in the case of cloud computing, all the data is saved in cloud and due to sheer availability of resources, the system is always responsive and it provides a boost in the overall productivity of the accounting staff. As per a research carried out by Harvard Business Review Analytic Services, it has been reported that “74% of businesses feel like cloud computing has given them a competitive edge”.

No Storage Limit

Over the passage of time, with the steady growth of business, demand for storage space increases. Due to this, accounting firms have to keep on updating the hardware. Cloud computing allows the firms to expand or scale down their storage space with a click of a button at much low cost.

Scalability

Cloud accounting allows clients to easily scale up or down depending on the requirements. They can add or remove users or upgrade their computing power on a click of a button. Their pay as you use model is a win-win situation for the clients.

Increased Efficiency – Collaboration

Cloud accounting allows multiple users to work together. Domain experts can handle tasks related to their domain and this leads to increase in overall efficiency.

Automatic Updates

With cloud accounting, enhancements to the system are implemented in the back without disrupting the work of the users. This allows the users to always work on updated system. This is very critical as new taxes can be added or tax values can be changed with minimal effort at the client’s end.

Ease of Use

Cloud accounting systems are redefined the way people used accounting software. It is being said that they allow users to update their accounts as easily as they can update their Facebook status due to simplification of these accounting systems.

Reduces Paperwork

Since everything is available online, there is no need to keep hard copies of the documents and other data. This can lead to fulfilment of a desire to have a paperless office as invoices can be sent through emails which further saves the cost of printing and postage. Incoming invoices, bills or receipts can be uploaded directly or scanned and saved within the software without any need for physical document which further saves the cost of maintaining files and storage costs.

Better Control

In cloud accounting, all the data is stored centrally and access controls can be put in place to classify the data. This leads to a better overall control over the sharing of the data.

Automatic Backups

Cloud accounting systems automatically generate and store backups in different geo-locations which helps in availability of systems even in the times of a disaster such as an earthquake or a cyber-attack. You can easily restore the system using these backups with a minimal downtime.

Platform/Device Independent

Cloud accounting systems can run on any machine which is connected to internet irrespective of its platform or size. Users can access these systems from any device which has a web-browser and may be running on Windows, Mac, Android, IOS or Linux. These systems are responsive or mobile friendly and adapt to the screen-size of the device which is being used.

High Security

All cloud accounting systems are highly secure as they use military grade encryption. Since the data is spanned over multiple data-centers and geo-locations, it diminishes the possibility of data loss due to any computer or system failure.

Build Stronger Client Relationships

Cloud accounting allows easy flow of data between accountants and their clients. Multiple users can collaborate and work together anytime which helps in building a better bond.

info@米6米乐体育 Info Solutions is one of the early adopters of cloud computing. Apart from using all cloud-based accounting systems such as SAGE, IRIS, QuickBooks etc., they have hosted their in-house job-portal on the cloud which has brought about a great boost in the overall productivity and customer satisfaction.

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.

How to get more client referrals for your accounting practice

The best ever marketing tool for accounting professionals, since the ancient Egyptians started record-keeping for their royal storehouses, are – referrals! Acquiring clients through referral is a technique as old as the pyramids!

A referral is simply a recommendation from a person, usually one of your previous or existing clients or colleagues, to another person to use your services.

Why referrals are so important for your accounting practice?

For any business – be it small or large – choosing the right accounting partner is an important decision. As their accounting advisor, you’ll gain intimate knowledge about their business and their personal financial goals as well. So, an established reputation and trust are highly critical for people to move their business to you.

When someone refers to you, they are vouching for you. And it is far more persuasive when someone else sings your praises than you try to do it yourself!

Do you know where the most persuasive advertising comes from? It’s from the people we already know and trust!

According to Nielsen’s Global Trust in Advertising Report

“More than eight-in-10 global respondents (83%) say they completely or somewhat trust the recommendations of friends and family.”

In another research done by Hinge Marketing , 87% of participants said they ask friends or colleagues when they are looking for an accountant.

So, it’s pretty clear how much important referrals are for your accounting practice. Question is – what you need to do to get those referral clients?

Identify Your USP (Unique Selling Proposition)

As stated in Entrepreneur.com encyclopedia , the definition of the Unique Selling Proposition (USP) is:

“The factor or consideration presented by a seller as the reason that one product or service is different from and better than that of the competition”

But what it really stands for? How can it help your accounting practice to get more referral clients?

A unique selling proposition is what your business really does or cares or stands for. It’s what makes your business stand out among other similar types of business. Instead of trying to stand for everything, a business with a USP is known for something very specific.

Let’s explain further.

Many accounting professionals try to offer every possible service they can when they get started. But when you try to be well-known for everything, you become known for nothing! You can’t offer everything to all people!

We can look at FreshBooks as an example. If you search on google just by writing Freshbooks, the following will appear.

Do you notice what they stand for? They say “Invoice and Accounting software for Small Businesses” – not medium or large businesses. This is done on purpose.

Instead of trying to be an accounting software for every business out there, they just focus on serving small businesses. A whopping number of 24 Million people have used FreshBooks so far and they have paying customers over 160+ countries!

The point – you need to be very specific about what you’re offering instead of running a generalized accounting practice.

You can be industry specific (plumbing, constructions, etc) or service specific (bookkeeping, tax return, etc) based on your preference and expertise.

You need to identify your USP for which people will remember you for. When you do that, you will get more referral customers because your good friends will easily understand what you really do and whom they could refer to you.

Market Your USP

Identifying your USP is one thing, ‘marketing it’ to your target customers is quite another.

Once you come up with your USP, you need to show off and reach out to your potential customers with that. This is how:

Your tagline: If your business name is ABC Accounting Service, and you plan to center your service to retails, then your tagline (the words used under the business name and/or logo graphic) could be “Accounting Solution for Retails.”

Your Branding: Your USP should be reflected in all your branding materials. For example, you might create a graphic of an official seal with ’Accounting Service for Retailers’ and position it on your website, on the cover of your brochure, or at the side of your business card layout.

Your email signature and voice-mail message: We tend to forget or ignore this one. But when you use your USP in your email signature and voice mail messages, it could bring you the fortune at the cost nothing!

Verbal introductions: When you meet someone new or you are at a networking event, introducing your USP could engage others and gauge their interest in what you do.

There’s just one catch!

Market demand and your competitors’ offerings will get changed, so is your own business and competitive edge. Hence, while thinking about your USP and its promotion, keep in mind that your tagline and look and feel are easier to change when necessary than your logo or business name.

Incentivise Your Referral program

People love receiving gifts. When you send your happy clients ‘surprise gifts’ – that helps increase the likelihood that they’re going to refer someone else to you.

You can provide a financial incentive for every good referral that ends up signing up with you. However, many people may not accept or feel uneasy with direct cash rewards. In that case, you can provide other incentives that make more sense for you and your accounting firm, such as:

  • Gift Cards to your client’s favorite restaurant or coffee shop
  • Visa gift cards
  • Movie tickets
  • A favorite bottle of drink

If you’re not sure of what to gift, JUST ASK!

You can ask your clients what their favorite drink is, and if they say coffee, you can ask where they love to go for coffee. Then, hop online and get them a gift card or send them a packet of their favorite coffee beans.

One important note: There might be regulations as to how large a gift you are allowed to give and your clients are allowed to receive. So, make sure your gift is legal so that NO ONE gets in any trouble!

Cross Sell/Exchange Referral Programs

You can partner up with other professionals who serve the same target group as you do, but with different services.

You can tap into your professional networks, search LinkedIn or leverage local networking groups like business associations and clubs to identify such professionals who already serve the customers that you want to serve. This could include a management consultant, a lawyer, an insurance agent, a banker or anybody you think has a genuine customer base.

The partnership could be in different models. You can pay each other direct referral bonus or you could offer special rates or discounts for each other’s customers.

Conclusion

Many of the accounting professionals are shy of asking clients for referrals. But the interesting part is – according to a marketing survey done by Texas Tech – “83% of satisfied customers are willing to refer a product or service. But only 29% actually do”.

So, getting more referrals could be as simple as asking your clients to refer others to you!

There’s just one problem… if you want to attract referral clients, you need to create a service level that people can easily hook on others to it!

No negative vibes – but do you know how one starts smoking? By hanging with other smokers who seem to have a great experience out of it! If you can maintain high quality and integrity and provide a great service to your clients, people hanging around your clients will certainly know about your accounting practice and start ringing your doorbells.

What other ideas could we use to generate more referral clients? How do you generate referrals for your business? Please share your experience below.

BENEFITS OF ACCOUNTING OUTSOURCING SERVICES UK

If you are looking to increase your work, grow your bottom line, minimize your risk and access to the latest technologies, outsourcing accounting services from UK is the ideal solution. The article shares the benefits of outsourcing your accounting and bookkeeping functions.

EXISTING SETUP

info@米6米乐体育 Info Solutions  in UK have pre-built processes. Because of the well-set pre-built processes, the cumbersome task of recording, analysing and tracking transactions can be prevented. Such a kind of accounting outsourcing provides a high level of accuracy.

ONLINE BOOKKEEPING

The market is continuously evolving, and it becomes mandatory for the firms to stay updated with recent technology. Outsourced accounting services have skilled talent pool of outsourced consultants and have required subscription for the technologies. Therefore, the clients get the best service in the business through accounting outsourcing services in the UK.

NO RISK AND FRAUDS

Unfortunately, maximum records of frauds have been recorded due to the foul play of the in-house team member. By hiring outsourced accounting services, these risks can be removed. The accountant will always have an external watch which looks after the general ledger at regular time intervals, the transactions processed by the firms, etc. Not only can the risks from the perspective of frauds but also the aspect of errors be minimized. Reporting errors can be super expensive from the economic as well as the social front of the firm. If such errors take place, HMRC levies enormous penalties. Along with monitoring of risk, data security issues are also taken care of by the accounting outsourcing services in the UK.

TIME

It makes no sense to be the jack of all and master of none. Accounting outsourcing firms are masters of tasks ranging from online bookkeeping to finance function services. As a result, business owners can spend their time on more important core activities while allowing outsourcing companies to take care of rest. More importantly, it saves the time required for the recruitment and training of new employees.

COST

The primary benefit of outsourced bookkeeping and accounting services is cost saving. So the cost incurred by the firms in hiring them full-time employee is way higher than hiring an outsourced accountant. This is because the full-time employee will expect different monetary perks from the firm, unlike the outsourced accountant. Also, the overhead expenses like the training, recruitment expenses, payroll taxes, benefits, etc. can be avoided. Every penny invested by the business should be justified, and outsourced accounting services have that potential to explain it.

Accounting and bookkeeping is a serious business because even a small error or a misplaced zero can lead to huge financial consequences.  info@米6米乐体育 Info Solutions  is a master of this domain and have experience and expertise in handling complicated accounts without any error. We look forward to  schedule a meeting  with you!

How to choose right Outsourced Accountant?

Picking the right outsourced accountant is an important business decision. It is because the stakes are high when online bookkeeping is involved. So it is incredibly essential for the firms to equip themselves with the right thought process before selecting an accountant for outsourced accounting services. Here is the encyclopedia of questions for to choose the right outsourced accountant.

Location of Outsourced Accountant

The location used to be a critical decision before the advent of cloud-based technology. But now the outsourced accounting services have leveraged the technology to provide outsourced bookkeeping from any location. However, this decision should be the one that aligns with the best interest of your company. The question to ponder is whether you are comfortable discussing your finances over email, phone calls, or you would prefer a face to face conversation. The answer to this query will help you check the parameter of location.

Certification of Outsourced Accountant

Accounting outsourcing services in the UK are striving to ace the race by hiring certified accountants. Such outsourced accountants are rich in knowledge as well as experience. They add value to your business and lookout for the best interest of the firm. Tasks such as online bookkeeping, finance function services are critical and need a certified accountant to accomplish it. Apart from certification, the other thing you can look for is the expertise of the accountant. You should ensure that the accountant has multi-dimensional expertise ranging from accounting to technology. If the knowledge matches the business purpose of hiring an accountant, you have hit the jackpot.

Recommendation from Businesses

Searching for an outsourced accountant can be time-consuming. This decision will be doubtful until the accountant proves himself. So it is advisable to look out for recommendations from friends or owners of other businesses. But always remember that every company has different needs. Even though you have suggestions of a particular accountant, priority should be given to your personal choice. If you are looking for online recommendations, you should be cautious about choosing the trusted website or platform been used.

Technological Quotient

Technology has brought about significant changes in the field of accounting outsourcing. So the accountant must be updated with the latest software and be technologically sound. Your firm has been using particular software for many years. It would be difficult for the new accountant to get a hold of the software. So look out for the accountant who has hands-on the software which your firm has been using. This will prevent the migration of data from software to software and avoid the threat of leakage of data.

The article has enlightened you with the knowledge required for hunting the right outsourced accountant. Accounting outsourcing covers outsourced bookkeeping, financial function services, etc. These tasks are meant to be taken seriously and done with high precision. That is what the USP for accounting outsourcing services in the UK is and our firm  has achieved mastery in it.

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