How to motivate your team for outsourcing

outsourced accounting services

In these days, outsourcing of accounting and finance functions is becoming a necessity for business because of various reasons. The very first challenge that any business is likely to face while deciding to outsource these functions is that of a possible lack of buy-in from people inside the company. It creates an illusion among employees about their future job roles and job security in the company. If you want to be successful on your outsourcing journey, you need to take your employees on board with you. We all know readiness to change is not natural and there is always a resistance to that. Let us see what can be done to reduce resistance and make them aware of the new opportunities & challenges that will come along the way.

Keep the lines open of Communication

As an employer, you should have a continuous communication to your employees through various channels. You can send them an email, call them, or send text message detailing company strategy and need to outsource. It eliminates misunderstandings and encourages them to voice out their opinions. Make sure that your employees get clear, directive message on a consistent basis which is expected and also important. This exercise helps to develop trust between employee and employer.
Moreover, you also might need to convince your employees one by one. Face to face communication will help you to convey contractual information so that they feel they are heard and well informed. It will also help you to make your employee understand the need for change.

Let them know what the company’s goals are

In order to achieve success, your employees need to strongly align with company’s goal. Managers should set clear goal and encourage employees to conquer. It will motivate them and keep everyone on the same page. It help you to run your business more effectively and efficiently.
Surely, the better employees understand and align with the company goal, the higher will be the chances of their staying on board and to contribute towards company.

Start training session & educate employees for new opportunities

It is good to involve employees about new operations & procedures. Managers should start training sessions and educate employees for new opportunities. It will improve their productivity and performance. It helps employees to grasp the new business opportunities and vision expected through outsourcing. It develop future performance and helps focused on more employee growth.

And if it works well, your employee get a clear picture about new roles and responsibilities. It will definitely lessen the effect of changes from outsourcing.

Work with managers to create a sense of urgency in change

Managers should develop an environment with a healthy level of urgency. Make sure employees completely chip into new change. In the earlier stages, employees might have some concerns. But manager’s actions and activities can involve employees through proper communication, support and guidance. It can help in molding employee opinion of urgency in change.

Manager’s approach can affect the degree to which resistance bogs down the change.

Establish a chain of accountability and responsibility

When possible, allow employees to take responsibilities and run with it. Hold them accountable for the quality and timeliness of an outcome. No doubt accountability and responsibility is sensitive part in outsourcing process. On the other hand, it is a major factor in building trust among employees.
Establishing a chain of accountability and responsibility result in quality work. Your company employees are accountable for smooth functioning of the work flow process. Providing complete and accurate information to clients will help in proper time utilization and avoid delays.

Show your gratitude and reward good work

To boost up employees productivity, introduce incentive package as rewards for their outstanding performance. In addition, encourage them for better work ethic, more opportunities and express your appreciation. It will keep them motivated to go above and work for long term with company.

Make sure your team feel valued and concern. Studies revealed that happy employees are more productive.

Wish to outsource your work?

Catch on how info@米6米乐体育 can help you towards your journey to become a profitable and productive organization. We have a team of experienced and highly professional accountants readily available. They will take over your compliance work and proceed our business relationship to another level. Do contact us to start your outsourcing journey with us.

What Do Visitors Look For In Your Accounting Website?

Importance of A Good Accounting Website.

The world of accounting has grown by leaps and bounds in recent times. It has come a long way from ledgers and manual bookkeeping to advanced digital accounting software. In an age where everything is accessible and readily available in the online world, your accounting services business needs to have a strong online presence.

A good website is an important part of any accounting business. A website is the professional presence of a business in the online world. Hence, it must meet the needs of the audience in order to do well and create a buzz. But what do visitors want when they visit an accounting website? What are their basic needs, and how can you keep them hooked so that they spend a good amount of time on your portal?

Here are the top 5 things visitors look for when they arrive on an accounting services website!

1.Purpose/Relevanc e

The very first thing that visitors look for in a website is its purpose. What is your primary motive behind making this website? How is it relevant to the visitors or the target audience? Are you adding value to a visitor’s experience with your website? These are some vital questions to address when designing your website as they can give visitors just what they are looking for. Make sure that your area of expertise or services that you wish to highlight are clearly stated on the home page. Use CTAs (click to actions) to attract visitors and tell them what they stand to gain by availing of your services.

2.Informative

People who visit a website naturally seek some kind of information regarding a wide range of subjects. It can be about a product, a service, case studies, or anything else under the sun. Therefore, it is of paramount importance to ensure an informative website to attract and retain visitors’ attention. It is equally important to mention exactly how your business can help the visitors.

3.USP

There will naturally be countless websites similar to yours in the online world. But how does yours stand out? Visitors commonly look for USPs and standout points when choosing between different service providers for their needs. Hence, ensure that your website stands out and make it easy for the visitors to choose you. Create the USP for your accounting company by thinking out-of-the-box so that the visitors are attracted to your business rather than your competitors.

4.Entertaining/Riveting

In addition to looking for information, a website must also entertain and be sufficiently riveting to ensure that visitors do not leave the webpage too soon. The longer they stay on one, the more success for a website. Hence, include relevant videos, infographics, and images to keep the website’s design pleasing to the eye. Hiring a professional website developer can stand you in good stead in this regard. When looking for an expert, make sure you check their portfolio to verify if they have worked with accounting businesses websites previously.

5.Clarity

Finally, clarity makes a huge difference in making or breaking a website. If the website’s message is unclear or leaves the visitors confused, it will not do you any favors. Hence, always ensure that your website’s content is clear, precise, and to the point. In the same vein, the design and navigation between the different pages on a website must be easy and straightforward to add to their overall browsing experience. Therefore, make sure that the message of your website is clear and straightforward without beating around the bush.

Conclusion

It is important to remember that not all visitors who land on your website want to avail of your products or services. However, that is not a reflection of the success or failure of your website. The bounce rate must be low to ensure that visitors spend most of their time on your website. A higher bounce rate means that visitors liked what they saw on your website, ensuring repeat visits and purchases in the future.

To sum up, focusing on these five key ingredients can help you meet the requirements of the individuals who visit your website. This can further broaden your customer base, resulting in more leads and loyal customers in the long run.

Looking for unparalleled outsourced accounting services? Get in touch with us at info@米6米乐体育 Info Solutions today for optimum bookkeeping and accounting solutions!

Infographic: 8 Bookkeeping Tips That Small Business Owners Will Benefit From

accounts outsourcing companies

The success of a business to a great extent depends on the way bookkeeping is being handled. Outsourcing this responsibility to an accounts outsourcing services provider can help you ensure that your bookkeeping is accurate, timely and helps you take wise business decisions. You should never mix your personal and business finance, if you own a small business. You have to pay salaries to your staff, vendor fees, etc. Therefore, it is necessary to maintain a full record of your business expenses. Recording errors and inaccurate calculations can take place if bookkeeping is handled manually. The use of the latest accounting software can help you avoid such errors.

Timely checkup of your data will ensure that your data is in sync with what is going on. Not doing so might lead to overdue expenses, inaccuracy in expenses and records, etc. Flawless bookkeeping is not only about keeping a track of what is happening but also taking action on them and ensure timely payment of bills. Never ignore payment of bills as you may have to pay penalties. Get a quarterly review of your accounts and bookkeeping done by a professional. Right bookkeeping will enable you to keep a track of your taxes, expenses related to taxes and deadlines. Hiring one of the top accounts outsourcing companies will help you make substantial savings.

accounts outsourcing companies

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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!

How to raise fees without losing clients?

The overall cost of living, services keep rising over a period directly in proportion to the rate of inflation and other factors. This gives rise to the need for increasing your fees at regular intervals just to cover the rising costs. However, it is essential to make sure that you do it in a manner your clients don´t feel pressured and you don’t end up losing them.

Here are some tips that can help you raise fees without losing clients!

Justify the raise through your services
First and foremost, you must justify the increase in your fee in a subtle way. Your clients will most likely accept the higher price if they feel it is worth the bargain. One way of doing this is to add some extra services and slight changes in timelines. Doing this can make your services look more appealing and also make your clients more satisfied.

Create packages and club your services together
Another right way is to club two or more services together and offer them a package. This way, you can also make slight increases in individual prices while making it look more alluring. Moreover, you can make bundle up varied services together ranging from a group of essential services to some complicated ones or sometimes one complicated one with a few basic ones. By adding creativity to these packages, you can make your clients happy and increase your fee without losing them.

Raise your fees at regular intervals and promptly
You can also try to fix periods for raising your price e.g annually or once in two years. However, it would help if you justified this increase so that your clients are not disappointed with the rise. This will make sure that the increase in fee does not come as a surprise to them, and they can get accustomed to such increases after certain intervals. Also, if your customers know exactly how and when you increase your fee, they might come to you right before the rise. That way, you can lock in a few more customers before the increase. Overall, it can be a win-win situation for both parties.

Plan it in advance
Planning these increases in advance is very important because that will help you justify it better. In addition to that, planning ahead will help you calculate the current costs and also anticipate any other additional costs that might arise in the near future. It will also give you an idea of the profits that you will make after increasing the fee. You don´t want to be in a situation where you justify the increase and go through all the ordeals to realise that it is not covering your extra costs. Hence, it should be done in a thoughtful and planned manner.

Justify the raise in a concrete manner
Basically, you must have specific justifications for increase because some of your clients may be upset with the rise. In order to ensure that you don´t lose them, you must be ready to explain to them how paying more would mean better services. If you succeed in doing so, you will ensure the loyalty of your regular clients.

Conclusion
To sum up, raising fees is not at all easy and definitely comes with a fear of losing some of your regular clients. But these tips and tricks can help you do it smoothly ensuring that your customers are happy and don´t switch to your competitors after seeing the increase in your fees.

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!

MTD Compliance for Clients

If your clients have  a VAT Registered business with a taxable turnover above the VAT registration threshold (currently £85,000) they are required to keep digital VAT business records and send returns using Making Tax Digital (MTD)-compatible software. The vast majority of businesses will need to do this for VAT periods starting on or after 1 April 2019. Businesses with a taxable turnover below the VAT threshold can also sign up for MTD for VAT voluntarily.

The MTD pilot for VAT started in April 2018 and is now open to VAT businesses and their agents mandated to use the service from April 2019.It’s important that your clients have the appropriate software package, so if they already use accounting or record keeping software you should also enquire from those software provider to find out when it will be updated for MTD.

When MTD for VAT will be mandatory for business

If the taxable turnover drops below the VAT registration threshold at any point after 1 April 2019 the clients are still required to continue to keep digital records and send HMRC their VAT returns using MTD-compatible software. This obligation doesn’t apply if they de-register from VAT or if they are exempt from MTD for VAT.

For a small minority of businesses that have more complex requirements, HMRC have made the decision to defer mandation by 6 months to ensure there is sufficient time for testing the service with them in the pilot before they are mandated to join. These businesses have until 1 October 2019 to start keeping records digitally and using MTD-compatible software to send their VAT returns to HMRC.

This applies to those that fall into one of the following categories: trusts, ‘not for profit’ organisations that are not set up as a company, VAT divisions, VAT groups, those public sector entities required to provide additional information on their VAT return (such as government departments and NHS Trusts), local authorities, public corporations, traders based overseas, those required to make payments on account and annual accounting scheme users.

What happens if the taxable VAT turnover is below the VAT MTD threshold

If the clients have a taxable turnover below the VAT threshold they can still sign up for MTD voluntarily. HMRC is encouraging businesses with a taxable turnover below the VAT threshold to sign up so they can also benefit from MTD. Businesses can also sign up for MTD for Income Tax. This means, subject to the business type, you can further streamline the clients’ business processes. You can read more about MTD for Income Tax further down.

What the businesses need to do to be ready to sign up for MTD

Your clients will need to keep their business records digitally from the start of your accounting period. If they already use software to keep business records, check the software provider’s plans to introduce MTD-compatible software.

If they don’t currently use software, or their software won’t be MTD-compatible, you’ll need to consider what software is suitable for their requirements.

HMRC has published details of the  VAT and Income Tax software  available for MTD.

Clients using spreadsheets for business records

A spreadsheet can be used to calculate or summarise VAT transactions to arrive at the return information needed to send to HMRC.

If you use spreadsheets to keep your clients’ business records, you’ll need MTD-compatible software so that you can send HMRC your clients’ VAT returns and receive information back from HMRC.  Bridging software may be required to make spreadsheets MTD-compatible. You can read about the ‘bridging software’ below.

The information must not be physically re-typed into another software package .

Records that you need to keep digitally for MTD for VAT

MTD does not require your clients to keep additional records for VAT, but to record them digitally.

The clients’ digital records should include, for each supply, the time of supply (tax point), the value of the supply (net excluding VAT) and the rate of VAT charged. They should also include information about your business, including business name and principle business address, as well as their VAT registration number and details of any VAT accounting schemes they use.

MTD-compatible software

Compatible software is a software product or set of software products that between them support the MTD obligations of keeping digital records and exchanging data digitally with HMRC through the MTD service. If more than one application is being used, data that flows between those applications must also be exchanged digitally.

Digital records can be kept in a range of compatible digital formats. They do not all have to be held in the same place or on one piece of software. For example, a spreadsheet can be a component of digital record keeping provided the product that consolidates records, or summary records from the spreadsheet, can exchange data digitally with HMRC.

HMRC will give businesses until 31 March 2020 to make sure there are digital links between software products. Before that date, cut and paste will be an acceptable way to transfer information .

The exception to this is where return information is to be transferred to a software product enabled for an Application Programming Interface (an API provides a secure link between software and HMRC) and designed to submit the 9-box VAT return (such as bridging software). In those circumstances the transfer of information must only be digital.

You need to discuss with the software providers in case of any doubt.

Bridging software

‘Bridging software’ is HMRC’s description of the digital tool that can take information from other applications, for example, a spreadsheet or an in-house record keeping system, and lets the user send the required information digitally to HMRC in the correct format.

Finding out what software is available for MTD

HMRC has published details of the  VAT and Income Tax products  that are currently available and will be adding to this in the coming months as the pilots progress and more products become available. You can find details of all the software including bridging software at the HMRC page along with features of all the software listed.

Income

HMRC has launched a voluntary MTD pilot for Income Tax in spring 2018 and you may want to consider joining this. Read about how to join the MTD pilot and about  using software  to send Income Tax updates.

You can find out which  software  is already available to send Income Tax updates for MTD on GOV.UK.

So, if you liked these suggestions and want to read more about it, you can explore other  useful articles that would help you grow your accounting practice at our blog.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.

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 .)