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.

 

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!

Benefits of outsourcing your accounting work

Do you feel your competitors are taking away your clients because they can out the price you? Do you feel threatened by the ongoing onslaught of technology in your profession? Why don’t you try to outsource your accounting work?

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

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

Outsourced accounting  services are 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- Outsource your accounting work. 

One of the significant benefits of outsourcing is that you can have more time on your hands to increase your efficiency, grow your firm and restructure your operations 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 by just outsource your accounting work. 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 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 have faced this situation. Most of the methods can’t afford a backup person, but when you hire accounting outsourcing services provider in UK, you don’t have to worry about such cases, as their business nature requires them to have an expert, qualified and experienced team that is reliable and ready with a capable backup.

5. Standardise quality control. 

Most of us get frustrated over review times and other delays and efforts required to minimize errors in the final output. Having an outsourcing team changes all this as you get the 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 multiple sectors. You can utilise this expertise to gain a competitive edge in your area.

7. Allow you to 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 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. Reengineer your Practice with online bookkeeping. 

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 with the finance function services.

An outsourced accountant helps you to cut expenses on overheads and pare down your salary bill. You are able to increase your bottom line without an 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.

Have you considered Outsourcing? Why Not?

For small & mid-sized accounting practices outsourcing their work can be quite a dilemma. There are quite a few issues which need to be considered & most of the time partners/owners are in dark about major factors to arrive at a proper decision.

Cost is not the only factor for making the decision as there are many other positive aspects which far outweigh cost & other considerations.

Basic Questions to be answered: 

  1. Do you need to do your Bookkeeping & Accounts production in house?
  2. Will outsourcing bring negative effect on your business, your employees & your clients?
  3. Do you have in house talent to do all the work & the projected increase for the next 2-3 years?
  4. Have you accounted for increased resources required meet your growth targets?
  5. Whether incremental investments required for growth is justified in terms of comparable ROI?
  6. Did you account for any staff redundancy for next 2-3years?

Once you are able to answer these basic questions you will be in a better frame of mind to make a decision to outsource or not. You will need to consider all the answers to make an informed choice. Once you have done so, the next stage would be to decide on the vendor.

How To Make A Choice 

Now comes the million-dollar question.

How would you choose a vendor to outsource your work? What should be the basic criteria for outsourcing?

As per my views there are five essentials for selecting an outsourcing partner.

  1. Take note of the qualification of directors, whether they have a UK qualification or work experience. Believe it or not a UK qualification is a great advantage. Check whether the staff has certifications in or is well versed in accounting software’s such as SAGE, IRIS, QUICBOOKS, CCH & XERO.
  2. Whether the outsourcing vendor has a UK dedicated set up or is it working with other countries as USA, EUROPE & AUSTRALIA too. The one, which has a UK set up, is going to be the most appropriate as keeping update with tax related changes in various territories is a huge task & no one can be reasonably up to the task. So if a vendor is concentrated more than 1-2 territories it has a better chance of having a grip on legislative changes in those geographies.
  3. Check for references & how long they have been in the market. A new entrant is a new entrant; you get some of the knowledge through work experience only.
  4. Check for TAT. i.e how quickly the vendor is enable to turn around the job.
  5. Check how much of their internal processes are documented & automated. Also see what is their level of operation on various technological platforms i.e. Cloud, VPN, RDP etc.

Apart from this you can also check if they are financially sound & have a secure platform to work on. What is the service level agreement & specifically check for security, confidentiality & indemnity clauses in it.

You also need to consider what type of work you need to outsource & what is the best managed in house. Normally you would need to send across various documents to your vendor for processing. Best choice is to send the works in one go, so that the job is not held up at vendor level for want of records. Those of your clients having work processing for more than a certain no. of hours i.e. says 7-10 are ideal for outsourcing. Any client which requires less than 2-3 hours work & with incomplete information to start with is a big no-no for outsourcing.

Cost v/s Benefit

Perceived costs put off most firms from outsourcing. They think it to be an additional operational cost & therefore being unnecessary to the business. However, in reality the savings can be quite considerable.

The savings include cost of additional resources you might need to employ to do the work & overheads associated with these. It can be an average of not less than 50% of the in-house cost.

The other major benefit form productive time savings of key persons of the operations. This can be better utilised to bring in additional revenue by meetings, networking & building relationship with clients. The time of key persons could also be utilised to explore the high end lucrative work such as tax investigations, estate planning etc.

If done properly outsourcing can benefit your practice.