Accounting Outsourcing – Changes in the way we work

The pandemic has been transformative in many ways. It has changed how we view our health, how we communicate and, of course, how we run our businesses. It has taught us many lessons and has changed our working environment.

We have listed down a few of these changes:

1. The Hybrid working work force

Before the pandemic, hybrid working seemed like a rare luxury. However, this is no longer the case. Recent studies have shown that up to 75% of companies have adopted a hybrid working model since the pandemic. Why? Because it’s proven to be incredibly effective!

Employees are more productive, more engaged and generally happier when provided the opportunity to choose their work environment. So don’t be a stick in the mud – adopt a flexible working model. Your employees (and profit margins) will thank you for it!

When you think of a remote workforce or a hybrid model, outsourcing is one way to reduce your costs and improve efficiencies.

2. Adaptability to Communication

If the pandemic has taught us anything, it’s that effective communication is a valuable commodity.

Learning to navigate a business in social isolation has really highlighted the importance of effective communication. Not only between team members but between firm owners and partners too.

Without these open streams of communication such as zoom and skype, we would not have been able to adapt our businesses, engage our teams or maintain operations during the Covid-19 crisis.

Therefore, you must continue to priorities and invest in your internal communications.

With the advancement of these communications and their effectiveness, outsourcing your work has become easier.

3. Digital Transformation

Due to working from home, it has forced us to adapt to digitalization at a very quick pace.

Adopting cloud-based software has innumerable advantages, but perhaps the most noteworthy is its ability to increase efficiency. In a recent survey, 45% of respondents agreed that cloud computing increased their efficiency thanks to cloud automation and broad network access.

With the increase in cloud accounting software’s and data security, it has become easier than ever to give remote access to your outsourcing partner firm.

4. Outsourcing

In a time when we had to adapt (and adapt quickly), many businesses had to outsource labour and resources to operate. And that continues to be the case. Labour shortages have forced us to seriously evaluate what we can deliver in-house and what we cannot.

Yet, despite the great resignation and the global pandemic, we’ve come to find there are actually many benefits to outsourcing.

Outsourcing your accounting, bookkeeping and tax work (among others) can improve revenue, increase efficiency and reduce operational costs. What’s more, it enables you to delegate tasks outside of your expertise, allowing you to channel your energy into what you do best. So don’t be afraid to ask for help – you’ll need it if you want to scale your business.

Other than the obvious benefits of cost-savings, outsourcing your compliance functions reduces overheads that come in the form of:

• Recruiting and training specialist staff Retaining non-core skills
• Buying and maintaining systems and software Dealing with HMRC

In addition to the above, the following benefits explain why firms should stop processing their compliance function in-house:

Why Choose Fin-eX Outsourcing?
Quality Service.

The best quality service at the most competitive rates.

Fin-eX offers outsourcing solutions to various accounting firms, accountants in practice and businesses. Our clientele includes five of the top 20 Accountancy firms *. We are the go-to outsourcer for many general practices that are looking to grow with less hassle. Fin-eX is also one of the few GDPR compliant accounting outsourcing firms.

 What you get with
Fin-eX?

Guaranteed Cost Saving

Experienced & Quality Staff

We have professionally qualified staff. Our staff’s qualifications are ACCA, ICAEW, CIMA and MBAs to name a few.

Infrastructure & Data Protection

We have a dedicated office, high-speed internet access, and internal security protocols to protect your data as well as give you a high-speed service.

Speed And precision

Timely access to accurate and credible information is essential for executives to take the right actions in the highly competitive financial industry.

The issues with outsourcing and how to mitigate them

Digital Communication

The most important aspect of any working model is the communication between the accounting practice and their outsourcing partner.

The mode of communication is important.

These issues can easily be resolved through various tools that are now available, such as:

Zoom, Microsoft teams, google drive, business drop box etc

Staff Training

It is imperative to understand the effective protocols in place to help with the process efficiency of the system. In short, the inhouse staff that is the main focal point for the work being outsourced need to identify timelines and escalate urgent work.

Data Security

Data security is always a big concern. An accounting firm needs to identify an outsourcing partner with a good track record and compliance to various data protection acts.

How the data is transferred is also important.

The data may be accessed by the processor through either

How It Works

The data transfer to Fin-eX is easy at a very high speed and in real time. We have a dedicated secured server in place which ensures top of the line data security.

To ensure your data is secure Fin-eX uses the following security protocols.

Security Protocols followed by Fin-eX

Cloud Software

Investing in a good cloud based accounting software such as Xero or QuickBooks. These can easily be linked to other applications and software’s to streamline the work processes.

Capacity Building

One key reason of outsourcing you accounting work is to focus on clients and growth. For this you need to hire an outsourcing partner that not only has trained staff that has certified qualifications such as ACCA, ACA, CIMA etc but can expand their staff and capacity with your requirements.

The Mental Side

It is important to have a work life balance. It is found on various surveys that accounting is a stressful occupation.

With the hybrid working model and an outsourcer that knows how to get things done, you can keep the stress away.

And it comes with benefits

What to look for when deciding on a accounting outsourcing provider

Experience?

Are they limited to the easy tasks, or will they take on the more difficult, or messy jobs? Can they produce accounts from incomplete records?

Confidentiality?

It is very unlikely that your outsourcer would steal your clients, but it could happen.

Hence, it’s advised that you get a written agreement stating that they won’t contact your clients.

Security of data and records?

Are they going to be kept securely, and if actual documents are taken are they insured if you want replacements?

Availability?

Are they available throughout the year – will you get plenty of notice regarding planned holidays?

Software?

Can they prepare accounts/tax in the required software?

Bookkeeping?

Will they take client records in any format, e.g. Manual records, Sage, QuickBooks, etc.

Working papers?

Will they work to your templates so as to maintain consistency? Will they produce a good enough analysis for you to be able to check the accounts?

How thorough are they?

Will they fully reconcile Wages, PAYE, VAT, Bank, etc? Will they examine the accounts to spot incorrect analysis of income/expenditure by your client? Will they perform a review of the accounts, summarise all the adjustments, list any errors or omissions, and highlight any concerns? Will they work to agreed timescales? If amendments are needed, will this incur an extra charge? Finally, will they do all this at reasonable cost?

What can be outsourced

Due to advances made in the field of telecommunications it has become easy to transfer various accounting activities to offshore locations. Although other Asian and European countries are involved, India is recognised as the preferred location because labour supply is both cheap and plentiful. The following is a list of commonly outsourced accounting services:

• Company start-up and Secretarial services
• Bookkeeping
• Statutory accounts
• VAT returns
• Corporate & personal tax returns
• Payroll services
• Management accounts
• Credit control
• Cash flow projections
• Budgeting & forecasting
• Financial reporting

Did you know

Our highly trained ACA, ACCA and CPA designated team delivers ~100,000 hours per annum in outsourcing services globally. We are currently serving 25 Accounting Firms with Avg. 3,000 – 5,000 clients each. Our team has also processed and filed over 7,500 tax returns last year.

Test us! – We Give 10 Hours of no obligation service!

Why? Because we are confident once you see our work , there is no going back.

Contact  Us

Free UK number : 0800 6894 246.

UK Office : 1 Empire Mews, Office 43, Hideaway Workspace, London, SW16 2BF.

Back Office

2^nd & 3^rd Floor, 90 Commercial, Cavalry Ground, Lahore, Pakistan.