We all know the importance of a good work-life balance. Whether it’s having time to spend with your family or being able to participate in sports or other hobby-based activities, the significance of a balanced work life is essential for a happy life. However, putting this notion into practice is not always as easy as it sounds, making accounting business process outsourcing critical for accountants.
According to a study conducted by AccountancyAge, about 36% of ICAEW members are currently unhappy with how they balance work and home life. This is a clear indicator that UK workers are starting to reach an unhealthy stage of work-life balance.
This can go on for some time and still be manageable but eventually, the repercussions will become more prominent and can have a seriously detrimental effect on employees. The same scenario applies to accounting practices who are spending too much time and resources on tedious, low-margin activities such as accounting, payroll, and bookkeeping.
Accounting practice owners and staff in the UK are getting bogged down in day-to-day activities instead of growing the business and learning new skills. Employees want to grow professionally and enhance their abilities to be of better value to themselves and their employers. Nonetheless, it’s easy to lose sight of this when you’re too busy just trying to stay afloat and do the basics.
In the aftermath of the coronavirus pandemic, the importance of a balanced work life has increased manifold. This is one of the reasons accountants must consider accountancy outsourcing service for their practice.
THE BENEFITS OF A BALANCED WORK LIFE
When employees have a balanced work life, they’re genuinely happier than their counterparts that do not. This happiness is not only beneficial to the employee but also to the accountancy practice owner. So how does a happy employee benefit your accountancy practice?
- Increased efficiency
- Creativity is boosted
- Happiness is contagious
- Analytical thinking increases
- Happy employees tend to be healthy employees
- They feel a greater sense of ownership in their tasks
- Employees appreciate your efforts and are more loyal
- They interact better with clients and create more rewarding relationships
HOW CAN OUTSOURCING IMPROVE YOUR FIRM’S WORK-LIFE BALANCE?
Reduce tedious work
One really good aspect of outsourcing is that you no longer have to take care of mundane functions such as accounting, payroll, and bookkeeping. By outsourcing these functions to one of the top accounting outsourcing companies, you don’t burden your internal accounting staff with compliance tasks that hurt your practice’s productivity and staff’s well-being.
Create more fulfilling work
When you outsource your basic accounting functions, you get the time and resources to concentrate on value-added work such as advisory services. This type of work requires more of an analytical approach and at the end of the day is more fulfilling than basic data entry work. Your employees will appreciate getting a chance to do something new that adds more value to the practice.
Give your staff the time and option to get upskilled
With constant changes in compliance laws and the introduction of cloud and data analytics, talent requirements are changing across the industry. You now need an accounting team that is able to find tech-based solutions to business problems– staff who can see the bigger picture, who are comfortable with technology, and who can deliver high-level business advisory services.
You may not be able to cultivate that talent merely through hiring. Retraining and upskilling internal accounting teams has become essential to moving your practice forward. But who will provide the back-office work while you foster the talent you need?
Partnering with one of the top accounting outsourcing companies in Pakistan can provide instant access to talent for back-office accounting functions and help transition your staff to learn new skills. With these new skills, you will get more financially rewarding work and a greater appreciation for the practice.
HOW FIN-EX CAN HELP RESTORE YOUR WORK-LIFE BALANCE
With accounting business process outsourcing, you reduce the number of hours your staff spends in the office, which means they’re able to spend more time with their family. In addition, when you utilise outsourcing, you’re able to improve your practice’s profitability and reduce the amount of compliance and time-intensive tasks your team has to look after.
These benefits will not only improve the overall welfare of your accounting practice but also the individuals who operate it. A happy practice owner and staff will help improve the longevity of an accounting practice.
Fin-eX specialises in dedicated accountancy outsourcing service and provides custom-made solutions to clients. With our highly experienced and trained staff, you can create capacity for your practice and de-stress your internal teams.
Take control of the wellbeing of your accountants and see how outsourcing can help you achieve a better work-life balance with Fin-eX. To know more about outsourcing, call us on +44 208 144 8995, or drop an email at askus@finexcoutsourcing.com.
