What is Accounts Outsourcing?
What is Accounts Outsourcing?
It’s very simple – Accounts outsourcing is when accountants or accounting firms contract out their work to an outsourcing company such as Fin-eX. This is done with the objective of increasing capacity, expanding business, meeting staffing shortages, and improving profitability.
The increase in accounting outsourcing happened in 2007 after the economic recession. Accountants like other businesses had to cut costs to remain profitable and sometimes to break-even. In the line with this many firms aimed at cutting their costs.
From a survey conducted by Fin-eX on our existing clients, it has been observed that by using us, clients can cut their costs by as much as 50-60%. Other objectives for accounting firms and accountants alike are to have a variable staff cost and not incur high fixed costs over a long period of time.
Accounting firms and accountants hence have started preferring to outsource instead of growing organically. There is a still shortage of skilled accountants in the market and hence it becomes a no brainer to employ an outsourcing firm such as Fin-eX to help you grow.
Why Choose Fin-eX Outsourcing?
Fin-eX offers a unique and bespoke solution. We will take care of as much or as little of the workload as you wish, leaving you to focus on what you do best for your core business. We work in close partnership with our clients.
We interact with our clients on a regular basis and work closely both on-site and off-site with client teams. Therefore, we have an in-depth and real-time understanding of our client’s development programs and are prepared to deal with issues as they come up. This enables us not only to develop timely solutions for these difficult problems but also to develop and strengthen the client team in the meantime.
Fin-eX has a qualified team of ICAEW, ACCAs, CIMA and MBAs led by FCAs and FCCAs with prior experience in PWC, KPMG, EY and GT practices. Our professional team of accountants has detailed working knowledge of UK financial reporting and tax compliance. The technical knowledge is constantly updated to provide the clients with the best quality service.
In-house Accountant vs. Outsourced Accountant
| Outsourced Accountant | On-Site Accountant |
| Work is done by a dedicated resource in another location (Fin-eX Office). This helps reduce your overhead costs. | An accountant works at your office and you incur extra overhead costs such as electricity, rent etc. |
| We use uses your systems and software through secured access. | The accountant uses your systems and software. |
| More Economical; Fin-eX bears all the costs, plans your resources and makes them available as per your requirement. | High Cost; Recruitment cost, Salary, Overtime, Perks, Taxes, Holidays, Leave etc. |
| Combined best practices of an outsourced team working on various UK Practices. | Skills, Knowledge, best practices of your accountancy firm only. |
| Staff is available as per your need. | 9 to 5 Job. Less Productivity only present in-office hours. |
| Experienced and trained staffs available from the word go. We constantly conduct training for the staff so they are updated to the latest market changes. | Risky to hire trainee accountants and train them according to your requirements. |
| Skilled accountant’s available immediacy with no long-term commitment. | Finding and recruiting accountants is a challenge. |
When you outsource, you get time to do what you do best.
Risks of going Virtual?
It’s like your accounting team is sitting in the office next to you. There are now a variety of instant communication tools such as video conferencing and Skype to name a few, which make you feel like your outsourced team is sitting in a room next door. Effective communication with our clients is one of the priorities at Fin-eX.
Is it safe?
We have secured portals and hosting which is managed and checked by our IT department on a constant and consistent basis. Fin-eX is also ISO 27001 Certified and GDPR Compliant.
