UK's accountancy Firms are Looking for Accounting Outsource Services for These Two Vital Reasons

by Kristen White Blogger Accountancy firms in the UK looking for accounting outsource services are often reputed with false claims like, 'outsourcing isn't a valuable strategy for accountancy firms' or, 'outsourcing is dead.' Given that 64% of accountancy firms in the UK outsource key responsibilities, it's hard not to laugh at those claims. However, the pandemic has highlighted certain concerns regarding the operational resiliency of offshore companies. To achieve cost savings faster, accountancy firms in the UK need to pick their offshore partners very carefully.

On the other hand, the pandemic has demonstrated that remote working, collaboration, and technological innovation – three qualities that the best offshore accountants provide are highly important now and in the future. Accounting and tax professionals in the UK are facing increased workloads. Without proper support from outsourcing accountants, they simply cannot meet their client’s seemingly endless requirements. Be it calculating tax returns, payroll management, or taking care of core accountancy responsibilities - the top accounts outsourcing companies have a massive role to play in the UK's accountancy industry. Here's why the demand for these offshore accountancy experts is so high -

New Opportunities to Cut Costs

The next ten years will be an era of quick change and incessant churn for accounting professionals. They'll need high levels of commercial agility and flexibility to compete with newer firms.
The accountancy firms in the UK with the best outsourcing partners have a competitive advantage. Thanks to their offshore partners, these firms will be able to handle routine and low-value accountancy services effortlessly.
Financial motivation will be a key driver behind accountancy firms outsourcing important responsibilities to low-cost countries.

For instance, in India, an accountant earns –

- £3459 per year, if he/she has 1-4 years of experience (₹342,682 per year).
- £4495 per year, if he/she has 5-9 years of experience (₹445,304 per year). 
- £5368 per year if he/she has 10-19 (₹531,856 per year).

In the UK, starting salaries for accountants are -

- £30,000 for graduates entering the profession.
- £60,000 for trained accountants.
- £84,500 for experienced chartered accountants (with average yearly bonuses of over £17,000).

These bonuses include medical insurance, pensions, car insurance, and profit-sharing schemes. So, to make bookkeeping, payroll management, tax preparation, and other standard accountancy tasks ten times cheaper, accountancy firms in the UK have to consult offshore experts. The pandemic is the perfect time to cut firm costs, and these offshore experts offer accountancy firms in the UK a cheat code to success.

Long-Term Partnerships

Most accountancy firms in the UK that are looking for accounting outsource services should aim to build long-term partnerships with these offshore experts. Since these offshore accountancy experts already have the tools to provide real-time critical data correctly and efficiently, they can bring a wealth of experience and accountancy knowledge to the table.

In addition to taking care of standard accountancy tasks like - managing cash flow, overseeing multi-currency accounting, preparing trial balances, preparing month-end journals, invoicing clients, and many more, these offshore experts can actively contribute to long-term business strategies. The devil's always in the details, and who knows the details better than your offshore accountancy experts?

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Created on Nov 26th 2020 06:27. Viewed 360 times.

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