A beginner’s guide to outsourcing for accountants

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.

As companies continue to operate on leaner budgets, some have found that outsourcing certain functions is a good way to keep quality up and costs down.

For many years, businesses have transferred services such as bookkeeping, accounting, and Controller/CFO services to third-party firms.

While once seen as an option for larger companies in the past, today the floodgates of outsourcing have opened and more and more companies are reaping the benefits.

According to a recent KPMG survey, about 40 percent of companies planned to increase their use of outsourced accounting.

Reasons to consider outsourcing to Fin-eX

Improve processes — One of the hidden benefits that many businesses don’t realise is that outsourcing your accounting function provides an opportunity to upgrade and improve your current financial accounting processes. Outsourcing vendors instil best practices and controls that can help improve efficiency and timeliness of data.

Save time and improve operational efficiency — By spending less of your day overseeing bills and payroll, you’ll free up valuable time that can be redirected back into managing and growing your business.

Save money and reduce overhead — Businesses typically spend 2 to 5 per cent of revenues to properly train and staff internal accounting departments. While it might not seem like a lot, outsourcing your accounting can actually lower your total costs by eliminating expenses related to employee benefits, training, hardware, and office supplies.

From a survey conducted by Fin-eX on our existing clients, it has been observed that by using Fin-eX clients can cut their costs by as much as 50 per cent.

Be proactive and scale — When you outsource your accounting you can expect to minimiSe large investments in human resources, technology, and infrastructure and maximise your production, thereby giving an opportunity to scale and react to change more quickly.

Data protection and security — We are ISO 27001 certified and approved employer for both ACCA and ICAEW. Fin-eX is also GDPR Compliant and gets audited on an annual basis – our quality checks and standards right up there! You can feel secured that your data is in safe hands.

So when is a good time to Outsource?

There really isn’t any bad time to consider outsourcing. Think about it, no matter if you have three or 300 employees, you still will have the same compliance requirements as well as payroll and reporting needs. The bottom line: the sooner you start outsourcing the sooner you can realize the many benefits and get ahead of your competitors.

But why Fin-eX?

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 the UK financial reporting and tax compliance. The technical knowledge is constantly updated to provide the clients with the best quality service.

Fin-eX will be exhibiting at Accountex on May 1-2, 2019.

Learn more about how outsourcing to Fin-eX can help you reduce you operational costs and hassle.

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About the Author

Zohaib Hassan

Fin-eX Consulting

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