Outsourcing ' what does this mean to Accounting firms?
Whilst iPS helps accounting firms both small and large with all aspects of IT, one thing that keeps coming up in our discussions is outsourcing.
'Outsourcing is an alternative option available to firms as far as accounting work is concerned. Firms are now also looking to outsource all Tax and Payroll work too. Some firms even outsource their general typing work where typed letters are returned back within hours using digital technology. This is great for firms who cannot afford additional administrators but outsourcing can also help firms who are looking to streamline the size of their existing admin team by replacing with more a cost effective solution.' comments Gurjeet Dhillon, iPS director
He continues 'As far as the accounting work is concerned things have improved significantly over the years with some very good systems available in the market place which are cost effective, efficient and profitable. One main reason why firms are now outsourcing is that it's harder to recruit and retain qualified, experienced staff. Firms are using existing qualified staff to deal with high value added work and outsourcing the rest, thereby also saving on recruitment costs at the same time. Using this approach, some firms have had considerable growth whereas in the past they would have had to turn the additional work away'.
One of the firms that are benefiting from outsourcing is Charterhouse Accountants. They are a 9 partner firm, 60 staff and 2 offices based in Harrow and Beaconsfield. They have been outsourcing work for 5 years now.
Partner, David White, comments 'We have been outsourcing for a long time now and have enjoyed the obvious benefits from this. As a result of outsourcing we have been able to:
o reduce costs and increase profitability
o reduce the log jam of work by 3 months now
o standardise our working papers
o see our practice grow through acquisition of other practices or indeed blocks of fees.
o meet timely deliveries and keep our clients happy.
o keep existing staff happy doing the higher value more profitable work rather than the routine compliance.
Seeing the impact outsourcing has had on our firm, it's definitely something we will continue to do and also explore other options to outsource other type of work in order to improve profitability and working with iPS will certainly help in this area''
iPS is a specialist firm representing it's clients rather than any specific software house. With an experienced, skilled team we provide impartial advice to accounting firms on all aspects of IT. This includes all software, training and infrastructure requirements.
Areas we specialize in include: Accounts Production, Taxation, Practice Management, Debtor and Work-In-Progress management, Document Management, Work Flow/Job Tracking, Document Scanning and Archiving, Trust Accounting, Software Integration, P11D, Company Secretarial, Outsourcing, Payroll, Digital Dictation, VoIP, Hardware Infrastructure, Disaster Recovery, Marketing.