The research reveals many accountants are reluctant to outsource certain elements of their role thanks to out-of-date assumptions.
Matthew Elliott, Managing Director at Clarity Accountants says: “Accountancy is very traditional and value has always been found in the tangible reports created and delivered to clients. But now, there is new value to be found in relationships with customers and offering a better service.
"[By outsourcing] we’re not bogged down in compliance work, so we can focus on cross-selling services and increasing the value we bring to our clients.”
“Outsourcing gives us the bandwidth and capacity to scale the business. Without it, I don’t think we could have grown to the scale we have.”
IRIS’ latest insights paper surveyed 200 senior accountants and their opinions on outsourcing. It found 42% of accountants associate outsourcing with negative connotations, with 68% saying that they haven’t considered outsourcing in the last 6-12 months - despite a rising demand for advisory-led services since the start of the pandemic.
However, the research further revealed that accountants would gladly use the extra time freed up by outsourcing to dedicate more time to work-life balance (45%), complete higher fee-earning work (33%), build client relationships (27%), and one in five (20%) would use it to focus on business advisory.