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Digitisation of accountancy: Why you need higher skilled staff

25th Apr 2019
Brought to you by
Sundaram

Sundaram Business Services (SBS) is a global outsourcing company.

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MTD is just the beginning of the digital journey in the UK. Accountancy practices need to get up to speed with new technologies and be prepared for upcoming changes.

MTD requires adopting new systems, informing clients, training employees and even changing some of your internal processes. And this is just the start of bigger technical changes.

The plans of HMRC seem to be beyond MTD and the clues are all around Europe in countries such as Spain or Hungary, where there is a requirement for live reporting of sales invoices.

Whereas this might sound like science fiction now, the truth is the compliance side of accounting will see new technological requirements in the near future, and accountants need to be prepared and constantly up to speed with cloud accounting, SaaS and more so that they can face all these new challenges.

These are some of the strategies you can follow to make sure your firm is prepared:

Training people on your firm

Identify who in your firm has the potential to increase the value of your firm if you move them to new roles. Also, consider training everyone in your firm so that they are up to speed with all the software that you use and new technology.

Hiring talent

There are various things you will need to consider before placing an ad to find new people for your firm. You will need to decide what is it that your firm needs precisely. It might be an expert in software, someone with people skills who can own some of your client relationships or a person with analytical skills who can identify the best opportunities for your clients based on their financial performance.

Outsourcing

Whereas it is useful to train and upskilling the people on your firm is useful but it might be difficult to run regular training sessions when you are short handed or during busy periods.

Hiring new people is also proving to be challenging because of the talent shortage that the UK is experiencing due to the lack of trainees and the influence of Brexit among other factors.

If the previous options are not viable for you at the moment, you can also choose to outsource some of your services. Outsourcing is a flexible option that can be adapted to your business objectives and periods of time that are especially busy.

How Sundaram works

At Sundaram, you decide how you want us to access your files. We can either have access to your files through a remote desktop, working directly on your system so that the files don’t need to leave your office or you can upload your files to a secure FTP.

Once we receive your files, we ask you for any missing data and we’ll let you know an estimate of the hours it will take to complete the job so that there are no billing surprises at the end of the month.

Once we agree to all the terms, your files are processed by our highly-trained accounting professionals. And before we deliver it to you, the job is reviewed against a multi-level quality checklist and also analysed by a panel of subject matter experts.

You can rest assured all your files are handled and processed following the higher security controls and multiple levels of redundancy. Our facility has state of the
art security controls, biometric access and CCTV monitoring.

Sundaram helps accounting firms in the UK overcome the challenge of the lack of skilled resources. Learn more about Sundaram’s services.

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