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How UK accountants are using outsourcing to transform service delivery

22nd Mar 2024
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Initor Global UK provides premium outsourced services to UK accountants and businesses.

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Change management, or ‘transformation’, is currently high on the list of priorities for most accountants. Investment in new technologies such as cloud accounting software and the automation of recurring tasks is increasing. Developments in Artificial Intelligence are helping accountants look critically at the way they complete recurring tasks and communicate outcomes to clients while ensuring they remain available to provide personal, expert advice when needed.

While modern technologies can support different models of service delivery, many accountants overlook the scope for outsourcing work to an offshore provider.

Initor Global UK | outsource accounting | transformation
Initor Global UK

Initor Global customers have used outsourcing to transform service delivery and secure better returns on their investment in new technology, as shown below.

Transforming the way services are provided

While accountants have invested heavily in new technologies, many fail to review the way services are delivered to secure the best possible outcomes for profitability and growth. The automation of tasks and embedding of cloud-based software provide wide scope for transforming the way services are delivered. The ‘digitisation’ of accounting records means there is no need for accountants to attend a traditional office space - information can be accessed from anywhere in the World using an internet connection.

In terms of the services an accountant may outsource, the work does not need to be confined to transactional areas such as bookkeeping or payroll. The outsourced accountant can support the onboarding of clients and provide continuous feedback on the services a client might need, such as tax or specialist advice. The outsourced accountant can help accountants look forward and assist with the real-time reporting needs of clients.

Using outsourcing to deliver effective transformation 

Initor Global customers have told us about the action any accountant considering outsourcing should take to help deliver their transformation plans, including:

  • Identify the long-term benefits from outsourcing work and avoid focusing too much on short term objectives such as eliminating a backlog of work or addressing a peak in workload
  • Set clear quality and performance measures to complement internal targets
  • Engage with staff at the earliest possible stage, highlighting the positive impact of outsourcing work for their future development and career aspirations
  • Recognise it will take time and initial investment to integrate the outsource partner and achieve a successful transition
  • Ensure all internal stakeholders are engaged in the commissioning process, including non-accountants who may be involved in the working relationship
  • Encourage open discussion of any perceived barriers or misconceptions about outsourcing work
  • Assign clear ownership to maintain the relationship with the outsource partner and to manage any issues arising
  • Take the opportunity to critically review systems and processes, maximising efficiencies.

Further benefits of outsourcing work

The outsourcing of work helps accountants manage short term pressures such as peaks in workload or to eliminate backlogs of work. This can be at the individual accountant level, when capacity is most stretched at key points in the accounting cycle, or to help drive sustainable growth in new client numbers and services. Outsourcing work helps accountants provide professional support and expert advice to clients without increasing the number of permanent professional staff.

Typically, the cost of outsourcing work is 50% less than a UK resource, securing immediate reductions in the overall cost base. With the additional capacity outsourcing offers, accountants can focus on core business objectives, whether that involves increasing the client base or offering a wider range of services to clients. Outsourcing recurring tasks such as bookkeeping, payroll or accounts preparation frees up time to help clients, understand their needs and offer high margin advisory services when clients need them most.

If you are an accountant looking to outsource services, increase margins and help your client’s thrive, you can book a video call with one of Initor Global’s expert advisors using this link or send an email to [email protected]