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Six reasons to outsource year-end accounting services

1st Feb 2024
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Initor Global UK provides premium outsourced services to UK accountants and businesses.

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If you are a UK accountant looking to improve the efficiency of year-end accounts preparation processes, and the quality of services provided to clients, you should consider outsourcing. Accountants are increasingly relying on offshore suppliers to provide a range of year-end accounts and company tax services compliant with UK tax rules and accounting standards.

We have been listening to feedback from our customers about the reasons why outsourcing year-end accounting services is right for them. Here are the top six reasons.

Outsourcing services can provide a better client experience

UK accountants recognise it can be difficult to engage clients in the importance of the year-end accounting process and director responsibilities to approve accounts. Many clients are simply not interested in the detailed work accountants need to complete to ensure year-end accounts and tax calculations are produced accurately and in accordance with professional and regulatory requirements. Accountants outsourcing year-end accounts preparation work find they have more time to spend with their clients explaining the information contained in their statutory accounts, with the opportunity to upsell high value advisory services based on a client’s changing circumstances.

Outsourcing services reduces costs and increases quality

The cost of outsourcing accounting services is typically 50% less when compared to the equivalent services provided in-house. With an outsourced solution, there is no need to maintain a large in-house team of accountants at all. When implementing an outsourced solution, UK accountants often find the review of internal systems and processes secures wider efficiencies, such as the automation of tasks and more effective document management.

With an outsourced partner focused on delivering agreed tasks and processes, the quality and accuracy of year-end accounts is improved, with an increase in the quality of services to clients.

Clients can access more services

Using an outsourced solution allows accountants to scale and confidently offer more services. It also ensures they have the capacity to deliver growth in revenues, and that clients have access to the services they need as they prosper.

Reduced risk of service failure

Many UK accountants rely on a small team working tirelessly throughout peak periods to achieve statutory deadlines for filing annual accounts with Companies House, and company tax information with HMRC. Reliance on a small number of experienced accountants presents a risk of service failure should individuals leave at short notice, and if you cannot access a suitably qualified or experienced replacement in time. With an outsourced solution, accountants have access to a team of experienced professionals who can provide the continuity of service needed, with the flexibility to increase capacity at peak periods.

Data Protection assured

Most outsourced suppliers have experience of all market leading bookkeeping and accounting software, which can be accessed from their own secure servers. They can also access Practice servers using secure remote login arrangements. Outsource partners can provide evidence they are GDPR and ISO 27001 compliant, and that client data is always secure and cannot be downloaded.

Removing recurring tasks helps develop people

Some UK accountants are nervous about outsourcing any service because of the perceived negative reaction among their people. However, the removal of recurring year-end accounting tasks from the day-to-day workload of accountants means they have more time to spend understanding the needs of clients and upselling services. Less time is spent on tasks such as preparing draft accounts, contacting clients for missing information and data management, allowing individuals to focus on their continuing professional development and building the skills needed to progress their careers.

Conclusion

If you are looking to take your Practice to the next level and improve the quality of year-end accounting services while reducing costs, you can arrange a free consultation and free no obligation trial of Initor Global’s year-end accounts preparation services with our expert team. We’ve also prepared a handy guide to help you decide on the best approach for your Practice.

You can book a video call with one of Initor Global’s expert advisors using this link or send an email to [email protected].