Brought to you by
initor_global_logo_rgb_without_tag_line.png

Initor Global UK provides premium outsourced services to UK accountants and businesses.

Save content
Have you found this content useful? Use the button above to save it to your profile.

Why outsourcing bookkeeping services makes sense

24th Jan 2024
Brought to you by
initor_global_logo_rgb_without_tag_line.png

Initor Global UK provides premium outsourced services to UK accountants and businesses.

Save content
Have you found this content useful? Use the button above to save it to your profile.

Bookkeepers provide essential services to clients and assurance the foundations of accounting work are sound. Finding the right professional bookkeeper can be a time-consuming business. Demand for bookkeeping services has continued to rise as cloud accounting solutions direct the way accountants work and in the light of regulatory changes, such as the government’s making tax digital regime for VAT and its plans to extend this to Income Tax Self-Assessment.

Outsourcing bookkeeping work makes sense to any accountant looking to widen the range of services offered to clients and secure better margins on the fees for such work. With an outsourced solution, customers have access to a team of experts who provide assurance that every bank, credit card and control account reconciliation is completed accurately and on time.

Here are five reasons why outsourcing bookkeeping makes sense.

Outsourcing can reduce costs while ensuring the quality of services

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

With an outsourced supplier focused on delivering the tasks an accountant needs, the accuracy of bookkeeping is improved, with an increase in the quality of services provided to clients.

Clients can access more services

Almost all accountants will have growth plans based on the take-up of additional services by new or existing clients. Using an outsourced solution allows accountants to scale up and confidently offer bookkeeping services to meet demand. It ensures they have the capacity to deliver bookkeeping services tailored to clients’ circumstances.

Reduced risk of service failure

Many accountants provide bookkeeping services using a dedicated team of qualified bookkeepers supported by accountants to manage peaks in work, particularly at the month end. However, reliance on a small number of professionals presents a high 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 bookkeepers who can provide the continuity of service needed.

Data security is assured

Initor Global has experience of all major cloud-based bookkeeping and accounting software, which can be accessed from our own secure servers. We can also access your Practice server using secure remote login arrangements. Initor Global is GDPR and ISO27001 compliant, and client data is always secure and cannot be downloaded.

Removing recurring tasks helps develop people

Some accountants are nervous about outsourcing any service because of the perceived negative reaction among their teams. However, the removal of recurring tasks from the day-to-day workload of bookkeepers and 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 monthly reconciliations and data management, allowing individuals to focus on their continuing professional development and building the skills needed for their future careers

Conclusion

If you are looking to take your Practice to the next level and improve the quality of your bookkeeping work while reducing costs, you can arrange a free consultation with our expert team.

Find out more about Initor Global