Recession-Proof your UK Accounting Practice with Quality Offshoring Solutions
Jul 06, 2020
The Past. The Present. The Future.
SandMartin is embracing the challenges of UK Accounting Industry reforms and has the resources required to help small to large sized accounting firms thrive in these new conditions.
Accountants are working long hours in processing furlough claims work and responding to the perpetual client queries about Government-backed financial support packages, leading to increased concerns of burning out.
In this article, we have listed key business challenges UK Accounting firms are facing due to the pandemic and how our comprehensive, scalable and cost-effective accounting and tax offshoring solutions solve those challenges.
Problem: Disrupted Service Delivery
The pace and depth of new legislation – including Brexit, MTD, FRS, AML and GDPR – demand more from accounting firms. At the same time the extra hours and the emotional turmoil of seeing clients businesses crumble has caused many accountants to feel burned out and exhausted.
The recent virus support packages by the Chancellor have resulted in firms receiving an influx of client requests, which range from simple “hand-holding” exercises to full-blown business plans to support loan applications. All this has caused a delayed service delivery to clients.
Solution: Expedite Service Delivery Management
To provide additional support to our UK Accounting firms clients who are overwhelmed with the work, Our WFH and non-WFH teams have been working effortlessly in furlough claims processing, Year-end finalization, payroll and VAT work.
We provide clients access to our state of the art ‘Cloud Web Portal’ to track and monitor jobs on the go, resulting in quick turnaround time and better control. In these unprecedented times, we run parallel shifts to offer 24*7 support to UK Accounting firms.
Problem: Capacity Challenges
Without the capacity to provide unlimited free advice, most firms are taking the “before you assist others, always put your oxygen mask on first” approach. “If we spend all our time attempting to freely assist clients with keeping food on their tables, who will then assist us in putting food on our own tables?” one of the sole practitioners said.
One of the biggest challenges is lack of available talent, forcing firms to adapt to a different approach to delivering services in these hard times.
Solution: ACCA Qualified Accountants
Our ACCA qualified accountants are helping UK Accountancy practices to prepare year end financials and meet recurring regulatory obligations such as record-keeping, quarterly VAT and monthly payroll.
SandMartin cuts the hassle attached to these tasks so that firms can focus on additional client advisory work. Our existing clients are leveraging our resources and expertise in these unprecedented times to smoothly manage the workflow.
Problem: Intensifying Cost Pressures
In the wake of COVID-19, many Accountancy firms must have heard from their clients about difficulty in paying their fee as scheduled, while some of the clients have asked for additional services such as cash flow forecasting etc. but are unable to pay for them immediately or at all.
The Government’s Coronavirus Job Retention Scheme has raised questions for accountants over how to charge for the work when results aren’t guaranteed, or whether to charge at all. Accountants are also critically assessing the damage the virus is doing to their finances and fees.
Solution: Cash Flow Optimization
Your own cash flow is equally as important as those of whom you are trying to accommodate. From a pure cost perspective, our efficient and less expensive accountants with all the relevant skills save UK Accounting firms around 30% – 40% of the actual cost.
In these unchartered waters, this cost effective solution provides Accounting firms with direct tangible benefits to immediately optimize their cash flow. In the long term, the cost cutting measures are going to place them in a business advantage both financially and strategically.
Problem: Complex & Increasing Client’s Needs
In the wake of Covid-19, Accountants are extremely overwhelmed as they are providing support to clients to help them adjust to financial downturn whilst they still have to work on year end financials and manage their usual compliance workload.
The most challenging thing for firms right now is to remain level headed and as the demand for advice has risen drastically on key topics such as when to end furloughing, cashflow and continuity planning as well as general advisory work, they have not been able to provide personalized services to every client.
Solution: Better Client Value Proposition
Our effective and productive UK accounting team helps firms significantly reduce their financial statement preparation workload. It ultimately helps firms shift gears and makes them feasible to conduct one-on-one meetings with every client to raise the bar and ensure the most productive decisions are made for all clients.
Our existing clients have been able to deliver more immediate and progressive value proposition to their clients. Once economic stability is restored, accountants that have been helpful during this period will undoubtedly receive more business.
Takeaway for UK Accountancy Firms
SandMartin has more than 22 years of experience in helping UK Accounting firms grow and reach their maximum potential. We believe that outsourcing is the key here which can help accounting firms stay afloat during these times when businesses need the support of their accountants more than ever.