How Accounting Practices in the UK can Improve their Resilience through Outsourcing !!
Sep 29, 2020
A Sage research report suggests that 83% of accountants say their clients demand more today than five years ago and 67% feel the profession is more competitive than ever.
Succeeding in this new environment requires firms to find ways to not only deliver standard compliance or reporting services more efficiently, but to also increase their scope of work and assume the role of trusted advisor.
As accounting firms continue to operate on leaner budgets, some have found that outsourcing certain functions is a good way to keep quality up and costs down. The COVID-19 pandemic has brought to the forefront many of the immediate and long-term benefits of outsourcing for UK accountancy practices.
By spending less of your day overseeing bills and payroll, you’ll free up valuable time that can be redirected back into managing and growing your business. As an expert in your field, it’s critical that you use that expertise to focus on business goals, growth and expanding your offerings to clients.
During the pandemic, numerous accounting firms in the UK have leveraged SandMartin’s bookkeeping, year end accounting, VAT and Payroll services to smoothly navigate the crisis. Below we have discussed how our unique outsourcing model has put practices in the best position to survive this and future disruptive events.
Remote Working Expertise
The impact of COVID-19 has proven that many workers don’t physically need to be in the office to work effectively. Coronavirus lockdowns accelerated the shift to flexible working in a way that had previously seemed impossible. They also provide hard evidence of how work can be done differently – and successfully.
The accounting firms that adapt to the new preference for flexible and remote working will likely see better outcomes in the long-term – a more adaptable workforce, improved productivity, and happier staff and clients.
Covid-19 made the world stop, but not at the same time everywhere, and this is key for our unparalleled services to Accounting Firm clients. Our teams are accustomed to working in a virtual-remote offshore world for over 20 years. We scale and react quickly to handle the surge in activities.
With SandMartin outsourcing services, you’ll have access to a team of skilled accountants having a wide range of experience in the area. This ensures that your books are always up to date, payroll is done on time and you’re not at risk of being subjected to penalties due to inaccurate paperwork and underpayments.
SandMartin’s Outsourcing Model
Outsourcing is not a new concept. For many years, accountancy practices have transferred services such as bookkeeping, accounting, and tax preparation to offshored partners like SandMartin.
While once seen as an option for larger firms in the past, Covid-19 has opened the floodgates of outsourcing for small to mid sized outsourcing firms too who are already reaping the benefits.
SandMartin’s outsourcing model promises greater access to talent, increased productivity for accounting firms, significantly lower costs, more flexibility, and improved client experiences. Rather than having internal resources that are too busy at times and slow at others, firms can instead send us the seasonal work or the services that are based on business cycles to SandMartin.
We instill best practices and controls that can help improve efficiency and timeliness of data. By partnering with us, our clients have been able to reduce the cycle it takes to close books and file taxes, developing better benchmark and baseline financial processes to help them meet regulatory requirements and provide a better client value proposition.
Why this is the Right Time to Outsource
Today’s business owners are facing greater expectations when it comes to financial transparency and government compliance requirements.
For many, the decision to outsource accounting functions is the first step toward making life easier and processes safer with the added benefits of resource savings, which allow senior leadership extra time to focus on management and core operations to make sound, logical financial decisions.
Accounting firms have always thrived with the right techniques and strategies and this is one of those times when getting back into the grind will take a lot of time but with the help of proper outsourcing and just the right business strategies, it is going to get back to normal soon. While this may take some time, let us be hopeful towards a better future.