Digital transformation is redefining the UK’s Finance and Accounting (F&A) industry. However, the small-scale accounting firms in the country are failing to catch up. As emerging technologies are helping large-scale accounting to complete routine tasks more accurately and quickly, the small-scale accounting firms that have not heavily invested in the latest accounting technology tools are finding it hard to keep up.
Hence, large-scale firms are gobbling up all the business and creating a new pattern of accountants who are powered by automation. How can small-scale accounting firms in the UK reduce the amount of time they spend on laborious and repetitive transactional work? Investing in outsourcing has worked for large-scale firms, and it can work just as well for small-scale accounting firms.
Technology and Outsourcing
For over two decades, large-scale accounting firms in the UK have partnered with offshore accounting experts to help their in-house employees focus on higher-value consulting and advisory work. Technology is making this partnership stronger. The top accounting outsourcing firms in UK are investing heavily in technology. Hence, they’re able to complete routine tasks like producing accounts for different types of clients, preparation of personal/corporate tax returns, daily bookkeeping, payroll management, etc., in a much better way.
Hence, accountants based in the UK are able to focus on other important jobs for their firms. If your offshore accountants are using the latest software tools and cloud technology to complete 60-70% of your daily tasks at much cheaper rates, of course, your accounting firm will have the resources to expand! The large-scale firms who have realised this have been able to consolidate its role as advisers on clients and businesses across various domains very efficiently.
Unfortunately, many small-scale accounting firms in the UK are yet to catch this train. However, there’s no reason for gloom – leading offshore accounting firms are still more than willing to partner with these small-scale accounting firms. Here’s how these offshore experts can use technology to change the fortunes of small-scale accounting firms in the UK
There are several compelling reasons for small-scale accounting firms in the UK to invest in technologically advanced accounting outsourcing companies. These offshore accounting experts can help small-scale accounting firms in the UK cut costs and add business value. The leading accounting outsourcing firms invest in customised cloud-based job portals. Using these cloud systems, they share data with their UK partners in an effortless manner. Tracking the status of their workloads, bookkeeping responsibilities, etc. also becomes very easy with a customised cloud accounting software.
These offshore accountants are leveraging the capacity of cloud computing to enable their client to stay connected at all times. With cloud systems becoming more and more secure, small-scale accounting firms in the UK have a great chance to invest in collaborative accounting and expand their business capabilities.
A cloud-based relationship with an offshore accounting team can help these small-scale accounting firms in the UK draw together various data sources to deliver valuable insights about their business performances. Working under such cloud-based infrastructures also allows in-house employees to work in unison with their offshore partners, irrespective of their locations. Some other advantages of partnering with accounting outsourcing firms that have invested in customised cloud-based job portals include –
- Greater collaboration allows both teams to complete more accounting tasks every day.
- Cloud-based infrastructures make it easy for all members of the workforce to access and share important data.
- Business scalability improves massively as small-scale accounting firms in the UK have to incur much less up-front costs and management outlays.
Switching to cloud-based infrastructures also helps small-scale accounting firms in the UK reduce their need to hire more in-house employees. An in-house accounting professional will require training, private space, bonuses, etc. On the other hand, a cloud-based relationship with an offshore accounting team doesn’t require any of these efforts or expenses. Such a relationship can serve as the basis for advancing new services for small-scale accounting firms in the UK.
On average, accounting firms that use cloud accounting technology, have five times the number of clients than accounting firms that do not. So, a relationship with a technologically advanced accounting outsourcing team can help small-scale accounting firms in the UK add tremendous business value to their firms.
Using the Latest Accounting Software
The most technologically advanced accounting outsourcing teams are also proficient at using accounting software tools. Tools like SAGE, IRIS, QuickBooks, etc., help them execute routine services like assessing VAT Returns, bookkeeping, preparation of tax reports, etc., in an efficient and time-effective way.
Couple this proficiency in accounting software tools with offshore accounting experts who are well-versed with the accounting laws and systems of the UK, and you have the perfect partner! These offshore accounting experts can produce comprehensive financial reports that allow their partners/employers in the UK to make better business decisions. Technologically advanced accounting outsourcing teams can also help small-scale accounting firms in the UK reduce the amount of time they spend on routine accounting tasks. 56% of companies in the UK believe that accounting firms will help them achieve tasks outside the domain of accountancy. Small-scale accounting firms in the UK with offshore partnerships are in a better position to address these demands!