Outsourcing is an industry which has gathered momentum since the COVID-19 pandemic. With a rise in outsourcing businesses offering their services, more and more businesses are continually looking out of house for particular services. This is down to a magnitude of reasons including being more cost-effective, as well as the minimum constraints it offers.
According to a study by PA Consulting, over the next two years 32% of UK businesses predict they’ll outsource more. As the global economy is currently in the midst of uncertainty, success will be defined by those who are able to collaborate with clients. This has a significant impact on recruitment in securing the best talent, as well as operations, and profitability. One of the sectors where outsourcing has long been established is accountancy. However, many people don’t realise the added benefits that outsourcing an accountant can have on their businesses.
We look at five ways how outsourcing an accountant can provide a key asset to your business…
One of the obvious ways that outsourcing an accountant can benefit, is the expertise and wisdom added to your team. By going through the route of hiring an in-house accountant to your workforce, it will limit you. This is down to only having an individual providing accounting services for you. You’d get a full team of accountants, tax services, strategic advice, and much, much more by outsourcing.
As well as this, if truth be told you’d find it challenging getting an experienced and highly competent individual. This is due to the demanding recruitment sector at present, with a scarce lack of talent to fill specialist roles.
If you were to outsource to an accountant like ourselves, you’d gain immediate access to a wealth of knowledge, resources, and wisdom. This could not only benefit short-term, it could also unlock huge value being added to your business and its future. Outsourced accountants won’t only know how to issue budgets and statements. They’ll meticulously analyse all financial data, finding gaps and solutions in your business to bring about growth and achieve success
Saving The Bucks
Many businesses choose to hire an in-house accountant to take care of their books and issue payroll. This person, or even department should you choose to hire multiple people, will of course require a salary.
According to Talent.com, the average salary in the UK for an in-house accountant is £50,000. Entry level positions start at £40,000 per year while most experienced workers make up to £60,000 per year. This is quite a large salary considering what that amount could enhance when invested into other departments or operations.
Outsourcing an accountant to look after the financials of your business will inhibit a fraction of the cost. That’s all that cashflow which can be used to boost your business in other facets. This could essentially be the difference between success and failure in your business.
Time Is Precious
There’s no question about it, outsourcing a service in any capacity allows you to save precious time. This has been one of the predominant reasons why outsourcing businesses are so popular at present. This is especially so in such a problematic economy and market where business owners are required to focus on the lifeblood and day to day to running of their business.
A critical skill for business owners is the capacity to be able delegate responsibility effectively. As with all leaders, business owners need to be efficient with their limited time. Time is money, and if they are tied up trying to figure out an accounting issue, that means they won’t be able to focus on key decision making or high priority projects within the business. Outsourcing an accountant will allow this, leaving you safe in the knowledge that all accounting needs are taken care of.
Sourcing Technology & Funding
By going through an outsourced accountant, you’ll tap into a stream of analytics, technology, and doors you didn’t think were possible. For a business to grow extensively they’ll need access to detailed, and accurate information to develop a strategy and plan to execute that growth.
With the world constantly evolving in a technological sense, accountants help to provide and educate on the benefits of digitally transforming certain systems and processes in your business. With the latest and most productive cloud accounting software, accountants will help to streamline your business and cut out the need for those mundane, laborious tasks such as financial reporting and tax preparation.
By having all of this information into a consolidated digital platform, it will identify what funding options are available for business should you need as cash injection. Accountants work closely with banks and lenders; therefore you’d be getting the best, and most tailored, funding available.
Flexibility & Scalability
Flexibility is one of the most understated aspects that could overwhelmingly benefit your business. Outsourcing accountants provides you the adaptability to work within the timeframes and deadlines which suit you. You can adjust or decrease the amount of work needed as and when it suits, giving you control and admission.
As well as this, outsourced accounting affords small companies access to an abundance of resources which can enable faster scalability. Business is incredibly volatile at present, all across the globe but especially in the UK. Should you seek to expand your business in a short timeframe, could your in-house accountant handle that expansion and the increase in workload?
By having an accountancy firm like Nordens at your fingertips, it ensures you have the appropriate infrastructure to support your business in whatever capacity that may be. A whole team of experts in their appropriate fields will no doubt offer more assistance to you than an in-house accountant attempting to juggle multiple undertakings.
We hope this has outlined to you some of the ways that outsourcing an accountant can greatly benefit your business. If you’d like to know any further information on anything mentioned, or anything accounting related for that matter, please do not hesitate to get in contact with us at Nordens, where one of our trusted advisors would be happy talking you through your query.