In the past few years, unemployment rates in the UK have been very low. Finance and accounting outsourcing professionals enjoy the most benefits as the demand for accounting services has rocketed in the country. While this may be great news for UK accounting professionals, small-scale accounting firms in the UK are finding it increasingly challenging to attract top talent. Large-scale firms are draining UK’s accounting talent pool. Small-scale firms have no other options but to outsource accounting India.
Why Outsourcing to India Makes Sense for Small-Scale Accountancy Firms in the UK
In the past, outsourcing was not seen as a positive for UK accounting firms. However, the severe shortage of talented accounting experts in the UK has compelled leading financial institutions to invest in accounting. Small-scale accountancy firms in the UK are late to this party. However, the adoption rate is increasing at a rapid rate.
Thankfully, for these small-scale firms, there are plenty of highly-qualified accountancy experts to choose from in India. These overseas workforces are all trained in British accounting guidelines. Here’s are the benefits that small-scale accountancy firms in the UK that outsource accounting India enjoy –
- Long-Term Partnerships – Several top financial institutions in the UK are already in long-term partnerships with overseas accounting firms. These firms do not send accounting work to these offshore experts and expect miracles. Instead, they invest in efficient communication and training to gain the long-term benefits of such a partnership. Why can’t small-scale accountancy firms replicate this model? Outsourcing key accounting responsibilities helps these small-scale accountancy firms compete with the bigger players.
- Free Trials – The leading outsourcing accounting companies in India are more than happy to offer free trials to demonstrate their skills. If a small-scale accountancy firm isn’t pleased with the offshore team’s skill set, they can easily move on – no expenses involved!
- Evolving Skills – Once an offshore accountancy firm in India starts working with their UK clients, their services and expertise evolve over time. The results only keep improving. Efficient communication tools (e.g., cloud computing platforms) can improve their services over time. Hence, both firms experience a guaranteed improvement in the quality of work, the longer their partnership matures.
- Cost-Efficient Services – The costs of recruiting a highly-skilled accountant in the UK are very high. No accountancy firm wants to fire a professional after spending thousands of pounds on training, setting up the office, etc. On the other hand, offshore experts from India offer their accountancy services at hourly rates. For instance, let’s say these offshore experts charge £10 for one hour of service. If the first hour of services isn’t deemed high-quality by the firm, they can simply terminate the contract! There’s no obligation to sign long-term contracts with these Indian accountancy experts!
Timely Services – India is only 4 hours and 30 minutes ahead of the GMT. Hence, these offshore accountancy experts can easily provide timely services. Unlike in-house recruitment, outsourcing provides small-scale accountancy firms in the UK access to a wide pool of talented accountants and bookkeepers. These professional accounting teams work in cohesion to deliver high-quality services.
In addition to the monetary benefits, small-scale accountancy firms in the UK can also allocate important firm expansion-related tasks to their in-house staff members. Meanwhile, their accountancy experts in India can take care of day to day accounting responsibilities!
