Many major accounting firms in the UK are investing in outsource accounting India. Their prime motivation? Cost-reduction. Indian accountants arguably do better jobs than most accountants from the UK for almost five times less the fees. These offshore accounting experts can help UK firms keep track of their annual bank statements and prepare VAT returns. They also manage payroll systems, file tax returns, and a plethora of other routine accounting jobs.
However, cost-cutting shouldn’t be the only motivation for the UK’s accounting firms to invest in offshore talent. There are certain long-term benefits offshore accountants can provide. This can prove invaluable to small-scale accounting firms in the UK.
Building Deeper RelationshipsÂ
Is it safe to build a partnership with an accounting team that’s located thousands of miles away? Absolutely! The leading providers of outsource accounting India use cloud-based accounting systems, making collaboration and data sharing very easy. Plus, they employ the latest data security tools to guarantee their clients’ data is always protected. The competition to secure foreign contracts in India’s multi-billion-dollar outsourcing industry is powerful. The finest accounting teams in the country take these steps to attract the best clients.
Once small-scale accounting firms in the UK can identify the right offshore partners, they can build long-term relations to advance their goals. Suppose UK’s small-scale accounting firm wants to expand and provide full-time investment advice to clients. In that case, they depend on their offshore accounting teams in India to handle the firm’s routine responsibilities.
Better for the Firm’s Brand Value
Cost-reduction isn’t the sole benefit of investing in outsourcing. It opens the doors for other advantages. For instance, a small-scale accounting firm in the UK that can produce similar output levels for much fewer costs can allocate that budget to different avenues of the firm. The money offshore accounting team saves can be used to:
- Train employees
- Hire more qualified accountants
- Invest in accounting technology
These long-term investments triggered by outsourcing can boost an accounting firm’s brand value.
They can advertise their improved productivity levels or produce more accurate data to potential clients. For the in-house accountants, outsourcing routine responsibilities like making journal adjustments or reconciling assets/liabilities frees up a lot of time. They can offer better and more customized services to the accounting firm’s existing clients. By doing so, they boost the firm’s brand value.
Trends!
Three trends are dominating the UK’s accounting industry:
- Outsourcing
- Shift towards accounting software (and away from paper)
- Cloud-based accounting
By investing in a top accounting team in India, small-scale accounting firms in the UK can make the most of all three trends.
Becoming Future-Proof!
The best offshore accounting teams use the latest accounting software tools like SAGE, VT Final, IRIS, CCH, etc. Plus, they also have their private cloud-based accounting systems. With their offshore partners, small-scale accounting firms in the UK can ride the wave of innovation that’s currently prevalent in their industry.
