The leading accounting outsourcing firms in the UK have become immensely successful during the pandemic. This wasn’t always the case. For accounting firms, outsourcing has always been an alien concept. In fact, before the pandemic, many small-scale accounting firms in the UK didn’t even like sharing sensitive financial information with remote employees. During the peak of the COVID-19 pandemic, this mindset changed. Thousands of accountants had to leave their offices. They started operating virtually on a full-time basis.
Strong Working Partnerships
This unexpected push towards remote working was significant for small-scale accounting firms in the UK. It opened these firms up to the idea of creating solid partnerships with offshore accounting teams. The best accounting outsourcing firms in UK can help small-scale accounting firms with ‘hard’ tasks. These tasks include day-to-day accounting, creating annual reports, or filing corporate tax returns. They guide smaller firms on compliance adherence, addressing essential taxation requirements and financial advice in general.
Trusting Offshore Employees
Trusting accounting teams outside the company is challenging but essential in the current working environment. The top accounting firms in the UK delegate responsibilities like monthly bookkeeping, payroll management and more. Offshore accounting experts eliminate unnecessary workloads for their in-house accounting professionals. The COVID-19 pandemic has proved that in-house accounting experts need to concentrate more on pressing business issues and less on standard repetitive tasks.
Benefits of Outsourcing
As more accountants in the UK get used to the work-from-home climate, the collaboration between in-house and offshore accounting teams is also increasing. Some ways in which numerous accounting firms in the UK can benefit from outsourcing during the pandemic:
- Consistent Services: The suddenness of the COVID-19 pandemic and the subsequent lockdowns left many large and small-scale accounting firms in the UK cash-strapped for several months. Outsourcing costs remained constant throughout this period. Some accounting firms were struggling to get into the government’s furlough scheme. The firms with both in-house and offshore staff could manage their finances in a far better way.
- Cost-Effective Services: Outsourced accountants from India or Eastern Europe charge way less than accountants from the UK. The offshore workers didn’t demand bonuses or “re-acclimatization periods” during the pandemic. Their constant support helped accounting firms create realistic long-term strategic plans for 2021.
- Certified Services: The best offshore accountants have the same accreditation level as a chartered accountant from the UK. For instance, a top offshore accountant from India will be certified from the Institute of Chartered Accountants of India (ICAI). ICAI IS equivalent to the UK’s Association of Chartered Certified Accountants (ACCA). The quality of accounting work rarely falters when certified professionals are involved.
Outsourcing is Here to Stay
The pandemic has proved that outsourcing will forever be a part of the UK’s accounting industry’s DNA. An offshore accountant may not be able to converse with local businesses in the UK directly. With cloud technology, rapid data sharing, and advanced accounting tools like Xero, they can create accurate financial reports for pretty much any business, irrespective of its location or size.
