Smaller accountancy firms in the UK often find it challenging to keep up with ever-evolving client demands. The leading accounting firms in the UK all engage in outsourcing. That’s why smaller accountancy firms must consider outsource accounting India so that they can maintain their competitive edge in the market.
Why It Makes Sense?
India is a country of over 300,000 qualified accountants who serve as the financial guides for the country. India has a large pool of qualified & semi qualified ACCA’s who are taught & trained to work with UK Laws & regulations. The ACCA’s institute of UK has an active presence in India & has substantial training partners who help train these graduates. The talent pool has lot to offer to UK accounting firms facing skill shortages in their country.
These talented experts have a lot to offer – creating financial statements for the HMRC, tax returns and more. These qualified financial professionals are well-versed with the UK’s laws & regulations. Hence, there’s no risk of facing compliance issues either. Here are the qualities these experts offer –
Low-Cost, Risk-Free Services
The top providers of Outsource Accounting India offer free trials. Hence, small scale accountancy firms in the UK have a chance to check out whether the services on offer are compatible with their business requirements.
They can test the outsourcing vendor’s security system, ability to grasp organization-specific information, quality of work, etc. They must sign a contract of service with these offshore experts only after being fully assured of their quality. Hence, outsourcing accounting is almost risk-free.
In terms of remuneration, the fees charged by outsourcing accounting companies in India is far less than standard service rates in the UK. For instance, a senior accountant in the UK earns £34,466 per annum. Outsourcing accounting experts can offer similar (if not better) services for half that amount.
The currency exchange rate works in benefit of small accountancy firms in the UK who can now expand their businesses without overspending.
Flexible Services
Small scale accountancy firms in the UK often have a haphazard flow of work. Their workload typically increases during specific periods of the year (e.g., festive seasons). Such small-scale firms can team up with offshore experts on an hourly basis. Plus, accountancy experts in India are more than happy to work as per the GMT.
They are known for their accuracy and are very easy to manage. Accountancy firms can expect these experts to meet all contractual obligations. There’s no need to invest in training.
Combination of a Talented Workforce and Technology
When it comes to accounting, India has one of the best talent pools in the world. This pool of talent is increasing by the day. On the other hand, UK’s accountancy firms are finding it tough to recruit accountancy experts with the right skill set. Hence, it makes perfect sense for small accountancy firms (who usually get the worst pick of all the candidates) to expand the quality of their workforce by outsourcing core accounting responsibilities to offshore experts.
Plus, these experts have to use the latest accounting tools to stay in business. So, small accountancy firms in the UK which in the past could not afford these tools are becoming more tech-driven thanks to their offshore partners.
