The post-pandemic business world is very complex. Most small and growing businesses are being compelled to adopt an internet-powered form of management. The leading businesses have already set up complex cloud networks to make sure employees who are working from home, are ‘on the same page’ at all times. A lot of responsibilities regarding the setup of these infrastructures is being outsourced. Offshore IT and technology experts are providing businesses in the UK with the broad and deep set of capabilities they need to run entire businesses remotely.
The UK’s accountancy industry is very familiar with such setups. In fact, for the last decade, most leading accountancy firms in the UK have been engaging in some form of outsourcing. According to the country’s leading research and development tax company, Forrest Brown, a diverse range of accounting responsibilities are being outsourced to offshore experts by small-scale accountancy firms in the UK. These services include:
- Tax Planning – Outsourced by 20% of the accountancy firms in the UK that engage in regular outsourcing.
- Pensions Advice – Outsourced by 17% accountancy firms in the UK that engage in regular outsourcing.
- Financial advice and Planning – Outsourced by 22% of the country’s accountancy firms that engage in regular outsourcing.
- Research into Tax Incentives – Outsourced by 22% of the accountancy firms that engage in regular outsourcing.
As a result of these years of outsourcing, accountancy firms in the UK have also invested a lot in remote management. The UK Top Outsourcing Companies already have the infrastructure in place to work remotely. Hence, the country’s accountancy industry is best suited to flourish in the post-pandemic commercial environment, especially the accountancy firms that are already outsourcing.
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Why are Accountancy Firms in the UK Such Strong Advocates for Outsourcing?
Even now, outsourcing is frowned upon by most citizens in the country. For the average citizen, outsourcing is just a way for companies to control costs and not pay the local communities. However, cutting costs is not the most important factor for accountancy firms in the UK. Instead, these firms engage in outsourcing because:
- Outsourcing enables accountancy firms in the UK to invest time and resources into developing new in-house skills. For instance, if the accountancy firm’s financial planning responsibilities are being handled by offshore experts, the in-house workers can devote more time to face to face meetings with potential clients.
- Outsourcing also enables in-house workers to focus on their core capabilities. Small-scale accountancy firms in the UK often struggle to retain their employees. That’s because most accountants in the UK don’t enjoy engaging in repetitive tasks once they gain two-years’ worth of experience. They jump ship and join bigger firms. Outsourcing enriches their quality of work and subsequently improves the country’s small-scale accountancy firms’ retention rate.
- Outsourcing also frees up a ton of resources for accountancy firms in the UK.
In the post-pandemic world, both in-house and outsourcing experts will be equally important for accountancy firms in the UK. These external partners are shifting their focus, as well. In the past, they only engaged in tasks like bookkeeping or payroll management. Now, they’re becoming specialist service providers.
How Offshore Experts Help Accountancy firms in the UK?
The best offshore accountancy experts evolve with time. To meet the increase in demand for high-quality accountancy services in the post-pandemic United Kingdom, these experts are:
Adopting their Services to Meet Business Needs
Dedicated outsourcing accountancy experts understand what’s important for their parent accountancy firms. They study the firm’s clients and measure the relationships between financial and operational data. They not only cut costs but also help accountancy firms in the UK explore new opportunities.
Due to the pandemic, many accountancy firms in the UK have had to implement new systems to guarantee compliance. Still, many firms are struggling to meet challenging deadlines. To reduce this stress and help their parent firms gain a strategic advantage over other firms that are suffering from the same issues, these offshore experts are stepping up. They are training their team of specialists on how to stay compliant as per the new standards set by the government. Be it meeting deadlines or preparing files that are guaranteed to get instant approval as per the latest UK requirements – these offshore experts ensure their parent firms never miss a deadline.
Investing in Technology
The leading offshore accountancy experts are equipping their bookkeepers, tax advisors, payroll professionals, etc., with the latest cloud technology equipment. These technologically advanced solutions are the only tool that can help accountancy firms in the UK meet demanding business needs and their offshore partners are stepping up!
In a recent survey, 80% of accountancy firms in the UK reported that the services provided by their offshore partners helped them focus on more important commercial responsibilities. Overall, accountancy firms in the UK are able to provide much better services with the support of these offshore experts. Client expectations are continuing to evolve and grow, even during the pandemic, and these offshore experts are stepping up.