Six Reasons to Outsource Your Year-end Accounting Services Now

If you are a UK Accounting Practice looking to improve the efficiency of your year-end accounting processes, and the quality of services provided to your clients, you should consider outsourcing to a supplier such as Initor Global.

Initor Global has been providing year-end accounting services to Accounting Practices across the UK since 2006. Our customers rely on us to provide fully compliant accounting services. We have detailed knowledge of UK tax, professional accounting standards and frameworks, and data protection requirements.

We have been listening to feedback from our customers on the reasons why an outsourced year-end accounting service is right for them. Here are the top six reasons.

Reason 1: Professional services provide a better client experience

 UK Accounting Practices recognise that it can be difficult to engage clients about the importance of the year-end accounting process and their director responsibilities to approve accounts. Many clients are simply not interested in the detailed work accountants need to complete to ensure year-end accounts and tax calculations are produced accurately and in accordance with relevant professional and regulatory requirements. Practices outsourcing the year-end accounting process find they have more time to spend with their clients explaining the information contained in their statutory accounts, with the opportunity to upsell high value advisory services.

With an outsourced solution, Practices will have access to a team of experts who will provide assurance that year-end accounts are produced accurately and on time, and that experts are available to provide any other services commissioned, such as bookkeeping or the preparation of VAT returns.

Reason 2: Reduced costs and increased quality

 The cost of outsourcing accounting services is typically 50% less when compared to the equivalent services provided in-house. With an outsourced solution, there is no need to maintain a large in-house team of accountants at all. When implementing an outsourced solution, UK Accounting Practices often find the review of internal systems and processes needed secures wider efficiencies for a business, such as the automation of tasks and more effective document management.

With an outsourced partner focused on delivering the tasks and processes an Accounting Practice needs, the quality and accuracy of year-end accounts is improved, with an increase in the quality of services to your clients.

Reason 3: Clients can access more services

 Using an outsourced solution allows an Accounting Practice to scale up and confidently offer accounting services to meet clients’ needs. It also ensures a Practice has the capacity to deliver growth in revenues, and that clients have access to all of the services they need as they prosper.

 Reason 4: Reduced risk of service failure

 Many UK Accounting Practices rely on a small team of accountants working tirelessly throughout peak periods to achieve statutory deadlines for filing annual accounts with Companies House and company tax information with HMRC. Reliance on a small number of experienced accountants presents a high risk of service failure should individuals leave a Practice at short notice, and if you cannot access a suitably qualified or experienced replacement in time. With an outsourced solution, an Accounting Practice has access to a large team of experienced accountants who can provide the continuity of service needed.

Reason 5: Data Protection assured

 Most outsource partners will have experience of all major cloud based bookkeeping and accounting software, which can be accessed from their own secure servers. They can also access your Practice server using secure remote login arrangements. Outsource partners can provide evidence they are GDPR and ISO 27001 compliant, and that client data is always secure and cannot be downloaded.

 Reason 6: Removing recurring tasks helps develop people

 Some UK Accounting Practices are nervous about outsourcing any service because of the perceived negative reaction among their people. However, the removal of recurring year-end accounting tasks from the day to day workload of accountants means they have more time to spend understanding the needs of clients and upselling services. Less time is spent on tasks such as preparing annual accounts, contacting clients for missing information and data management, allowing individuals to focus on their continuing professional development and building the skills needed for the future growth of an Accounting Practice.

 Initor Global provides the following year-end accounting services:

Initor Global also provides bookkeeping, payroll and VAT return services to meet your clients end to end accounting needs. Key features of our services include:

• Qualified accountants with experience across all types of clients – from sole traders to small, medium and large sized companies
• Competitive pricing based on your needs – typically 50% lower cost than a UK resource
• Best in class turnaround times (typically 5 days from receipt of all information)
• The latest technology infrastructure
• The highest professional quality and service standards
• Excellent Data Security Measures – GDPR and ISO 27001 compliant
• Industry best-practice followed
• All accountants receive regular training as part of their professional development
• Specialists in services to UK Accounting Practices.

If you are looking to take your Accountancy Practice to the next level, and improve the quality of your year-end accounting services while reducing costs, you can arrange a free consultation and free no obligation trial of our bookkeeping services with our expert team.

Please contact us on hello@initor-global.co.uk or visit our website at initor-global.co.uk.

You can also call us on 0203 519 2121.