Use Outsourcing to get your clients ready for Year-end

Identify the key tasks which can be outsourced

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 of accountants to prepare year-end accounts and tax calculations in accordance with relevant professional and regulatory requirements.

Outsourcing tasks which need to be completed at year-end creates additional capacity for the onshore team to engage clients about the information contained in their statutory accounts. Some of the tasks accountants can outsource include:

• Bookkeeping and completion of year-end reconciliations
• End of year payroll runs and filing of information with HMRC
• Preparation of final VAT returns and filing with HMRC
• Review of income and expenses for completeness and accuracy
• Updating fixed asset registers
• Preparation of final trial balance.

By starting the accounts closedown process early with the support of an offshore resource, accountants can ensure the effective delivery of year-end accounts at the most critical time of year.

Identify client needs

Accountants should segment their client base to identify clients requiring additional support and services at year-end. Some clients require minimal support and are comfortable with their year-end responsibilities. Other clients require significant support, particularly where the nature of business is complex or where directors struggle to meet their responsibilities for tax and accounting. With an outsourced solution, accountants have access to a team of experts who will provide assurance clients are ready to begin the year-end accounts preparation process at the earliest possible stage.

Assess internal capacity to deliver

Many Practices rely on a small team of accountants working tirelessly to achieve statutory deadlines to prepare accounts and file information with Companies House and HMRC. Reliance on a small number of individuals presents a high risk of service failure should they leave a Practice at short notice. With an outsourced solution, the onshore team has access to experienced accountants who can provide the continuity of service needed.

The removal of recurring accounts closure 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 contacting clients for missing information and completing standard tasks, allowing individuals to focus on building the skills needed to scale and grow the accounting business.

Key Benefits of outsourcing year-end accounts preparation work

Outsourcing essential tasks to be completed at year-end offers several strategic benefits:

• Lower operational costs
• Access to a stable and qualified offshore team
• Continuity of service and support
• The ability to scale up quickly during peak periods
• Improved consistency and quality of output
• Faster turnaround times
• Enhanced client experience through better engagement in the process.

Outsourcing allows onshore accountants to focus on client relationships and delivery, while offshore partners handle the completion of tasks efficiently and accurately.