Outsourcing: Why is this important?
In the world of fast paced deployment and leveraging on others’ core competency and capabilities, a term called outsourcing was coined, and business aligned to this term for mutual benefits. To understand the aspects of the benefits of outsourcing, let’s understand, “Why should you outsource?”
The answer to this question is rather a very simple one. There is one and only one reason that you should look forward to outsource. That is, to cut down the running costs of the business at least up to 70% or more while leveraging on the core competency of the outsourcing agency which might not be your core area. This will allow you to focus on your core competency and help your business grow.
Let’s not keep discussing the bookish definition of outsourcing. Let’s deviate this discussion towards some very interesting calculations that would leave you stunned on the amount of money you can save by outsourcing your work.
How can outsourcing your account to us benefit you:
Let us have a look at the main point of concerns of an accounting firm and the remedies to the same.
1. High Salaries for the employee
To provide an efficient service to the client base, the firm would need to have an efficient and qualified team. In the current market, an ACCA qualified accountant would not take less than £3500 per month with a rate of £20 – £25/hour. Here is one of the most important factors why each accountant has to take more and more client accounts to reduce cost which in turn reduces the quality of the accountants.
Actually, there is a more efficient way out to reduce the cost. Just imagine if you are able to afford 4 qualified accountants, instead of 1, in the same price. This would not only mean to reduce the cost but would also mean to achieve better name and fame in terms of service quality.
2. High end competition
If you go on to Google and search the number of accountants available in a particular area, you would find that every road has 2 accountants. With such a high competition in the market, it is very difficult to gain in a perfect acquisition cost ratio. Few other affects of the high end competition are as follows:
- Win clients at lower fees which directly affects the running cost
- Price revision is not easy, which again affects the running cost
- Clients are always on the mood of window shopping for other accountant
Here is a solution to this. The above factors are not in our hands to be controlled. However, what we can do instead is, lower down the running cost which would affect in the following ways:
- Even if the acquisition cost increases, the running cost would still be on the lower side
- Even if the client won pays lower fee, the running cost would still be on the lower side
- Even if there is no price revision, the running cost is not much affected
- The price you save from the employee could be invested on a client retention team to retain your clients
At the end of the day, who in the world would not like to see savings for a company.
What are the services that could be outsourced to us?
We are an one stop shop for all our accounting needs. Starting from administration to bookkeeping to year end accounts, we have qualified staff with us, who can manage the whole work, at less than half the price you might be spending at the moment. We are very professional in terms of the deadline of the work. We provide our expertise knowledge in the following:
- Bookkeeping: Finance graduate bookkeeper to do the work for your clients on behalf of your company with a vast experience of more than 3 years in the industry
- Payroll: We have people with more than 5 years of experience in this field with added experience in pensions and SAS setup.
- VAT: CA qualified accountant with more than 4 years of experience
- Year end Accounts: ACCA qualified accountant to finalize your account and submit the same to companies house and HMRC
- Accounts Payable: A team headed by MBA qualified person to take care of the accounts payable for your clients
- Business Development: We have a well established team to take care of the marketing for you with the team manager having more than 7 years of experience in the industry.
With such a vast experience into the industry, a similar set up would cost you at least £7000/month in-house. Here with us, you are just a discussion away from seeing a huge savings for your company which could rather be invest.