As an accounting firm, you may wonder if there are any benefits to outsourcing for your practice. There are a myriad of reasons why firms like yours outsource. It may be a case of work capacity, or it could even be something as simple as saving money.
If it’s something you’ve not considered, here’s why outsourcing can save your accounting practice.
Minimise the risk of burnout
As accountants ourselves, we understand the pressure of a heavy workload. Sometimes it can be hard to see the forest from the trees, especially when your clients are waiting for you to balance their books.
This pressure can build and build, creating that well-known “crunch culture” that so many firms suffer from. The last thing you want is to burn your team out when you could easily just outsource.
Passing over the repetitive payroll and VAT returns tasks can help you share the load and allow your team some valuable breathing space. In turn, this will allow them to focus on the more important parts of their job with a clear mind and a dedicated eye.
Talking of the more important jobs.
Increase your profitability
We all know that the costs of running a firm are rising. From the ground up, your expenditure will likely be building – from staffing costs to utility bills, so it’s understandable if you’re feeling the squeeze.
That’s why it’s never been more important to focus on the higher-value services that your firm offers. Rather than spending the bulk of your time on the basics like self-assessment returns, you can outsource and focus on something that’ll increase your income.
Because the higher-value services will likely take more time and dedication, it’s worth focusing your team’s attention on these for a more substantial return.
Save money on overheads
While making extra profit is essential to keeping your firm afloat, you also need to consider ways you could save money.
Although adding a new employee to your firm’s roster may seem like a good idea, especially if you’re feeling stretched, it’s an expensive undertaking.
According to the British Business Bank, the estimated cost of hiring one new staff member can total up to £62,890 (assuming the annual salary is £32,000). This covers everything from training costs, National Insurance and pension contributions.
Outsourcing can mitigate these costs. While you’re paying for the service, the outsourced firm will cover the costs of their own team.
The same can apply if you have employees who work overtime to ensure they stay on top of their workload. Rather than having people stay late (and earn that little extra), you can outsource for a set price.
Support when you need it
Outsourcing to another firm can provide you with breathing space, sure, but it can also give you an extra support pillar. Outsourcing firms usually work on a diverse range of client services, so they bring another level of expertise to the table.
We’re here to help
There are many reasons why outsourcing accounting can save your practice. From minimising the chances of burnout to helping you save money.
We’ve been assisting our accounting client partners for years, so we’re more than happy to discuss how we could be of service to your firm.
Get in touch to discuss our outsourced accounting services.