10 Accounts Outsourcing Mistakes Made By Many Accounting Firms In recent years, many Accounting Firms in the UK are taking the outsourcing route to expand service offerings, client base, and reduce cost. It is confirmed now that to survive in the highly competitive market accounts outsourcing services is an ideal strategy. However, to work on your venture successfully you need to take the right approach. People say that Mistakes Make You Perfect, but in the current fast-moving world you cannot afford to learn everything from your own mistakes and not at the cost of your business loss.
Therefore, let’s look over 10 common mistakes that accounting firms usually make while outsourcing accounting services. 1. Not Checking All The Options Available There are a plethora of outsourced accounting service providers. So, you need to be careful while selecting the right firm based on your requirement. Remember the cheapest is not always the best option.
2. Not Taking Time To Know Your Outsourced Accounting Service Provider You must do a thorough study of all the relevant information and requirements before signing up with the outsourcing accounting firm. Their work style, culture, systems in place to do your work, how good are they in doing the job that you will outsource. The most important is the communication style as this directly affects your mutual understanding; without which you cannot go forward whether you are outsourcing accounting in the UK or even offshore like working with outsourcing accountants in India. 3. Not Following Standardised Work Format The basis of accounting in the UK remains the same for everyone; however, the methods and schedules format may differ. You should agree to a standardised work format with your outsourced accounting service provider. This develops a better understanding and standard reports and schedules enable quick tracing of discrepancies and eventually, you take less review time.
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4. Lack Of Positive Support From In-house Staff If you do not keep your in-house staff in the loop; this may create fear of redundancy. Their understanding of the need and the process is a must for a seamless workflow because they have to coordinate with the outsourcing partner and your clients.
5. Not Informing Your Client About The Outsourcing Arrangements There will be a few clients who may not be willing to give their accounts to be prepared by someone else. But you cannot lose your client’s trust. So, you have to be honest with clients here and make them understand the benefit that they can avail here that is quality work at a lower fee. 6. No Productive Feedback and Communication
From the very beginning, you should add a feedback step in the work process. Initially, your outsourcing partner may take some time to understand your work structure and standard. However, with continuous constructive feedback and communication, you can streamline workflow and the results will be as per your desired standards.
7. Starting With Difficult Works
If you start with complex works then it becomes difficult to communicate what exactly you want in the absence of a standardised process. Instead, start with a standardised process and time taking work which will ensure a smooth workflow. 8. Not setting workflow targets While outsourcing you must-have workflow targets and the turnaround time. Without these, you won’t be able to measure your progress.
9. Not Integrating Outsourced Team Member With Your In-house Team You need to consider the outsourced staff as your team member. This enables better coordination and combined efforts towards work.
10. Not Utilising The Full Resources Available to You Your outsourcing partner provides you a pool of trained professionals. So, you must avail them to maximise workflow and expand your service offerings. For a successful business venture, all you need to do is to avoid making mistakes. So, to ensure a smooth and prosperous outsourcing experience; simply avoid the above-mentioned. And even though you may make a few; nothing to worry as mistakes make you perfect and knowing the key factors in advance the race towards perfection is going to be faster.
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