Outsourcing of Accounting Work – How Secure It Is?

Outsourcing of accounting work! What about the security of my clients’ financial data? This is one of the most common questions that accountants and accountancy firms have, who are considering about outsourcing the accounting work of their clients.

The notion of outsourcing of accounting work is gaining momentum across the UK. In fact, it is getting popular all across the developed nations! Looking at the time and cost benefits among other advantages, many accountants and accounting practices are thinking about outsourcing of accounting work of their clients. Ranging from bookkeeping, payroll management, and taxation to financial statement preparation and everything in between, accountants and accounting practices in the UK are considering about outsourcing as much of their clients’ accounting work as possible.

One of the main concerns, however, these accountants and accounting firms have when it comes to outsourcing is the security of clients’ financial information. Will the vital financial data of my clients remain secure? Where will the accounting work of my clients be processed? If it is going to be processed out of our country, will it remain confidential? How will it be sent to the offshore processing centre and back to us? Questions such as these are common and will obviously arise in the minds of accountants who have not yet experienced the high-class accountancy outsourcing services.

To address this concern about the data security, let us tell you in short that your clients’ financial information remains extremely secured. The concept of outsourcing of accounting work is not new. As a matter of fact, many accountants and accounting firms in the UK and across the developed nations are already outsourcing the work of their clients for many years now to companies specialising in accountancy outsourcing services. Most of these accountancy outsourcing companies are professional, honest, and build their reputation not only on quality services, but also on the sense of confidentiality they offer to their clients. Many accountancy outsourcing companies in the UK sign an NDA (non-disclosure agreement) with an accountant or accountancy firm before taking any job to ensure the peace of mind to the latter.

When it comes to handling the sensitive financial data of the clients of an accountant or accountancy practice, different accountancy outsourcing services companies have the different measures set in place. For instance, we at Affinity Outsourcing (http://affinityoutsourcing.net) have our very own data security measures.

We follow the strict protocols for financial institutions operating overseas to maintain the utmost security of data and are obligated by the UK data protection act.

We usually ask for the data from an accountant or accounting practice in a scanned format. If the accountant or the firm does not have the time to scan their client’s data, we request them to send it to us at our office in Wembley where we will scan and return it back. Once the data is in the scanned format, we will upload it to our own secured servers in the UK. This data is then made accessible to our delivery centre via a ‘dumb’ terminal. Our offshore team is well trained in data security and protection in order to ensure a seamless confidentiality protocol. Once our team processes the data, it will send it back to us at our UK office from where we will hand over the data back to you. From the inception to the completion strict protocols to protect the data are maintained.

Outsourcing of accounting work in the UK, to a reputable company, like us – Affinity Outsourcing – can be extremely beneficial for accountants and accountancy firms. It is extremely safe and rewarding.

If you are an accountant or an accountancy practice, no matter the size, you can partner with us to get your clients’ accounts production work done efficiently. In order to see how much safe and how much your practice can benefit from our accountancy outsourcing services, we also offer to run a FREE TRIAL JOB! Once you are confident about us, we will work to create a bespoke package to suit the specific needs of your practice.

Get in touch today to discover more about us and how we can help set your accountancy practice free! To contact us, visit http://affinityoutsourcing.net/contact/.

Almost 34% Accountants are Suffering from Poor Mental Health. Here’s how to fix it

As per Economia, nearly a third or 30.4% of accountants suffer from poor mental health. Further, 71.4% of the respondents who were suffering from anxiety or depression admitted that these issues impacted their working life.

Jobs being boring, lack of confidence, and working with certain clients were the top factors cited by the accountants for their poor mental health. In order to ensure that the accountants of your practice do not suffer from anxiety or depression, consider the following things:

Make Job Interesting

With youngsters being the major workforce these days, the proprietors or partners of an accounting practice need to be mindful of what their staff wants and allocate the work accordingly.

Accountants these days want to do more than just carry out the mundane bookkeeping job of the clients. They do not want to handle the boring bookkeeping anymore but want to deal with more challenging tasks, like preparing financial statements, carrying out statutory and specialist audits, and so on. Let them handle these challenging tasks and outsource the less lucrative bookkeeping tasks to someone who specialises in outsourced bookkeeping services.

This will make the job more interesting for the accountants, while at the same time, will get the bookkeeping work of the clients done efficiently.

Of course, outsourced bookkeeping services at first will seem like an overhead, but think about freeing your staff who can focus on value-added, lucrative services of your practice!

Utilise the Contemporary Technology

Carrying out paperwork manually is no longer efficient or productive. Today’s accountants feel that manual accounts production work is time-consuming and boring. It is true!

There are lots of excellent accounting software applications available to automate everything for your practice. So, why not procure one and automate your practice? Using software like Xero makes accounting work less mundane for your accountants. It also improves the speed and accuracy of your staff!

With improved speed and accuracy, the accountants for your practice will certainly feel more confident, boosting their mental health as well as productivity.

Check the Capacity of Your Practice

It is very important to check the capacity of your practice to deal with the workload. Overloading your existing staff of accountants will only result in more cases of poor mental health. Therefore, if you are expecting more work this month or year, make sure your practice has enough resources. If you are not too sure, have a backup plan in place. For instance, find a reputable firm that specialises in outsourcing for accounting practices. Whenever the workload increases, simply outsource some or entire portion to such a firm.

Outsourcing for accounting practices can be the perfect solution. By doing so, you will no longer need to worry about overworking your existing staff or hiring permanent overheads whenever the workload increases.

A Leicester-based practice has this to say about our accountancy outsourcing services, “Sometimes you just need to realise that things have to change. That’s what happened to us, and I found a solution that works for me, my staff but most importantly for my clients.

Keep Your Accountants Happy

More and more accountants across the UK are suffering from poor mental health. The monotonous and manual job and the worry of being overworked make many accountants anxious and depressed, eventually hurting the business of an employer accounting practice.

However, it does not have to be this way. By considering certain things, some of which mentioned above, an employer accounting practice can substantially make their employee accountants happy. Every year, we at Affinity Outsourcing help accounting practices across the UK improve their overall business. With our quality accountancy outsourcing service in the UK, your firm too can benefit a lot.

Discover more about outsourcing for accounting practices by talking to us. For a free, no obligation chat, contact us on 0203 848 4450. You can also contact us through a simple enquiry form on our site at http://affinityoutsourcing.net/contact/.

Value-Added & Lucrative Services That Accounting Firms Can Provide to Their Clients

If you are an accounting practice in the UK, you should not only be focusing and providing bookkeeping and accountancy services to your clients. Business owners these days, whether small business proprietors or enterprise owners, expect more than just bookkeeping and accountancy services from their partner accounting firm. Therefore, it is absolutely crucial to take the next step and offer value-added and more lucrative services to your clients.

Some of the value-added, and at the same time, lucrative services that an accounting practice in the UK can provide to its small business clients are as follows:

Taxation Services

No one wants to pay more taxes. If there is a possibility to minimise the tax burden, then business owners would certainly want to know about it. As a reputable accounting firm, why not provide tax advice to help your clients reduce their tax liability?

Of course, the tax system is complex, but with the experience you have, you may easily understand and navigate through it. Besides, you already have the essential accounting data of your clients. Looking at this data, you can easily identify all the tax-deductible expenses and advise clients how to reduce their tax liability.

Incorporation / Company Formation Services

Many business owners do not know whether incorporation is the best way to run their business. Help such clients discover whether or not they should incorporate their business. In addition, you can also assist them with the company formation process.

Through incorporation, business owners avail not only limited liability protection, but also tax and other benefits. With the knowledge and data you have of your clients, you can advise whether they should incorporate their business to run more efficiently.

Furthermore, if your clients are already incorporated businesses, you can help them prepare and file the necessary documents to the regulatory authority, which are mandated by law. You can also help restructure their company so that they can reap optimum tax benefits.

Company Secretarial Services

Most businesses do not have adequate resources to manage all their business administrations. Nevertheless, carrying out certain administrative activities, such as maintaining statutory records, submitting statutory returns, etc. is absolutely necessary for business owners. Failing to carry out business administration tasks can levy heavy penalties on business owners and create an unnecessary financial burden for the business.

Fortunately, as an accounting practice, you can extend a helping hand to your small business clients in this regard. Your staff may already possess the required skills to carry out the necessary administrative tasks for your clients. Offer this value-added service and yield lucrative returns.

Financial Advisory Services

Every business owner wants to grow, and the best way they can do that is managing their finances efficiently. Of course, business owners themselves do not have enough time or the knowledge to improve their financial efficacy. But your accounting practice may do have such time and knowledge.

Your accountancy firm already has the essential financial data of your clients. Just process the data using your accountancy skills and identify various tax planning opportunities as well as performance enhancement measures, which you can convey to the clients.

Financial advisory is one of the most lucrative services, and almost every business owner would want to have this value-added package. Providing advisory services will certainly benefit your accounting practice immensely.

Conclusion

Being an accounting practice, providing bookkeeping and accountancy services, is just not enough today. In order to be successful, it is essential to start focusing and providing value-added services to your clients.

Of course, you first need to free yourself or your staff from the time-consuming bookkeeping and accountancy services. Fortunately, you can do that easily by engaging a reputable accountancy outsourcing services firm in the UK, like Affinity Outsourcing.

Affinity Outsourcing is a leading provider of accountancy outsourcing services in the UK. You can outsource almost every function of your accounting practice to us, be it bookkeeping, accountancy, taxation, payroll management, or anything else. We guarantee high quality and on-time delivery always. Unlike other providers of accountancy outsourcing services in the UK, we also guarantee improved margins and growth of your practice.

Outsourcing of accounting services of your practice can be the best way to better and grow your firm. Contact us today for unparalleled accountancy outsourcing services in the UK. To get in touch, click here.

Accountancy Firms – Start Preparing for the Tax Season

The tax season will begin soon, so start preparing for it now! The sooner you begin, the more energy and time you will have during the tax season.

For accountancy practices, there are so many tasks to complete before they can think of entering the tax season. Fortunately, there are many resources available online that can help them prepare for a big event like this. We at Affinity Outsourcing with our quality accountancy outsourcing services are also ready to help UK accounting firms steer clear through the tax season!

As an accountancy practice, you of course must be prepared year-round. A little extra effort towards the end, however, is always beneficial. Get a great start for the upcoming tax season by considering the following points:

Update Yourself: As an accountancy firm, your priority is to make sure that your clients’ books are up-to-date and that they are able to save money or their taxes. In order to do so efficiently, you need to be aware of all the latest changes in the accounting and tax legislations. For your and your clients’ sake, stay updated with the latest legislations. It is, of course, a clichéd advice, but many accountancy firms neglect this and are not able to do much for their clients in the end.

Assess Your Client List: Get in touch with your clients in order to discover about any new developments that may have taken recently. No need to get into too much detail; all you need to gather is some information about any new investments or acquisitions they may have made. Knowing these details in advance can save you a lot of stress during the tax season.

Ready Your Technology: Of course, your systems are in a working state. However, make sure that both your hardware and software are up-to-date. If you need to renew the license of your accounting software or purchase the new hardware, do it now. Do not wait for the busy tax season. Even if it is about repairing your scanner or copier, get it done as soon as possible. Once the tax season begins, you will not have much time.

Learn About Tax Frauds: Tax frauds are serious issues these days. As a reputable accountancy firm, you need to keep an eye out for such instances. Research online to learn more about tax frauds and how to prevent them from happening.

Finally, if you think it is too much to handle, consider a specialised service called ‘outsourcing for accounting practices’ in the UK. The provider of outsourcing for accountancy practices, like Affinity Outsourcing, can make your and your firm’s job very easy. Outsourcing for accounting practices is a cost-effective option, and it will definitely get the job done efficiently!

Discover how outsourcing for accounting practices in the UK can prove beneficial to you, by contacting us here: http://affinityoutsourcing.net/contact/.