Planning to Outsource your Accounting Work? 3 Important Steps to Consider

Are you an accountancy firm in London and believe you are ready to join the flow and partner with an outsourcing accounting firm? But, before you initiate the relationship, has your partner tick all the boxes? Have you set some working guidelines for each other? Are you really ready for accountancy outsourcing services? Are the security guidelines and policies in place? Has a GDPR agreement been signed?

Even if you believe you have ticked all the boxes, there are some hidden critical aspects that may cause problems down the road as the relation moves forward. Fortunately for you, Affinity Outsourcing is here to help. With more than 30 years of industry experience, we have in-depth understanding of every single and tiny issue that can lead to problems between an Accountancy firm and the service provider.

Here Is The Checklist Of Steps You Should Take Before Choosing Your Accounting Outsourcing Firm.

1. Summarize a Strong Data Security Guidelines

When you decide to work with an accounting outsourcing firm, you are sending your clients financial data to your partner, and this generates the risk of misconduct. So how do you ensure that those financial data you’re sharing with your outsourcing partner is safe and secure?

Your accountancy outsourcing firm will update you about the steps they take to maintain data security.

In fact, a reliable and confident outsourcing service provider will inform you about all the measures they take to make sure data security is well preserved and in order. And with GDPR coming into force on 26 May 2018, it is important to check the following:

  • GDPR Data Processing Agreement
  • ISO 27001 Security Assurance
  • Other Security Protocols such as;
    • Secure client login
    • 256-bit SSL encryption
    • Anti-virus/ Spam /Spyware manager
    • 24/7 surveillance systems
    • Daily server backup
    • 24×7 by trained security guards
    • Biometric systems
    • Disabled USB ports
    • Clear desk policies
    • Limited internet access unless there’s a process requirement
    • Continuously monitored web-access

2. Make Sure Your Outsourcing Partner has Multiple / Flexible Communication infrastructure

The outsourced accounting services don’t work properly unless your outsourcing partner has flawless communication arrangements and the right infrastructure. If your partner is working over the cloud, then they will need to join through secure virtual technology like RDP, VPN, Citrix or GoToMyPC; hence, make sure they have all the vital technologies in place.

Flawless communication via a 2×2 MB International Private Leased Circuit (IPLC) line is required, if your outsource accounting partner is located in countries like India. Make sure your outsourcing partner has such technology. Communication via IPLC lines creates a next-level telephony experience. Video chats tools like Slack, Google Hangouts and Skype are also truly useful when it comes to flawless communication.

When you decide to work with an outsourcing firm, you better set the communication expectations with your partner.

3. Visit the Offices of Your Overseas Partner

You should visit the office of your outsource partner at least once in a year – Meet your overseas team. This is because nothing substitutes a face-to-face meeting to build relationships. This will make you feel as if your outsourcing firm is working as an extension of your accountancy practice.

Get in touch with Affinity Outsourcing, Today

If you are planning to outsource your accounting tasks, then make sure you follow these 3 steps. These three crucial steps will help you evaluate the right outsourcing company for your outsourcing needs.

At Affinity Outsourcing, we have the experience and understanding of working with the Accounting Firms in London, Harrow, Wembley and other parts of the United Kingdom. Get in touch with us today at http://affinityoutsourcing.net for a no-obligation consultation or utilise a free trial to see if outsourcing can benefit your accounting practice.

Accountancy Outsourcing Services in London for Construction Business

According to a survey, approximately half of the construction companies shut down their offices within the first four years from the date of the start. And, one of the most common reasons for this was the improper management of the cash flow. Survey clearly stated that the contractors were not able to manage their cash flow, which ultimately forced them to close their offices. The Contractors got stuck in this bizarre scenario, because they were quite unaware about accounting principles and how to efficient manage their finances. If you too belong to the Construction industry and are facing the same situation, then the only way to save yourself and your business from this uncertainty is Accountancy Outsourcing Services.

Affinity Outsourcing – We offer Accountancy Outsourcing Services for Different Types of Construction Business in London;

  • Small Renovation Contractors
  • General Contractors
  • Owner-Builder
  • Real Estate Developer
  • Professional Construction Manager
  • Program Manager
  • Package (Turnkey) Builders
  • Sponsor-Builder

Accounting for Construction companies can yield a plenty of advantages. It allows companies to focus on business activities, proper use of business finances, and optimum use of human resources. Outsourcing Accounting companies like Affinity Outsourcing gives you access to highly experienced and trained resources. If you tend to be a startup or a small construction company, and don’t have the access to skilled employees then outsourcing your accounting tasks is the best you can do.

The Advantages Accountancy Outsourcing Services;

Accountancy Outsourcing Services sets you free so that you can focus on your business. Affinity Outsourcing has the team of highly skilled accountants and bookkeepers that are competitive and best for your business operations. They specialized in construction accounting, bookkeeping, and taxation and payroll services for construction companies across the London, UK.

  • Cost savings and efficiency
  • Operational control
  • Staffing flexibility
  • Enables innovation
  • Focus on Your Core Business

Accounts outsourcing services for construction business offered by Affinity will help you to identify the financial indicators and performance readily, enabling you to make right decisions at the right time.

Kindly feel free to Contact us today for a free consultation. Visit us at http://affinityoutsourcing.net or call us at 0203–848–4450

How Outsourcing of Accountancy Services Could Help Small Businesses

In today’s world, accounting services are must for every organization, irrelevant to its size or strength. Whether you are running a family business or a start-up, or perhaps a well-established firm in the UK, using the outsource accountancy services proves to be vital to keep the track of your income, profit & loss, taxes, and expenses. However, if you still have doubts, then here are four good reasons on how outsourcing accountancy services could help your small business?

1. No Stress with Accuracy

Things could turn out to be daunting when you end-up struggling with terms such as accounts receivable, accounts payable, financial information about your business, as well as the tax documents. A professional outsourcing accounting firm is boasted with a team of certified and trained professional accountants. So by employing them you could be assured about two aspects, (1) You don’t’ need to struggle in keeping up with your business accounts, and (2) you can be rest assure that all your accounting work will be managed by professionals, avoiding any costly mistakes.

2. Stay Up-To Date

Being in the UK, I am sure you might have heard about GDPR. But are you sure that it won’t affect your accounting practice, your accounts or your business tax structure. Tax laws in the UK changes frequently, and it may be hard for you to keep the track of all the updates. Also, if you’re in a phase wherein your business is growing, you will be more focused towards your business growth and will be unable to keep the track of the different laws applicable at different stages of the business. An outsourcing accountancy firm can help your business to stay updated and complied with all the applicable taxation laws. They can always make suggestions to make the necessary changes for the upcoming financial year, as well as during the different stages of the business.

3. Free Up your Employees

As a small business firm, you may not have enough budget and paperwork, which justifies to hire a full-time accountant in your premises. This may lead to several such small businesses to distribute the tasks of the accounts towards the other non-accounting background employees. The other employees have to keep the balance between their own work and the accounts, eventually they are unable to give 100% to any of the tasks. Additionally, none of the tasks are able to derive the satisfactory results too. Hiring an outsource accountancy and bookkeeping services in the UK could help you to overcome this challenge.

4. Plan in Advance

Outsourcing accounting services doesn’t limit itself to just manage your account and bookkeeping, but it also helps your business to plan well in advance. They are sort of financial experts and will be able to help you reform your company’s financial structure and could suggest you, at the same time, help you create a budget that could help you to expand your business in the future in a more balanced way. With their expert financial analysis, your business could be more financially secure and structured, as they could help you to keep the track of payroll, taxes, etc.

To know more about how outsourcing of accounting services works and how it can help your business flourish, please contact us at info@affinityoutsourcing.net or visit us at http://www.affinityoutsourcing.net.

Questions to Ask Before You Engage Any Accountancy Outsourcing Services Provider

So you are finally giving serious thought to the outsourcing of accounting work. It is a good move, believe it! No matter the size of your accountancy practice, outsourcing of accounting services, partially or wholly, will be profitable.

You need to, however, slow down before selecting any random accountancy outsourcing services provider. While it is true that the benefits of outsourcing of accounting work of your practice are significant, in order to actually realise those benefits, it is essential that you collaborate only with a decent accountancy outsourcing services provider. Partnering with inapt or inexperienced providers of accountancy outsourcing services often does not yield the true benefits of outsourcing. In order to not disappoint with your first outsourcing experience, it is absolutely crucial that you collaborate with a decent partner.

Now, how would you identify a good partner on whom you can truly rely on for outsourcing of accounting work or services of your practice? It is simple – just ask the right questions, which will help understand whether or not the potential partner is decent! Below are some of the sensible questions that you can ask any accountancy outsourcing provider before signing them.

What’s your experience?

You need to find out whether the potential partner is experienced enough to take on your accounting jobs easily and efficiently. Can they deal with taxation jobs? If your clients are financial services firms or clubs whose accounting needs are different, will your partner be able to handle these jobs when you outsource? Experience always matters, no matter the field of work!

What about my clients’ data security?

Whenever outsourcing any work of your clients to a third-party, it is essential that you make sure the data of your clients remain secure. Discover what sorts of security protocols are set up by the potential partner to protect your clients’ data.

What about confidentiality?

It is highly unlikely that your partner would steal away your clients, but who knows, it could happen. Therefore, it is recommended to always sign an agreement, which offers the confidentiality protection among other things.

Can you handle bookkeeping?

Bookkeeping is a trivial task, but an important one. It is also a time-consuming task for accountants and accountancy firms. Outsourcing the bookkeeping work of your clients will, in fact, free you so that you can focus on other important tasks of your practice, like bringing more clients or offering lucrative value-added services. Learn whether your potential partner is able to offer quality outsourced bookkeeping services.

Can you work with my preferred software?

You want to continue offering your clients the same quality work in the same format using the same software that your practice has been providing them thus far. For that reason, find out whether your potential partner is capable of using your preferred accounting software to deliver quality work in your desired format.

What about the communication?

When outsourcing the accounting work or services of your practice to someone, you may want to keep in touch with them constantly in order to know the current status. See how efficient and effective the potential partner will be when it comes to communicating with you.

Can you handle urgent jobs?

Your practice may come across urgent, large-quantum jobs at any time. Discover whether your potential partner has the additional capacity to help you out in such instances.

How much will outsourcing of accounting work cost me?

Different providers of accountancy outsourcing services have different pricing mechanisms set in place. While most providers of accountancy outsourcing services in the UK charge on an hourly or monthly basis, there are some who have a totally unique pricing system. Take us, for instance. At Affinity Outsourcing, we charge each job at a set percentage of the fee you collect from your client. While this pricing system may seem a bit odd, it guarantees that our clients make the most out of outsourcing! Discover more about how our pricing works here.

Conclusion

Outsourcing of accounting work or services of your practice is definitely a great move. However, be sure to collaborate with the right partner from the onset in order to have a great outsourcing experience. Asking the above questions to the potential provider of accountancy outsourcing services will certainly help you collaborate with the right partner.

When it comes to outsourcing of accounting work, UK accountants and accountancy firms count on us. At Affinity, we have massive experience and a great team to make your outsourcing experience smooth, hassle-free, and lucrative. We are already helping many accountants and accountancy practices improve their margins and reduce their stress – we can help you too!

Get in touch with us today to discover how you can benefit from outsourcing of accounting work at Affinity. To contact us, visit http://affinityoutsourcing.net/contact/.

Should You Consider Outsourcing of Accounting Work? Ask Yourself These Questions First

Are you operating an accounting practice in the UK? Do you really need to outsource the accounting work of your practice? Continue reading to find out whether or not you truly need to outsource.

Outsourcing of accounting work can be beneficial in numerous ways. The benefits of outsourcing of accounting work in the UK are so evident that many accountants today are in fact engaging these services and improving their margins. There are some accountants, however, who have not yet engaged the accountancy outsourcing services, perhaps because they really don’t know whether they need such services or not.

If you are operating an accounting practice and thinking whether or not you should outsource, then ask yourself these questions first:

Question 1. Is the workload manageable?

Find out how much work your practice has and how efficiently your in-house staff is able to handle it. If the work is manageable, then you, of course, do not need to outsource, but if your employees are burning out, then you certainly should consider outsourcing of accounting work.

Employees of an accounting firm often burn out during the tax season, when there is a high volume of workflow than any other time of the year. Consider outsourcing during this time to ensure that the work of all your clients is managed efficiently without any stress for you or your staff.

Question 2. Is my practice becoming stagnant?

If you as a proprietor have to undertake all the accounting work yourself, perhaps due to lack of reliable employees, then chances are great for your practice to become stagnant. After all, if you are handling the accounting work of your clients all by yourself, who will find new clients and bring in the new work?

Whether you are operating as a proprietor of an accounting practice or proprietor of any other business, it is necessary for you to free yourself from the accountancy burden. Only then you will be able to focus properly on your business expansion activities.

Outsourcing of accounting services of your firm, in this case, can be beneficial as it will free you from the time-consuming tasks and rather allow you to focus on business expansion activities.

Question 3. Can I find competent and trustworthy employees easily?

For an accounting practice, having qualified, competent, and most importantly, trustworthy employees is essential. Lack of reliable staff results in delays and inferior quality work, which could lead to the loss of clients.

These days, finding good permanent employees who can produce high-quality accounting work efficiently is not only difficult but time-consuming as well. Besides, even if you do manage to find someone good, he/she will prove to be very expensive! Qualified and competent professionals do not work for cheap – right?

If you are having difficulty finding proficient employees, especially in urgent cases, such as during the tax season when the workload is high, then consider outsourcing. It also proves to be more cost-effective than employing a full-time employee!

Question 4. Does my practice lack the essential software?

If your practice lacks certain essential accounting software applications, like Xero, Sage, etc., then keep in mind that you are not alone! Many accountants across the UK do not have their own accounting software.

If your practice wants to process certain accounting records, in certain formats based on the clients’ specific requirements, but you do not have the financial means to invest in software, then consider outsourcing to a reliable firm that does.

Question 5. Am I happy with my current margins?

If you are happy with your current margins, then of course, you do not need to consider outsourcing. But, if you are thinking about improving your margins, outsourcing can be your best resort!

Why keep your in-house staff occupied with a low-paying, mundane task like bookkeeping while you can easily avail outsourced bookkeeping services? By engaging outsourced bookkeeping services, you can free your accountants from the mundane tasks and make them focus on more lucrative and value-added services of your practice.

Not only bookkeeping, but you can outsource almost all the services of your practice, including accounting and taxation! Outsourcing of accounting work will set your accountancy practice free, while at the same time, it will help improve the margins.

Want to learn more about outsourcing of accounting work? Get in touch with Affinity Outsourcing – your reliable partner when it comes to outsourcing of accounting work in the UK. To contact us, follow this link http://affinityoutsourcing.net/contact/.

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/.

How Outsourcing of Accounting Work Benefitted a London-Based Accountancy Practice

Outsourcing of accounting work of your accountancy practice can indeed prove very beneficial for you! Let us tell you a success story of one of our clients, a London-based accountancy practice, who has benefitted a lot by engaging our accountancy outsourcing services.

The Dilemma

Our client is a sole proprietor of an accountancy practice in London with a GRF (gross recurring fees) of less than £90,000. The problem our client faced was that their practice was getting stagnant. The proprietor was having trouble finding a skilled and qualified employee who can take care of the accounts production work of their clients. As the proprietor did not have the right employee, he had to do all the work himself. As a result, he could not take time to find new prospects and work. Ultimately, the accountancy practice was not going anywhere.

The Solution

The sole proprietor approached us and considered ‘outsourcing of accounting work’ of his accountancy practice to us. The proprietor outsourced the entire accounts production work of his clients to us. The proprietor initially felt a slight drop in his income. However, he availed a lot of free time, which allowed him to focus on bringing new clients and increasing the GRF of his practice.

The Outcome

While at first, our client felt a small drop in the income, but at the same time, he gained enough time to find new clients and pull his accountancy practice out of dormancy. By outsourcing the accounting work, our client, over the course of four years, was able to increase the GRF of his practice from £90,000 to £250,000. Further, his income too increased substantially. All these increases, both GRF and income, and the client haven’t even had to prepare a set of accounts! Our client had set his accountancy practice free by considering outsourcing of accounting work to us. Even when the client was out of action for almost six months, his practice never ceased working because our experienced and qualified professionals were there to continue the accounts production work.

The client today has a stress-free accountancy practice with healthy profit margins and more leisure time, which he spends with his family.

Conclusion

If you want to transform your practice, just like our clients, consider outsourcing of accounting work in the UK to us. We are the leading provider of accountancy outsourcing services in the UK and will help you set your practice free.

Wondering how ‘outsourcing of accounting work’ works! Simply click here.

In case you have any questions about our accountancy outsourcing services, feel free to contact us http://affinityoutsourcing.net/contact/.

Outsourcing of Accounting Work – How to Select a Dependable Provider

As a proprietor of an accountancy practice in the UK, engaging accountancy outsourcing services can prove to be in your best interest. Outsourcing of accounting work of your practice to a reputable firm will get the work done, save you money, and give you more time that you can use to focus on the growth of your business.

A caveat before you think about outsourcing of accounting work of your firm – partner with only a reputable provider of accountancy outsourcing services in the UK, else you may not be able to reap all the benefits.

In order to select a dependable provider of accountancy outsourcing services in the UK, on whom you can rely and build a long-term partnership, follow the simple thumb rules below.

Learn about the Provider’s Work Experience

Your accountancy practice may specialise in dealing with the accounts of charities, solicitors, financial services firms, insurance brokers, etc. whose rules of accounting are different from the ones covered by the Companies Act. In this case, if you consider outsourcing of accountancy work of your firm, then you need to find out whether the provider you may team up with is experienced enough to carry out the special accounts production work that you desire. Failing to do so will cost you a lot of last minute surprises!

Consider a Smaller Provider

Instead of a larger firm, consider engaging an accountancy outsourcing services firm that is small. Smaller firms tend to pay more attention toward their clients and usually are more cautious in delivering the best quality services. Smaller firms that specialise in accountancy outsourcing services are also readily available for assistance in the case of emergencies.

Work out the Agreement Carefully

From signing the NDA to receiving the accounts production work in your preferred format, have a clear understanding and agree on every detail with the accountancy outsourcing services provider before engaging it. Usually, no provider of accountancy outsourcing services steals the clients of its client; however, it is always a good idea to sign an NDA to remain on a safer side.

Define your Deliverables Beforehand

Before collaborating with the provider, define the timelines and the quality of deliverables. It is always best to lay down your expectations in advance and learn whether the outsourcing services provider is able to meet them aptly.

Discuss the Quantum of Work

When you consider outsourcing of accounting work of your practice, find out how much work you want to outsource. You always have the option to outsource partial or the entire accounts production work of your clients. However, whatever you outsource (partial or full), be sure to intimate the volume of work you will offload to the provider. This helps the provider to plan the resources, deliverables, as well as the fees it will be charging you for the services.

Outsourcing of accounting work of your practice is one of the best things you can do for your business. Just be sure to partner with the best one.

If you are considering outsourcing of accounting work in the UK, then count on us at Affinity Outsourcing.

Affinity Outsourcing is the leading provider of accountancy outsourcing services in the UK. We provide quality accountancy outsourcing to accounting firms across the UK. We guarantee highest-quality work and competitive pricing. Get in touch with us to discover how outsourcing of accounting work of your practice to us proves beneficial to you. To contact us, visit http://affinityoutsourcing.net/contact/.

Outsourcing of Accounting Work – A Nice Option to Consider for Accountancy Practices in the UK

Sometimes, even accounting practices in the UK may have trouble managing their work. When a business grows, any business, including an accounting firm, it is certain that workload also grows. Now, in order to manage the increased workload, a business may have to increase its permanent staff or hire some part-time employees.

The problems, especially in the case of an accounting practice, are that permanent staff could prove very expensive and the part-timers could prove inefficient. On the one hand, there is the question of increased cost, and on the other, there is the issue with accounts production quality. Fortunately, there is a solution for this dilemma – considering outsourcing of accounting work and engaging a reputable accountancy outsourcing services company in the UK.

Professional accountancy outsourcing services companies usually have a large staff of highly qualified accountants and bookkeepers who can handle a large quantum of accounting work. Accountancy practices can simply offload some proportion or the entire accounts production work to such a company, which will take care of the work quickly and in the most professional manner. They can even replicate the work you do in your office to eliminate the need to spend time trying to understand a new working format or retrain your staff to understand it.

One of the best things about outsourcing of accounting work to a reputable accountancy outsourcing company in the UK, like Affinity Outsourcing, is that accountancy practices can outsource the work only whenever the need arises. There are no long-term contracts when working with Affinity Outsourcing! Simply engage the company whenever you need.

Another remarkable thing about outsourcing of accounting work in the UK to Affinity Outsourcing is the cost-effective pricing. Unlike other accountancy outsourcing services companies in the UK, Affinity Outsourcing charges a small set percentage of the fee that an accounting practice charges to its client. This way, an accountancy practice will know how much it will be paying Affinity Outsourcing to complete a job and how much it will be making the profit on each job.

Outsourcing of accounting work in the UK overall is a nice option for accountancy practices that have difficulty managing their increased workload. It is affordable, and quality work is also guaranteed.

If you are an accountancy practice having trouble dealing with your workload, then get in touch with Affinity Outsourcing today. Affinity Outsourcing is the leading provider of accountancy outsourcing services in the UK. They have a successful track record and can help your practice too.

To learn more, explore our site http://affinityoutsourcing.net/. If you have any questions, call us on 0203 848 4450 or just fill a simple enquiry form at http://affinityoutsourcing.net/contact/.