Planning to Hire An Outsourced Accounting Firm? Discover Which Engagement Model is Perfect for You

So, as you have decided to hire an accounting outsourcing firm to take care of your accounting and bookkeeping tasks to increase the potential and profit of your accountancy practice, but do you know which engagement model will suit you the best. Are you going to hire an accountant / bookkeeper on the hourly basis, on the project basis or only during the tax season?

To help you conclude, which engagement model is best for you; Affinity Outsourcing explains most common hiring models among the accounting firms in London, UK.

1. Hourly Basis: The hourly model is the most popular among clients. The advantage of this model is that you can buy pre-paid blocks of hours (as per your requirements), and as the hours are delivered they are deducted from the total number of blocks purchased. This engagement model offers you the complete freedom and control over the work you have outsourced. Whether you are new to outsourcing services or experienced, this is a no-risk engagement model worth trying. Moreover, accountants and bookkeepers having small to medium volume of work can definitely go for this model.

2. Full Time Model: A full-time engagement model is when you hire a dedicated accountant or bookkeeper on a fixed monthly fee. This is also one of the most popular engagement models after the hourly model. If you are having the workload more than average, then this engagement model is just right for you. When you hire a resource on a full-time basis, they support your core group of staff in the UK by completely by taking over the lower-level tasks like accounting bookkeeping, payroll and tax. The full-time engagement model offers you immediate access to the resources with highly coveted compliance skills. Moreover, a full-time engagement model saves you from the hassle of recruiting and retaining staff. Also, the turnaround time is usually better than you can deliver in your practice yourself, plus there is this added benefit of it being up to 50% cheaper than hiring an accountant in London, UK.

3. Pay-As-You-Go Model: Pay As You Go is also one of the most popular engagement models among the accounting firms in London. In this engagement model, you use the service on a pay-as-you-go basis and pay only for the number of hours you use the service. This engagement model is the best option for single accountants and bookkeepers in London, Harrow and Wembley having short-term workflow issues. It can also be good if you have an immediate need to get work turned around, especially for seasonal times such as the busy season.

Most of the accounting firms in the UK use this model, when then are engaging in the accounting outsourcing services for the first time. However, if you want a dedicated resource as the staff member, then this model is not for you.

Contact Affinity Outsourcing for the Best Accounting Outsourcing Services in London:

Hopefully, this blog will help you decide which engagement model is best for you. If you are an ambitious accountant, then you should probably consider either the hourly or the full-time engagement model. It’s up to you to choose the model that best fits your needs.

Regardless of which outsourced accounting service model you choose, Affinity Outsourcing here to help you reduce costs and increase profitability. If you want to discuss more about the different engagement models, then we request you to please schedule a free consultation with our experts at http://affinityoutsourcing.net.

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.

Here’s How Our Outsourced Accountancy Services are Helping Accountancy Practice in London

Outsourced Accountancy Services are high in trend all across the United Kingdom, especially in London. If you are an accounting firm in London, then outsourcing of accounting work of your accountancy practice can indeed prove very beneficial for you! Here are some real instances that how London based accountancy practice.

If you are an accountancy practice in London, and are confused about whether to outsource your accounting and bookkeeping tasks, then here are some real instances to help you decide what’s more favorable for you and your accountancy practice in London.

Your Dilemma:

Let’s consider, you are a sole proprietor of an accountancy practice in London with a Gross Recurring Fees (GRF) of less than £90,000. There are chances that your accountancy practice may get stagnant because of lack of qualified and experienced resources who can take care of the accounts production work of your clients. As you didn’t have the right employees, you have to do all the work yourself. As a result of which, you cannot spend enough time in finding new prospects and expand your practice. Indirectly, it chokes your professional growth.

Our Solution:

If you are highly occupied in your accountancy practice and cannot spare time on business expansion activities, then our outsourced accounting services are specially designed for you. You can outsource the entire account’s production work of your clients to us. Our team of skilled and experienced accountants and bookkeepers will assist you in the most professional manner, so that you have free time and focus on bringing new clients and increase the GRF of your practice.

Rewards of Outsourced Accountancy Services:

While at first, you might feel a small drop in your income, but at the same time, you will have enough time to find new clients and pull your accountancy practice out of dormancy. By outsourcing your accounting work, you can certainly increase the GRF of your practice. Further, your income can also increase substantially. You can enjoy the increase in your GRF and income and that too without even preparing a set of accounts! You can set your accountancy practice free by considering outsourcing of accounting work to us. You can have a stress-free accountancy practice with healthy profit margins and more leisure time, that you can spend with your family.

To Conclude:

If you want to transform your practice, just like our other 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/.

Outsourced Bookkeeping Services in London and It’s Advantages

The accountancy sector is more competitive than ever for accounting practices across the UK. In order to stay on top of the competition, accountancy practices do not only have to deliver quality services consistently at reasonable rates, but they also have to be more flexible in their work schedules.

It is no wonder why many accounting practices across the UK get exhausted, considering that they are bogged down with petty tasks, such as bookkeeping, taxation, and payroll accounting, which are time-consuming and not exactly profitable.

Normally, accountancy practices have to take care of a lot of things for their clients, some of which are:

  • Handling the financial books of the clients and ensure that they are accurate
  • Managing of the payroll accounting on behalf of the clients
  • Helping the clients stay in compliance
  • Addressing the personal and corporate tax matters of the clients
  • Advising on financial and business growth matters

Looking at all these and some of the other tasks that accountancy practices need to take care of for their clients, how do you think they can sustain their own business? If you are a proprietor of an accounting firm, facing such issues, then like others, you should definitely consider outsourcing for accounting practices.

Outsourcing for accounting practices is the best option to set your accountancy firm free!

Take bookkeeping, for instance. It is time-consuming and not very lucrative. It is, of course simple, but bookkeeping requires a high degree of attention and needs to be done accurately. Therefore, if you decide to consider outsourced bookkeeping services to offload the bookkeeping task of your clients, then you will be able to save a whole lot of time!

Outsourced bookkeeping services allow accountancy practices in the UK to use their time more efficiently to focus on their value-added / profitable services, such as audit, tax planning, and financial advisory services.

  • Advantages of outsourced bookkeeping services:
  • Highly skilled and trained bookkeepers to complete the tedious task of bookkeeping
  • Quick turnaround time
  • Accurate bookkeeping production work in your desired format
  • Eliminate overheads of additional staff, workstations, and extra workspace
  • Engage the services whenever the need arises
  • Give you more time, so that you can focus more on the value-added services of your accounting practice

Many accountancy practices are already engaging outsourced bookkeeping services in the UK and are benefiting a lot from doing so. If you haven’t engaged outsourced bookkeeping services for your accounting practice, then it is still not too late! Get in touch with a reliable provider of outsourcing for accounting practices in the UK, like Affinity Outsourcing, and engage them for top-quality outsourced bookkeeping services.

Want to learn more how we can set your accountancy free while improve your margins at the same time? Contact us http://affinityoutsourcing.net/contact