Being an accounting practice in London you have decided to resumes your services, but are not able to manage the overloaded stuff. Do you need help in offloading yourself and your business amid the COVID19 pandemic? To efficiently manage your workload and to focus on core business activities amid the coronavirus pandemic, you can take the help of outsourced accounting services in London. Accountancy outsourcing services by a firm like an Affinity Outsourcing can truly help you in managing your clients’ accounts and books efficiently. But, before you hire an outsourced accounting firm in London, you need to carefully consider the most suitable hiring package that best suits your needs. Affinity Outsourcing is now offering affordable and tailormade hiring packages to help accounting firms to get back to normalcy in London.
There are plenty of tailormade outsourced accounting services packages at Affinity Outsourcing, but to help you conclude, which engagement model is best for you; here we explain to you some of the most common hiring models, and they are:
- 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 complete freedom and control over the work you have outsourced. Whether you are new to outsourcing services or experience, this is a no-risk engagement model worth trying. Moreover, accountants and bookkeepers having small to medium volumes of work can definitely go for this model.
- 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 a 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.
- 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 they are engaging in accounting outsourcing services for the first time. However, if you want a dedicated resource as a staff member, then this model is not for you.
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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 is here to help you reduce costs and increase profitability. If you want to discuss more the different engagement models, then we request you to please schedule a free consultation with our experts at https://affinityoutsourcing.net.