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 an hourly basis, on a project basis, or only during the tax season?
To help you conclude, which engagement model is best for you; Affinity Outsourcing explains the 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 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.
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 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 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 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.