4 Steps to Outsource Your Accounting
For many businesses, outsourcing accounting is one of the best decisions they’ve ever made. It frees up your time and provides complete peace of mind when it comes to compliance, allowing you to focus on what you do best.
That said, it doesn’t happen overnight. Like any major business change, moving from in-house accounting to outsourced takes time to get right. In this post, we’ll look at four key areas to consider as you make the switch.
1. What are you outsourcing?
Accounting is a broad term, that covers everything from bookkeeping and annual accounts to payroll and auto enrolment. You might want to send everything out, or maybe your company has its own payroll department that deals with auto enrolment too.
Whatever the case, it’s best to be clear from the start. Go through all your accounting responsibilities and decide what’s staying in and what’s going out.
The switch to outsourced accounting needs to be budgeted for – not just in terms of financial cost. Make sure your whole team is on board with the switch and, most importantly, make sure they have time to work on it.
Accountants will need some time to work with key members of your team, finding out what you do currently and how you want things done going forward. If you take this change on when you’re at your busiest, it could cause a massive disruption to your business and result in a lengthier transition.
3. Establish clear aims
Outsourcing your accounting will free up your time and relieve a lot of stress. But that shouldn’t be the only thing you’re getting back from your investment. With this extra time, you should ideally see an increase in productivity and revenue for your business.
With this in mind, it’s best to set clear goals. As well as the peace of mind, what do you want from your business that will show that the switch has been a success? Is it a certain increase in revenue? Or even reduced expenditure on ad-hoc accounting assistance? Be sure to keep track of this over the coming months and years.
4. Find the right accountants
Undoubtedly the most important consideration when outsourcing your accounting is who you’re working with. The right accountants will help you through every step of the transition – from deciding what you need to outsource, to tracking your progress over time. Look for accountants that are experienced, qualified and have plenty of testimonials from existing clients.
How can we help?
Looking for a friendly, helpful team of experts to help with your business’s accounting? UWM Accountants are always on hand to help. Based in Leeds, we’ve been a trusted partner of leading businesses for over 30 years, with a comprehensive set of accounting services.
If you would like to find out more about how we can help your business, don’t hesitate to get in touch with us on 0113 231 0202.