The UK is among those countries who introduced the services of outsourced finance and accounting services. According to a future estimate, 93% of the industries in the UK will be using outsourced finance and accounting. Outsourcing is a practice in this field, in which another company provides services, perform tasks and manufacture goods for other. It is usually used by the companies to save cost. It is also known as BPO (Business process outsourcing.

Categories of outsourcing

Most of the outsourcing services fall in one of the following categories, with respect to the services that they provide to their customers.  Even some of the outsourcing business offers several of these:

• Web design and development
• Outbound telemarketing
• Inbound customer service
• Virtual assistant services
• SEO and online marketing
• Back office/admin support
• Marketing and sales report
• Accounting and HR management

It is very simple that outsourcing will take away your extra burden. You won’t have to worry about some of those business tasks that can be managed by an independent entity. It will make your life easier. Also, when you give such business tasks to people who are more professional and have more experience, it helps you cut the cost even more.

Factors to consider while outsourcing

There are many things that you should take in the notice before you outsource your company and take the best accounting services UK. Some of the factors are written as follows:

• Find out if the vendor has relevant skills and qualification to do this job.
• They should be experienced enough to handle all types of outsourcing situations
• They should be flexible and wise enough to use various accounting software such as MYOB, IRIS, Xero, Sage, Quickbooks, and advanced spreadsheets.
• Consider the repute of the company and what the views of their current customers about them are.
• Check the time frame in which they complete their job.
• Are they competitive enough?
• Are they flexible in the service level agreement?

How much information sharing with outsourcing company?

This depends on the business that has been outsourced such as bookkeeping or credit control. Different businesses will need to provide a different type of information. It can include all the information about your debtors for credit controls to raw records such bank statements and invoices for bookkeeping. If the business has decided to outsource the company fully (payroll, VAT, bookkeeping and annual accounts), it will have to provide the following:

• Petty cash details
• Sales and purchase invoices
• Pay-in-books and chequebook
• Details of employees personal and salary information
• Bank statements and loan statements, if applicable
• Stock level, if applicable
• Debtors and creditors list

There might be some more information needed, as requirements change according to the business sector as well as the needs of clients.

Advantages of outsourcing

Some of the advantages of outsourcing and having the best accounting service in the UK are as follows:

• Many of the companies that provide outsourcing services charge less money because they don’t have to give benefits to their workers. They also have fewer overhead expenses especially if they are based in a non-western country, such as China, India, and the Philippines.
• They allow the business to look in the other areas of the business while they have expert guidance to deal with the other matters of business. For example, people usually say that telemarketing is the best way for promotion of the business and you know that it is not your expertise. Here you can hire an outsourcing company to provide you with these services, while you concentrate on dealing with the reaction of the campaign.
• One of the most important advantages is that outsourcing company provides large amount resources. The expert company that handles your outsourcing will provide you with world-class abilities and greater access to the latest and updated technology that a business is unable to access while you are expanding your business.

If you are looking for services for growing your company then outsourcing is a cost-effective way of building your foundations at different areas of the country or countries.