The results from outsourcing
Practice reengineering – with outsourcing at its heart
- A mid-tier practice in London had previously used outsourcing and offshoring, but turned to AdvanceTrack when it looked to take things to the next level.
- We now have had AdvanceTrack people working across all of our business services pods, with some serving as offshore support .
- Now, we’re looking at the best tech and processes to enable us to provide better and broader advice to our clients.
Successful accounting tech migration
- Our client had been an early adopter of cloud accounting technology, but their existing tech wasn’t fit for future purpose.
- They improved their project management capability by bringing in Xero and AdvanceTrack gave us advice on how to tidy up the migrating files.
- We’re now better placed to provide our client with more up-to-date financials, and can provide better and more timely client advice.
Successful migration from Sage to Xero
- Two large international companies needed help migrating from Sage to Xero, including 1000’s of transaction lines which also needed reconciling.
- The migration was delivered cost-effectively and accurately.
- They now have clean, quality data with meaningful reports with cloud tools that can be connected using Xero.
Consistent client contact and scaling growth
- A firm wanted to have a consistent message of client contact
- Outsourcing has enabled them to have more junior members of staff working with clients earlier in their career.
- Their team now comprises of client managers, assistant accountants and trainees, all with AdvanceTrack supporting them as part of that team.
Work delivered on time and on-budget
- A Major International Group was struggling to navigate through the iXBRL maze.
- They wanted to deliver a long term solution to iXBRL compliance and decided to outsource the first year file preparation to us.
- We completed the files for approximately 70 group companies, helping the group meet their deadlines.
High quality & attention to detail
- Prior to using AdvanceTrack®, this sole practitioner had use another outsourcing provider.
- However, they would regularly receive work back and have to spend time unravelling what had been done.
- They switched to us and have seen an attention to detail and superior tracking system.
Reducing the number of new staff required
- After conducting a review of all the major outsourcers, we were selected by a top 50 firm to help provide additional capacity at certain times of the year.
- To do this, we helped provide a more process driven approach to exercises such as accounts production.
- This has helped them offer trainees and staff more interesting and challenging work as well as save the firm money on recruitment.
Net profit increase of £150,000
- A 15 partner regional practice needed to free up staff time during tax deadline season.
- We were selected to deliver 600 personal tax returns between May and January.
- This led to an increase in net profit by £150,000 and improved service delivery.
More time to deliver advisory services
- A two-office practice decided to outsource to reduce the workload for their staff.
- Staff were quick to realise outsourcing would help them carry out more added value work than pure compliance.
- The results have allowed the firm to reduce administrative burdens and carry out more exciting work with clients.
Increased time with clients
- A 7-partner firm came to us needing support with accounts preparation to support their audit teams
- We worked to segregate the work and free up staff time to work closer with clients.
Does it really work in practice?
Our experience is that the accountants who experience the greatest success with outsourcing are those who are longing to do more of the work they enjoy, and are committed to providing an excellent client experience. Because it’s not outsourcing that makes your practice. It’s not even the technology. It’s you: You are the true success of outsourcing and building your firm.
You may have used outsourcing before and it didn’t work. Perhaps you were told it would save you money, or save you time, but it didn’t. But if you’re truly considering it, this time ask yourself these questions: Has the outsourcing you’ve tried delivered on all of these areas? Has it truly helped you to serve your clients better?
Please note: For privacy reasons we can’t always share with you the names of the firms we work with, but if you’d like to be featured, ad****@ad**********.com">please let us know!
Your outsourcing needs - ready to start?
Click here to find out more about our services and how we can help
Copyright 2006 - 2023 © e-Accounting Solutions Limited. All Rights Reserved.Subscribe to our mailing list