This Covid outbreak has without any doubt changed many things across the world. The normalisation of wearing masks, education going virtual, businesses transitioning to remote working by leveraging digital channels.

Working from the office was considered to be a mandatory concept of working environment culture started by boomers, however, it is no longer liked by many business owners or their workers. 

Before the pandemic, there was a great amount of work that could be dealt with all the more productively by working from home. A few big firms are trying to establish remote working permanently. 

Businesses have been trying to train their employees to effortlessly work remotely. They have started leveraging cloud-based technology to provide access to information to their employees from anywhere at any time. Meanwhile, outsourcing business activities like – bookkeeping has seen growth as businesses don’t want to hinder their work speed. 

Offshore Bookkeeping outsourcing being advantageous for the biggest firms as well as for the small accounting firms who confronted difficulties in income during COVID-19.

In the bookkeeping department, businesses mostly prefer to outsource: 

  • VAT Returns 
  • Self-assessment Tax Returns
  • Year-end Accounts & CT Returns
  • Company Secretarial 
  • Accounts Management
  • Payroll Processing 

It is your responsibility to understand how you can leverage these outsourced bookkeeping services to get maximum profits. Some of the advantages of hiring an outsourcing agency are: 

  • A business can save money by cutting the fixed cost into variable costs.
  • Your employees would get more time to focus on major client servicing duties to get better ROI. No long working hours and extra shifts. 
  • Streamlining the business accounting processes by hiring an expert accountant. 
  • Expert advice on the company’s financial matters. Better risk management and opportunity forecasting. 
  • Access to advanced technology, like – Cloud-based accounting. It helps you to get access to the data of any employee or transactional records from any device at any place and any time. 

Challenges companies face while outsourcing bookkeeping and how to avoid them?  

The tax season has arrived and all the accounting and bookkeeping firms are filing their tax forms, IR35, and busy complying with GDPR. It is essential for them to protect the data of their clients. While the firms who opted offshore outsourced bookkeeping services should keep in mind that data theft is quite possible in their cases. Hackers always look for sensitive information like – Bank account details, credit card details, security numbers, and medical history, etc. 

While choosing an offshore agency to handle your bookkeeping tasks, you must take care of some things. 

  • Check whether the company is registered or not. If yes then verify the details. Also, the employees of that firm must have expertise in bookkeeping. 
  • Your outsourced partner must be using advanced technology that can streamline your business workflow. 
  • The outsourcing company must be GDPR compliant. They must follow the non-disclosure of a personally identifiable system. 
  • Just because their services are expensive they will be best. You can also ask for customised services so that they can only charge for required services. 

How Outbooks can help? 

The COVID-19 pandemic has definitely changed the lifestyle of humans significantly. Most accounting and IT firms have been considering remote working and outsourcing their tedious and repetitive work. 

The experts at Outbooks are some of the highly-educated accounting and bookkeeping professionals. They will be glad to handle your tax-related, account receivable and payable, IR35 related and many more time-consuming tasks. 

For queries fill our contact form or reach out to us at +44 (0) 330 057 8597.