Tracing the history of accountancy is a tricky task, for a practice that dates back centuries.
Luca Pacioli was a Franciscan monk and mathematician who, in the 15th century, first published work describing the double-entry accounting system.
So the brother, if you like, is believed to have become the father of accountancy.
His view, it would appear, was that accuracy is what makes it all add up. Apparently, he taught maths to none other than Leonardo da Vinci and later collaborated with him, so it seems clear he knew a thing or two.
Therefore, it would be interesting to see his take on the effectiveness of outsourcing, where expert support and assistance do make the numbers add up, especially the bottom line. There’s no doubt in my mind he would have approved.
Which makes a recent survey by the IRIS software group, which revealed that many accountants were not comfortable with outsourcing, all the more puzzling. Especially in the light of the fact that GI Outsourcing has been shortlisted at Digital Accountancy Forum and Awards next month for its excellent service.
The IRIS survey shows a third (34 per cent) of UK accountants do not trust that outsourcing is done correctly or to a high enough standard.
Its latest insights paper surveyed 200 senior accountants and their opinions on outsourcing and found 42 per cent of accountants associate outsourcing with negative connotations, with 68 per cent saying that they haven’t considered outsourcing in the last 6-12 months.
Not being an accountant, that doesn’t really add up, as 75 per cent of all our new customers have come via referral, and many are happy to publicly say how much it has helped their business.
As if to prove a point, our shortlisting in the Digital Innovation of the Year category, highlighted the use of the latest cloud accounting platforms to deliver an exceptional service to some of the UK’s top accountancy firms and businesses.
The resistance to outsourcing is puzzling, so what does it entail?
Well, it’s collaborating in partnership with other businesses.
There are two main areas really, one being a compliance-based offering with flexible options, while the second area and by far the fastest-growing the GI Cloud Consultancy.
Outsourcing some of your business frees up vital time, while functions like bookkeeping and cloud accounting, management accounts, statutory accounts, taxation and payroll are undertaken remotely, freeing up time for important face-to-face work and attracting new clients.
GI is seen by many accountancy clients as ‘the practice,’ having an employee in India instead of in the UK where they can communicate directly with clients to alleviate bottlenecks. Alternatively, it can exist in the back end, purely as a processing function.
This allows for succession planning at accountancy firms, allowing staff to take on more responsibility and avoiding staleness felt from repetitive tasks. This means recruitment is less of an issue as staff job satisfaction grows.
The second area is the huge growth in web-based accounting technology, which allows cloud-based apps to slash the time needed for vital but time-consuming tasks. An area where GI excels with GI Cloud Consultancy, which advises accountancy firms on the various software packages.
Whether employment scheduling, credit control, EPOS, or reporting/forecast they can recommend and implement the appropriate application.
GI works with 65 accountants in this area and the company’s specialists can take software optimisation to the next level, while at the same time providing a more rapid and cost-effective option.
The IRIS survey also found the before COVID-19, 24 per of accountancy firms surveyed were planning on hiring extra staff to help ease the workload.
With the current labour shortage, not least in the accountancy industry, it really should be time for those sceptical accountants to think again and avoid taking the risk of costly and unreliable recruitment. Luca, the father of accountancy, would surely agree.
For those who may still be sceptical GI Outsourcing will be exhibiting at the AccountingWEB Live Expo at the Ricoh Arena in Coventry in December, where people can come and talk to us and get an impartial view from some of our clients.
Alastair Barlow from flinder and Nathan Keeley from Carpenter Box will both be there and I’m sure they would be happy to share their feedback and experiences of working with us.
If you haven’t booked the ticket yet, sign up here and come and join us at the show on December 1 and 2.
To find out how GI Cloud Consultancy can help you, contact us today.