Meeting the challenge of growth and new working practices

Business confidence in the UK is at the highest level for more than four years, according to a new survey.

The monthly Lloyds Business Barometer research highlights the performance of businesses with a turnover of £1 million or more across the UK and shows confidence in the construction, manufacturing and services sectors rising sharply.

Optimism has been driven by increased trading figures, now at a three-year high and expectation of even stronger trading in the year ahead.

That presents both opportunities and challenges for accountants, with a strong probability of extra work to cope with increased demand.

This is still difficult to measure in this new world where the requirements from clients could be patchy. Decisions have to be made about recruiting staff, difficult with the current skills shortage, or in what other ways you may deal with the increased workload.

Accountants, like any other business, have to look at the bottom line and ask the question, ‘does this make good business sense for us?’ The pandemic has made planning for the future a bit of a lottery for many firms.

Accountants could be looking to expand by opening new offices, or even reducing office space with more home-based working. Maybe they are looking to consolidate but looking to automation to reduce costs, while keeping the best people on board. There are many things to consider as the economy recovers and new working practices come into play.

Accountancy outsourcing is a proven and effective method of managing your workflow, while minimising the costs of hiring and training staff in what is still an uncertain economic period.

Yes, the economic indicators are looking good, but as the Government and its scientific advisers are  keen to remind us, we are not out of the woods yet.

Collaborating with outsourcing experts like GI allows for a number of solutions, whether taking on basic compliance tasks to allow others to progress within your firm or to free up more time for senior members to drive the business forward.

Don’t just take our word from it, our clients put it much better:

“I was a hypocrite for a very long period of time,” says Graeme Tennick, Partner at Newcastle-based Tennick Accountants, who was named Best Digital Accountant at the Digital Accountancy Show 2020.

“It took me far too long to engage with GI Outsourcing and get an outsourced member of staff.”

He says that he simply had not grasped the need for it in his own practice despite the service having been available and despite having worked on outsourcing part of PWC’s audit function to India earlier in his career.  He was an advocate of outsourcing who was not using outsourcing.

On average we save clients as much as 50 per cent in costs than if they were to carry out the work themselves.

We are experts in the latest web-based accountancy apps and recommend the best apps to suit your business (there are thousands available), help implement systems and automate processes and assist with data migration and integration.

Contact our UK-based team of account managers today to find out how we can help your firm.

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Posted in Blogs, For Accountancy Practices.