Outsourcing helps accountants give critical support to SME clients

A recent survey of British businesses has found that SMEs rate accountancy firms as being critical to their business.

Small and medium-sized enterprises are the lifeblood of the country, accounting for 99.9 per cent of all businesses across the UK.

But they acknowledge, according to the survey, that their operations would struggle to function efficiently without the assistance of accountants, particularly as COVID-19 has swept across the country.

Strategic guidance vital to SMEs

The survey confirmed the importance of accountants to SMEs rating as “number one” go-to business service as firms struggle with problems over the pandemic, Brexit and other areas like moving across to Making Tax Digital (MTD).

This is where the expertise of accountancy firms in the latest cloud accounting technology eases the burden on their clients.

The survey, commissioned by accountancy software supplier Sage, shows 91 per cent rating accountants as an important part of their business operation, while 49 per cent are happy to approach them for strategic business guidance.

When asked what services they would go to when first starting a business, more than a third (34 per cent) said accountants would be the first port of call.

That should really not be a surprise given the problems the country has faced throughout the pandemic, but many accountants have had critical support of their own from firms like GI Outsourcing.

Despite a recent survey by the IRIS software group, which revealed that many accountants were not comfortable with outsourcing, a significant and growing number see the support outsourcing delivers a crucial to their own business.

Education at the heart of the business model

75 per cent of all our new customers at GI have come via referral, and many are happy to publicly say how much it has helped their business.

That is largely because GI puts training and education right at the heart of its business model with its GI Academy.

This commitment has recently been recognised with a prestigious award from the Association of Chartered Certified Accountants (ACCA)  which has accepted us into the Approved Employer scheme.

The programme recognises employers’ learning and development policies and systems.

It recognises and rewards employers’ quality staff training and development and looks to ensure that the highest standards for employers, students and members are met.

This is a double bonus for accountants as they can rely on the support of highly qualified staff at competitive rates and partly negates the training costs within the accountancy as many tasks are outsourced.

There are in two main areas really, one being a compliance-based offering with flexible options, while the second area is through GI Cloud Consultancy.

This is where GI’s expertise partners accountants with the latest software, allowing for succession planning at accountancy firms where staff take on greater responsibility. This in turn benefits the accountant’s clients. Everyone’s a winner really.

Commenting on the survey of SMEs, Paul Struthers, MD, UK and Ireland, Sage, said: “Accountants play a critical role in accelerating this success and our research shows they are vital to the UK’s economic recovery.

“Our research shows accountants have an open door to become a de-facto strategic partner for their clients – this is an opportunity they must embrace.”

It’s clear that task is made that much easier with the expert support of outsourcing.

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 Small Practices.