Considering the current market scenario in the UK, where accountants are facing a hard-hitting competition and picking the outsourcing route to reduce cost. If not for all at least for accounting and tax professionals outsourcing is a common practice in the UK. Although the primary objective of outsourcing is lower wages costs, when it comes to outsourcing tax return preparation or self-assessment tax return preparation there are other factors too that you should consider. In this article, we run through what are the key benefits you get if you outsource tax return preparation services to India. Benefits of Tax Return Preparation Outsourcing to India: Outsourcing is already a common option in many industries, but if we talk about accountants, undeniably many still fear outsourcing accounting services and tax being a very sensitive matter they have more concerns. Therefore, you need an outsourcing partner whom you can bank on. In India there are plenty of accounting firms to select from along with the benefits mentioned below.
This is the first aspect of outsourcing any services. And when you outsource tax return preparation services to India particularly apart from saving employee costs substantially you do not have to compromise with the quality of work. There are already many accounts outsourcing firms in India who are working with numerous accountants and accounting firms in the UK. So, they have years of experience and expertise to help you. Further, due to the exchange rate difference between INR and GBP you can get highly qualified professionals at a fraction of the cost of what you pay in the UK.
Most of the accountants in the UK prefer outsourcing self-assessment tax return preparation work during deadlines. And the reason is the very quick turnaround time i.e. even less than an hour for a self-assessment tax return if you can provide them with all the required information. Additionally, due to the time difference of 4.5 hours between India and the UK you get a few extra hours to work on. During those peak days just before 31st January; this time difference proves to be a real help for many accountants in the UK to complete self-assessment tax returns that they receive just on the day of the deadline.
Outsourcing gives access to a poll of expert professionals from your outsourcing partner. This enables you to offer different services to clients even those that you normally do not offer. This means you can take in more work and increase your client base without hiring more staff. A good example is tax-related compliance with the HMRC.
Tax is a sensitive matter; undeniably your topmost priority is that your client’s data must be safe and secure. Needless, to mention the greatly high fines post 25th May 2018. Therefore, you have to be more careful before joining hands with your outsourcing partner. However, the good news is that there are many firms in India, who will provide you with extensive data security. You must make sure that your outsourced tax return service provider is GDPR compliant. Further, you can determine data security by confirming their ISO standards and asking them to sign a non-disclosure agreement. Thanks to the advanced technology and tools that are available, your outsourced partner can do your work in many ways with remote access, on a secure FTP server, and in a cloud-based system. If these are sounding too technical! Nothing to worry! Most of them have a dedicated IT team who will guide you on this. It takes a few minutes to set things up. So, try and see how it benefits you. It is always seen that when companies deal with maintaining a huge volume of data, a clear and useful format is required to process that information. Going for in-house services require trained employees and infrastructure which is costly for small businesses. All these requirements can easily be fulfilled by BPO services companies who are proficient in processing invoices. Invoice processing is an expensive process that needs to be done with extreme efficiency. Outsourcing invoice processing service can help small organizations operate invoice process more successfully and proficiently. The below mentioned are the prime benefits of outsourcing invoice processing service.
The small businesses have to deal with a lot of invoices every day apart from their main productive work. This, in turn, is a tiresome task and takes up almost all the energy of your employees. However, when you are outsourcing this tedious job to a specialist, you systematize the complete process. This saves up your precious time, money, and efforts which you can invest in your business to grow it.
It’s always a concern of every company or business that outsource this service that whether they will be able to get a reliable and accurate outcome. The invoice processing outsourcing company will be having a dedicated team who are proficient and concerned genuinely in the growth of your business and will give their best to boost your growth. They know invoice processing in and out. This is one of the main reasons they can do the work more accurately and efficiently.
One of the topmost reasons to outsource invoice processing requirements to external service providers is that they have a faster turnaround time. This is because they are trained only for invoice processing exquisitely. The steadfast workforce is well-organized than the professionals who are trained in a variety of different jobs. And above all these service providers make sure that they get the job done in the said time.
To run invoice processing in-house requires a huge volume of investments and a well-trained staff and requires infrastructure for it. By choosing to outsource the same you can invest your money to attain the competitive edge of your business which helps you to increase your turnover.
Outsourcing invoice processing for your business not only helps you to save your money but also gives you a bigger advantage that it helps you to focus on your core business functions without any distractions and worries. Creating an arrangement for your invoice processing will consume a lot of your precious time. But the moment you decide to outsource invoice processing, you save a lot of time which can be utilized in your main business functions and customer satisfaction areas. Hence, we can say that outsourcing invoice processing is very useful for small businesses and facilitates them to explore the core functional areas of their business and helps them to grow into a successful organization with more profit and substantial growth. 30/5/2020 How Outsourced Payroll Service Works?Managing payroll for employees is a core function of any business or a company. There is no other alternative for it. It’s an essential part of any business process and if it’s not functioning properly the staff won’t be happy. And no business would like their employees to be unhappy. In most of the business’ payroll processing done internally, which is not always cost-effective. Internal payroll processing requires the purchase of payroll software and extensive training to use it. Also, businesses need to keep up to date on changes in staff, deadlines, and tax requirements on an ongoing basis. With this constantly evolving legislation and reforms, it is always comforting to know that well experienced, comprehensive back-office payroll support is always available and that your company’s payroll is always compliant. Outsourced Payroll Services include many things like online payslips, payments, data entry and processing, BACS Payments etc. Payroll is a critical function and a single error could cost unwanted penalties. To avoid such problems, it’s always advisable to hire a payroll expert who will do all these complicated processes and allow you to focus on other important things. A payroll processing company’s basic duty include calculating payroll and tax obligations for each employee, printing and delivering payslips and providing management reports. Outsourcing payroll services depends on several factors such as the number of employees, paying frequency etc. Many small businesses routinely use payroll outsourcing. Depending on their needs company may customize the payroll services that they outsource, while retaining control of other important aspects to growing their business. Once you choose a payroll provider, it’s time to set up your new payroll system. One of the most important steps will be to send a payroll report and time sheets, which is set up between you and the service provider. The payroll service provider will use this report to process your company’s payroll. This is generally used to collect data such as the number of employees, the hours they worked, holiday pay and other benefits like maternity and sick pay, auto-enrolment and more to calculate and process correct payroll. The service provider will be able to process the information into their system which is compliant with the HMRC and begin determining your company’s payroll. After you have sent the necessary information, the service provider will take care of handling and administering your accurate payroll. Outsourcing your payroll services also help you with other administrative business functions such as HR and attendance. You can get the benefit of high-quality services at low costs and tailored Payroll to build a long-lasting professional partnership. So, don’t wait to take advantage of outsourced payroll services. We all know India is World’s second-largest country having a population of 1.3 billion. India has maintained its TOP rank in the arena of Outsourcing World with it's professional and skilled labor. As per the latest survey, 80% of the United States and European firms ranked India as their number one outsourcing destination. Let’s crackdown why outsource accounting services to India is the best option for UK accountants?
1. Sound Quality Service: When it comes outsourcing of accounts; what comes first?? Low cost, Quality or Timeliness. Well, quality is the main factor on which outsourced accounts works. Every year around 10-12 million students graduates and also having the world’s second most English speakers adds weight to their services. 2. Cost Saving: Most business runs on the Profit Maximisation. All we know that money saved is money earned. But when it comes to saving of cost up to 50%! It’s worth! As per the survey, accounting firms can save up to 50% of their total cost by outsourcing their work. 3. All under one roof: Most Indian Accounting outsourcing firms provide services as follows: · Bookkeeping Service · Finalisation of Accounts · Preparation of Individual’s Tax Returns · Preparation of Company’s Tax Return · VAT · Payroll · Management Account · Account Receivable/Account Payable Getting various services from one source shall ease up in communication and reduce the time. Thus UK companies get all statutory work done under one roof. 4. Customer Satisfaction: A report from the hindubusinessline.com says, The Indian IT outsourcing industry is expected to grow to $350 billion by 2025, from the present $191 billion, riding on increased growth in digital initiatives and higher spends by global Fortune 500 clients. Just shows the level of customer satisfaction that Indian Outsourcing Companies have maintained over the period. 5. Favourable Time Zone: “Time waits for none” is the famous quote that we all know. In the outsourcing world, time zone has its advantage as India is ahead of 5.5 hours of GMT. This works in favour of most business as they can go for expansion for the business while their works processed smoothly in India. Moreover, most accounts outsourcing firms in India have flexible hours of working to satisfy customer needs. 6. Government Support: Indian Government and regulations have always supported Outsourcing businesses in India. Since Outsourcing firms generate ample employment and it is one of the highest-paid career options for the younger generation. 7. Usage of User-friendly Software: Indian firm uses the latest software which is running successfully in the UK. Most Indian firms are familiar with the UK’s reliable accounting software such as XERO, Sage, QuickBooks, TaxCalc. IRIS, CCH etc. It’s always advantageous to have experienced personnel. 8. Data Security: In the era of growing technologies, Data Security is the biggest challenge for all business. This problem disappears when you outsourced your work to India as it uses the latest cyber securities, security contacts and procedure giving best assurance to business that data outsourced are safe and secured. 9. Inflated Business & Personal Growth: While work is outsourced to India let’s explore other strategic business option. The owner can invest their valuable time to other Managerial and strategic aspects, family time, no more stresses of any statutory deduction and meeting deadline. All in all, it just gives a healthy life! Outsourcing your VAT service can make you relieved from the monthly and quarterly responsibilities of your clients. It can make you tension free and can save your time especially when you are overloaded with work. VAT outsourcing can help you expand your business and get a name for yourself. With correct acquaintance, you can promise your client on saving their time and money by saving on VAT with correct guidance and appropriate use of the correct VAT scheme as per their business. With so many providers claiming to be the best, it is difficult to make a prudent decision. You might feel tempted to go for the first you come across on the internet promising excellent services. However, you must consider certain factors before making the decision. While choosing to outsource your VAT accounting you must consider the following:
Confidentiality: The first and foremost is confidentiality. You need a reputable firm that you can trust and can assure you that your clients will not be contacted by them directly. This is essential as in times of need when you pass on some of your load, you may not want your clients to know that as they may not like it and you may want to keep them under the impression, it’s you who they trusted, doing the job and not a third party they don’t know. Accessibility: Necessary documents for VAT are not always received in time. So, you must choose the one who is accessible even just a couple of days before the deadline. That way you may add the invoice you received late. A purchase invoice with a major amount can make a big difference to your client’s liability and can help you keep them happy. Techno Savvy: You might even want to consider the different software they use. If they are using multiple soft wares you will find it easy. Also, in today’s world where everything is expected online and with MDT, it is must that they have sufficient knowledge and access. Experience in your type of business: Experience is the best teacher. A good experience in the field is a must. Along with the same if they have experience in the nature of business you want to outsource it might ensure better quality as through experience you know what to expect and can spot on the errors. Punctuality: It has to be someone who would fulfill their promise and not put you in an awkward situation by keeping the work on hold. If they do not keep to the time they promise, how would you promise to your clients? Knowledge of VAT Schemes: Equally important is the fact that they are well versed with the VAT schemes especially of the retail schemes and FRS being frequent or the ones they will need to use. A proper knowledge of the same will ensure accurate work. If they have sufficient knowledge, they will be able to judge if our client is on the correct scheme or need to change. Flexibility: Flexibility in terms of reports and formats can be the next thing so that you can pass on the same to your clients the way you want it. You may want them to send you the work in advance to review or to approve of the VAT figures they calculated especially when you have included vat return submission so that they do not submit the VAT Return without your knowledge. Or you may want to assign only vat return filing services to save your time. Professional: Most importantly it should be someone who gives you a prompt response to your calls and emails and can work as per their commitment. Someone who doesn’t need your reminders once you have given the task, someone who can work keeping in mind GDPR and MTD, someone who is updated with the latest changes and adhere the same. All in all, someone who really saves your time and helps you grow. To get the best VAT outsourcing services that can guarantee all the above, feel free to visit our website: Doshi Outsourcing. |
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