Peak season bottlenecks are common in accounting firms. Clients often need chasing for information, providing their tax data at the last minute, which puts immense pressure on accountants and creates workflow problems. This has the knock effect of sporadic long hours and late night working for accountants in a rush to meet deadlines.
As a consequence, many accountancy firms struggle with time management issues during peak times, on and off throughout the tax year, then find themselves with under utilised resources at other times. Although the downtime is welcome, a better paced workflow distribution would help firms run more smoothly and take the pressure off.
Some practices find it necessary to employ temporary staff to cope during the busy season. Dealing with temping staff brings a whole host of challenges, along with many disadvantages. Recruitment takes time and money; training is required to ensure they follow company procedures correctly; it takes time to get up to speed with new processes; adjusting to a different culture and office environment can be difficult; getting to know and work alongside new colleagues can be a slow process; permanent staff may feel their position is threatened; there may be a lack of accountability and responsibility due to the temporary nature of the job making the work less efficient.
Outsourcing is an effective alternative solution that saves money without compromising on quality. At Corient, we provide an entire back-office team with our skilled and qualified workforce to supplement your staff so they can focus on higher-margin activities. By setting systems in place we can pace workflow throughout the year and remove the pain of tax season. This creates a better work-life balance for your employees during peak times and helps boost profit margins. We ensure full security measures are observed with confidential information, all work and data is processed on UK servers, we are fully GDPR compliant, ISO 270001, and Cyber Essentials certified for peace of mind.
Many UK businesses now chose to outsource certain functions within their companies, finding it to be a cost-effective way to improve processes and cash flow. Business process outsourcing is expected to reach almost GBP 22 billion in revenue by 2025. Outsourcing everyday tasks allow in-house employees to focus on high-end activities to promote business growth and ensure clients’ needs are met. It also frees up time for a more proactive rather than reactive approach, giving time to concentrate on long-term planning rather than firefighting. Certain functions are easily delegated to an outsourced team, these tend to be repetitive process-oriented tasks such as administration, diary and email management, bookkeeping, accounts, and tax return preparation. These tend to be the most time-consuming tasks, so it is of great benefit to outsourcing them to free up time for more important jobs.