Tackling the Hectic Tax Season – How Top Accounting Outsourcing

Filing tax returns has always been a complicated process. However, the year 2020 proved that there’s always room for more complexity in this resource-intensive process. 2021’s tax season is set to demand an extraordinary amount of time and effort from accountants in the UK. However, accounting firms that have outsourcing partnerships with offshore accounting teams aren’t worried about the burgeoning workloads that are set to come their way. Let’s explore how outsourcing is set to help accounting firms in the UK during the upcoming tax season.

The Most Challenging Tax Season Ever?

Tax seasons in the UK are always excruciatingly hectic periods for accountants. This year, the scale of difficulty is far higher as most clients are extremely confused about tax deadlines during the pandemic.

The UK government has kept introducing new legislation and tax schemes to help smaller businesses during this unique tax season. However, business owners who have had to reconfigure their business strategies to address new customer needs are extremely confused about these changes.

Keeping up with ever-changing governmental policies, explaining these changes to clients, fulfilling compliance work, etc. – these responsibilities are taking a toll on accountants who are new to the concept of working from home. Small-scale firms with a limited number of in-house accountants are suffering the most.
Skill shortages in the UK’s financial sector (accountants, management consultants, actuaries, statisticians, etc.) is the worst that it has ever been. The fear of progressive deterioration of accounting quality looms large on several accounting firms in the UK.

Every small business is facing unique problems this tax season, and there are no universal fixes.

However, it’s not all gloomy news for the UK’s accounting sector. Almost all accountants, even the ones who work for small-scale firms, have had to become technologically savvy during the COVID19 pandemic. By being forced to upskill themselves, these professionals have become more comfortable with the idea of working in partnership with offshore accounting teams.

How Outsourcing is Helping Accounting Firms in the UK

As more accounting firms in the UK figure out new ways to address diverse and ever-evolving client requirements, outsourcing is becoming a key part of their long-term strategies. Why? Because it’s impossible to keep up with business advisory roles and day-to-day accounting responsibilities like bookkeeping or payroll management in an environment where financial legislation and regulations are constantly evolving. Small in-house accounting teams don’t have the capacity to tackle the large stream of responsibilities that come with the tax season. By partnering with top providers of accounting outsourcing services in UK, these accounting firms are receiving these benefits during the tax season –

Certified Assistance – Accounting firms in the UK can and should focus on partnering with offshore accounting experts with the best credentials. It’s easy to find accounting professionals affiliated with governing bodies such as the Association of Chartered Certified Accountants in the UK (ACCA). For instance, firms planning to invest in accounts outsourcing in India should seek professionals who are affiliated in some way with the Institute of Chartered Accountants of India (ICAI), equivalent to the UK’s ACCA.

Guaranteed High-Quality Service – Offshore teams assess the number of clients an accounting firm in the UK has to determine whether they’re capable enough to file tax returns on their behalves. They can offer high-quality tax-related services based on this fixed understanding of expected responsibilities.

Cost-Effective Services – Even if firms outsource all tax returns-related responsibilities during this tax season, the costs will be minimal. Accountants from regions like India charge very less than accountants from the UK.

Once the two parties (offshore teams and in-house staff) settle on appropriate work and pricing models, they can easily tackle the tax season together!
Source – https://www.storeboard.com/blogs/business/tackling-the-hectic-tax-season-%E2%80%93-how-top-accounting-outsourcing-services-in-the-uk-are-excelling-in-2021/4646671

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