You have possibly looked into outsourcing vs. offshoring while searching for solutions to boost the productivity and profitability of your accounting business. But how are outsourcing and offshoring different?
Although outsourcing work is less expensive than doing it internally, the person conducting the work will never be a member of your team and will just do the work that has been agreed upon.
Because the people doing the work for you will vary task by task, the quality varies, and any feedback you provide is only temporary because someone else will probably do the next task. Additionally, you must oversee the workflow you assign to them and the results they produce. The people performing the task will never have the same level of responsibility for it or dedication to you and your accounting firm as a member of your team.
Offshoring, as offered by Intelligent Outsourcing (iO), is very different. We build your team with members chosen by you who work exclusively for you. They are employed by us but they are effectively your employees.
They can do whatever work you wish them to do within their capabilities. They work for you following your processes on your systems.
iO team members typically do bookkeeping, payroll and VAT returns. Some do year-end accounts, management reports, and self-assessment returns. It all depends on their qualifications and experience which are defined by you and your needs.
What are the benefits of offshoring?
- Lower Labor Costs
One of the reasons that companies choose to offshore work is to save on labor costs. Businesses can get the same high service standards for a fraction of the cost by collaborating with teams in nations where salaries are lower than in the UK but still very competitive for personnel in those regions.
An iO team member costs about half as much as their UK equivalent.
- Increasing Productivity
Offshoring can give a business greater flexibility with its changing needs and help it save money on new employees.
Higher levels of productivity are frequently the result of an offshore team. Any improvement in efficiency, whether it involves responding to twice as many client enquiries or completing three times as much paperwork, will raise both turnover and profits.
- Finding and Managing Your Team Members
iO will find and recruit the right accountants for you and your business. It is much quicker and easier to recruit high quality accountants in the Philippines than in the UK. iO also take the headache out of HR. We manage pay, pensions and holiday entitlement. We also manage your employees in terms of sickness, lateness and performance.
- Business-Friendly Regulations
Countries that promote themselves as “business-friendly” include the Philippines, where our accountants are located. Offshoring with iO is quick and simple. Regulation-related problems are minimal and the paperwork can be finalised in a few days.
- Free Up Your Time
iO team members also free up your time so you can focus on working on the business rather than in the business. You can even enjoy some well-earned time off.
Offshoring also assists your internal workforce. As there are fewer distractions and responsibilities for on-site employees, they can focus more on delivering value-added services and company growth objectives. Instead of focusing on too many different things at once, this enables your local employees to work on bigger-picture issues and consider business growth ideas.
By assembling an offshore team, you can benefit from lower costs while still receiving the high-caliber work that you and your clients require.
Having your own committed iO team members has several benefits. They work for us but they are also part of your team.
To find out more about our services, contact us today