An Accountant's Guide to Outsourcing Audit Groundwork in 2021
Author : QXAS UK | Published On : 02 Jun 2021
COVID-19 has upended our worlds. Today, most UK accounting firms are functioning remotely as they look after their clients and recover from the adversities posed by the pandemic. But, sadly, amidst all of this hard work, accountants are going through burnouts due to excessive work pressure.
As an accounting firm, you handle diverse workloads, including audit, bookkeeping, accounts management, and more, while also adjusting to the ‘new normal’ and managing remote teams. The best way to deal with such pressure in such times is to seek accounting audit support.
The idea is to achieve cost savings and get access to experienced professionals who are well-acquainted with the processes. Here’s a guide to help you plan your audit outsourcing services better, achieve maximum efficiency and handle your audit process effectively.
So, let’s get started.
Analyse the Size of Your Firm
Audit process outsourcing has two excellent benefits – cost-effectiveness and improved efficiency. Both of these benefits are crucial for any accounting firm. Irrespective of your firm’s size, you can hire an offshore team for audit compliance and financial auditing services.
You have to figure out how much work your in-house members can handle and outsource the rest or outsource an entire set of audit tasks.
Choosing the Right Provider
Outsourcing Internal Audit Services doesn’t guarantee success, but finding the right provider does. Partnering with the right provider is a crucial item in your checklist. The process begins with shortlisting a few that align with your firm’s needs. Next, when looking for outsourced Accounting Audit Support, take a closer look at their overall portfolio, years of experience, and most importantly, if they have case studies and other collateral to support their claims. Finally, you must evaluate their ability to scale with core audit expertise.
Another important aspect is data security. Ensure the firm you partner with has security systems in place so that there is no data threat. In addition, they should comply with GDPR and maintain top-notch cybersecurity to ensure the data is safe at all times.
Pick the Right Engagement Model
Once you are done picking the right outsourced audit support services provider, the next step is to get the right engagement model. More often than not, you will be given three options: Adhoc model, FTE model, Block of Hours Model.
Adhoc Model: In this model, you only pay for the number of hours the offshore team member has worked on your tasks. This method is suitable for those who don’t want to sign a long-term agreement and test the waters. In addition, it is ideal for those accountants looking for some support during the busy season.
FTE Model: In this model, one team member is dedicated to the client’s task. It’s similar to having an extended audit team that only focuses on your project. It is ideal for firms that have large volumes of work regularly.
Block of Hours Model: Your firm purchases a paid block-of-hours in this model and gets a discount after making a deal. A single POC will handle day-to-day coordination. This model is ideal for those who cannot give a defined volume of work.
The Other Important Pillars to Keep in Mind
For a successful partnership with outsourced audit support services UK, you need to keep the following things in mind. So let’s take a deep dive into it:
Continuity of the Business
Your firm cannot afford any downtime in its operations, especially audit services. Therefore, communicating with your accounting audit support team is important to avoid any mistakes and bottlenecks during the current scenario.
As mentioned before, background checks are crucial to make sure of positive outcomes. First, check if your provider has improved the productivity of their client’s in the long run. Then, check if they have helped improving client profitability. One method is to go through their website and check their customer testimonials. Then, you can reach out to those clients and get feedback yourself in person.
Always remember, there are many bad apples in the market. It’s just that who needs to be very careful with partnering with one.
Expertise and Continuous Learning
Keep in mind that you liaise with an offshore firm that needs to hire ACCAs (Association of Chartered Certified Accountants), CAs, and Xero accountants. Also, make sure the staff is adequately trained to have the right skillsets to handle new challenges.
Reach out to QXAS
For many UK accountants, quality has been a significant cause of the drop in the UK’s audit standards. And that’s where QXAS UK comes into the picture. The team helps you restore the depleting quality of audits by preparing the groundwork for audits and their compliance. In addition, our audit support team takes out all the tedium from audit processes and makes sure you provide the most effective audit support services without any strain on your cost and workforce.
Our trained resources will devote their time to making your processes more effective. As a result, auditors can now eliminate the chances of errors and missed deadlines while freeing up your time for attracting new clients.
If you have any outsourcing queries, reach out to our experts now. Call +44 845 838 2452