Co-sourcing has taken the UK by storm, with 7/10 British companies in the UK using outsourcing services. Co-sourcing is a method in which you would use external sources, working with them to achieve the same goal. So, put simply, your staff will be employed by an external company, but managed by you. There are many benefits to co-sourcing and many reasons why companies choose to do so. Read on to find out why co-sourcing you’re bookkeeping, and payroll services are the next step in your business progression.
Gives you more time
Offloading tasks to team members will inevitably save you a large amount of time. But there is a way to save even more time. When you choose to co-source, you’re giving the work of finding a reliable and qualified staff member to someone else, whilst you remain in complete control. Totus Finance has experienced recruitment staff, who know what it takes to build a successful accounting team. You’ll be provided with CVs from those that meet your requirements, and you can then begin the interview process with ease. You’ll also be able to rest easy knowing that the person that you’ve chosen to hire is fully qualified and able to meet your work standards.
Increases profitability
If you’re looking to increase profitability in your accounting practice, co-sourcing is the easiest and most effective way to do so. You’ll no longer have to worry about losing out on valuable working hours when staff is unable to clock in because of illness or time off, co-sourcing allows you the certainty that work will be completed regardless. This keeps your targets on track, and your profit high. With Totus Finance, there is only ever one flat-out monthly fee which will include the cost of your qualified staff member, their equipment, and their office space. There’s no recruitment fee and your staff will be able to use whatever software you use in your practice. You’ll be able to communicate with them through the most convenient system for you- phone, email, or teams for example.
Everyday life is changing
As many times as it has been said, everyone knows how much the pandemic has changed our lives. We’ve had to adapt and change our lifestyle, and some of those adaptations have stuck. For example, a lot of companies have decided that their staff can now work from home permanently or use a hybrid method. There are a variety of reasons for this- saving cost on office spaces, offering more flexibility for people with families or other responsibilities, or it being easier than communing. But the biggest reason that people have followed this route of working remotely is pure because we realize, we can. In addition, it has been noted that productivity increases by 13% on average when people work from home due to less distraction. It’s also observed that people working from home are less likely to take time off. If you’ve already got staff working from home, co-sourcing could save you even more money and worries by using a company to provide staff for your business. Not to mention when you co-source with Totus Finance, your staff will be provided with the equipment that they need all included in your monthly fee!
Aids client relationships
Regardless of how big or small your accounting practice is, your main priority is going to be your clients. You might be thinking about ways you can improve your relationship with clients, or what you could do to improve their journey with you. The happier your clients are, the more your business will thrive. The way in which you can improve these relationships and benefit your clients more is with time. More time for meetings, more time to answer questions, and more time to think about how you can improve your services. If you’re looking to gain more time in your practice, you can achieve this by plugging into flexible resources. If you’re not quite ready to take on a full-time staff member, but notice you’re in need of more time, Totus Finance can offer you solutions. With as little as one day per week commitment, you can use our bookkeeping and payroll services to help ease your workload with professional and qualified staff. Contact us for a tailored quote.
Provides consistency
Consistency is key! That’s why it’s important for your accounting practice to have staff that you can rely on. Consistent work will result in fewer errors, effective communication, and a well-run practice. The main essence of consistency is the staff that is reliable and qualified. When you co-source, staff are sought out by talent acquisition specialists who know exactly what it takes to find you the perfect employee. You’ll save yourself the time of finding suitable staff and have full control by participating in the interview process to find the person who’s the best fit for your company. There’s no need to worry about if your candidate is qualified and ticks all the boxes, as the talent acquisition specialist would have already investigated this for you.
Offers reliability
As mentioned previously, co-sourcing offers you the reliability that all your workload will be covered. When you employ staff, it can be a big concern that you’ll be left stranded if they take a holiday or are taking time off due to sickness. However, when you co-source there’s no need to worry about these issues. Cover will be provided should your staff need to take time off, so you won’t have to worry about picking up the pieces.
Grows your practice
As already mentioned, there are many benefits to co-sourcing, and the combination of flexibility and reliability makes for a great way to grow your accounting business. You can start off small- using staff for one day a week to decrease your personal workload and focus on your business growth. From this, you can increase over time when more people join your practice. Your clients will be looked after by yourself and your staff, with a positive experience leading to more referrals and ultimately growth in your practice.
