How outsourcing your practices accounting can improve your work life balance

12 Nov 2018  |  
Tags: Outsourcing accounting
Happy people at work

We all know the importance of a good work life balance. Whether it’s having time to spend with your family or being able to participate in sports or other extracurricular activities, the significance of a balanced work life is essential for a happy life. However, putting this notion into practice is not always as easy as it sounds.

In fact, in a study conducted by AccountancyAge “36% of ICAEW members are currently unhappy with how they balance work and home life.” This is a clear indicator that UK workers are starting to reach an unhealthy stage of work life balance.

This can go on for some time and still be manageable but eventually, the repercussions will become more prominent and can have a seriously detrimental effect on employees. The same scenario applies to accounting practices who are spending too much time and resources on tedious low-margin activities such as payroll and bookkeeping.       

UK accounting practice owners and staff are getting bogged down in the day to day activities instead of growing the business and learning new skills. Employees want to grow professionally and enhance their abilities to be of better value to themselves and their employers. Nonetheless, it’s easy to lose sight of this when you’re too busy just trying to stay afloat and do the basics.

The benefits of a balanced work life

When employees have a balanced work life they’re genuinely happier than their counterparts that don’t. This happiness is not only beneficial to the employee but also the accounting practice owner. So how does a happy employee benefit your accounting practice?

  • Increased efficiency
  • Creativity is boosted
  • Happiness is contagious
  • Analytical thinking increases
  • Happy employees tend to be healthy employees
  • They feel a greater sense of ownership in their tasks
  • Employees appreciate your efforts and are more loyal
  • They interact better with clients and create more rewarding relationships

How can outsourcing improve your firms work life balance?

Reduce tedious work

One really good aspect of outsourcing is that you no longer have to take care of mundane functions such as payroll and bookkeeping. By outsourcing these functions, you don’t burden your internal accounting staff with compliance tasks that hurt your practice’s productivity and staff’s well-being.

Create more fulfilling work

When you outsource your basic accounting functions you get the time and resources to concentrate on more value added work such as advisory services. This type of work requires more of an analytical approach which at the end of the day is more fulfilling than basic data entry work. Your employees will appreciate getting a chance to do something new which adds more value to the practice.

Give your staff the time and option to get upskilled

With constant changes in compliance laws and the introduction of cloud and data analytics, talent requirements are changing across the industry. You now need an accounting team who are able to find tech-based solutions to business problems– staff who can see the bigger picture, who are comfortable with technology and who can deliver a high-level of business advisory services.

You may not be able to cultivate that talent merely through hiring. Retraining and upskilling internal accounting teams has become essential to moving your practice forward. But who will provide the back-office work while you foster the talent you need?

Using an outsourcing partner who can provide instant access to talent for back-office accounting functions is going to help you transition your staff to learn new skills. And with these new skills, you will get more financially rewarding work and a greater appreciation for the practice.

How QX can restore your work life balance

By outsourcing accounting functions you’ve reduced the number of hours your staff spends in the office which means they’re able to spend more time with their family. In addition, when you utilise outsourcing you’re able to improve practice profitability and reduce the amount of compliance and time-intensive tasks your team has to look after.

These benefits will not only improve the overall welfare of the accounting practice but also the individuals who operate it. A happy practice owner and staff will help to ensure the longevity of the accounting practice.  

Take control of the wellbeing of your accountants and see how outsourcing can help you achieve a better work life balance. To know more about outsourcing, call us on 0870-803-1033 or email contact@qxas.co.uk



About Vishal

My name is Vishal Kurani, the author of the QXAS blog and I appreciate you stopping by! I help accountants gain Accounts Outsourcing knowledge through my easy to follow blogs and guides. Download my free guide "The Accountants Guide to Making Payroll Profitable" to learn how to make payroll profitable for your accountancy practice.