Covid 19 – Best Time to Outsource your Accounts

Vimal Kutty

6 February, 2021

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    The demand for outsourced accounting is going to be higher than ever during Covid-19 Pandemic. During this testing time, as many businesses are struggling to sustain themselves, outsourcing of accounts can be more common for small businesses to help them survive.

    Due to pandemic it is quite natural that the volume of transactions would be comparatively less and as such the businesses would be wanting the accounting firms to understand and charge less. As this is not the right time to expand your business, outsourcing of accounts will help you to maintain your existing clients and divert your focus to the core function of business development.

    Accounts outsourcing has become more essential in the current situation. Following are the reasons that will lead to high demand for Accounts Outsourcing during Covid-19 Pandemic:

    • Reduction of Staff Cost:In the current situation, many employers are unable to keep their staff on payroll and that includes accountancy. You might have had to take such tough decisions. Due to reduction of staff, the work would suffer, and the business may be affected. Outsourcing has been in high demand to handle this situation.
    • Availability of Work:Whether you have put some of your employees on furlough or laid off or not, you still have pending works that need to be completed. Due to the shortage of staff, it is not only the existing business that is going to be affected but also the new business opportunities that are required to sustain the business. Again, outsourcing of your non-core functions would be the best option in this situation.
    • Digitalization:Certain small firms may not have been able to digitalize the work process. Remote working has its own challenges. You need to be technically equipped and be careful with communication. Under these circumstances instead of working on being technically equipped, it may be good to just outsource.

      Certain tasks may not be feasible to be carried out at home and just not possible when it comes to physical handling. You may have reduced staff and are definitely not thinking of hiring new techno-savvy staff. This is the right time to go for accounts outsourcing and your problem is solved.

    • Unreliability of staff:The most common problem faced by small companies are the uncertainty or non-reliability of staff. If the employees fall ill or are not available for some time especially during the ongoing Covid 19 situation, they may not find it feasible to look for new ones. Hiring skilled employees is not that easy plus the fact that you need to train them makes the process even more difficult. Outsourced accounting services will save you here. You get the trained staff working for you and only as long as you need them.
    • Overhead expenses:A small business may save on overhead expenses by going for Accounting Outsourcing. A business will have some expenses which will be even higher with more work. More clients you have more employees you may need; more staff you have, more space you may need, more space will lead to higher utility bills. Outsourced accounting will reduce these utility bills including rent expense as you can afford to have just a small office with work done in the outsourced back office.

     

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    Giuseppe Assi
    Giuseppe Assi
    06:20 31 Jan 21
    I HAD A GOOD EXPERIENCE WITH HLB HAMT DUBAI. THEY HAVE A VERY PROFESSIONAL TEAM, GOOD QUALITY OF SERVICES, GOOD VALUE... FOR PRICE.I RECOMMEND THIS COMPANY.read more
    Mohamed Sheriff
    Mohamed Sheriff
    16:16 28 Jun 20
    Experience with HLB Hamt in audit experience is great pleasure. They deploy well qualified accounts team for audits.... And the amount of checking they perform give the management of the company confidence that internal controls are well in place. We are glad to see they have high standard of audit practices.read more
    218141 JOSEPH THOMAS
    218141 JOSEPH THOMAS
    16:20 23 Jun 20
    Professionally managed firm with commitment to the engagements taken. My company and its group are assigning our... requirements for last 12 years to HLB and we don’t have any negative remarks on any assignments.read more
    PMI
    PMI
    07:14 23 Jun 20
    In my opinion, HLB Hamt is one of the best professional firms in UAE after big4. Excellent client service, professional... and competent staff and timely delivery are their strength. Over the years they have developed the infrastructure and skill set to handle multiple verticals ie, audit, tax services, consulting, IT support etc.Wishing HLB Hamt team all the very best.read more
    RAVI CHOKSI
    RAVI CHOKSI
    08:28 21 Jun 20
    Thank you Team HLB hamt...Your internal auditing team put the good amount of time and inputs in helping the... organisation making considerable improvements throughout the organisational working structure and helps in building the better business.Thanks.read more
    Maharajan Subramaniam
    Maharajan Subramaniam
    18:17 06 Jun 20
    High-Performing IT Teams, I'm impressed with the knowledge level of their deputed staff, audit procedures, and... checklist adopted. Mr. Vimal especially understand the requirement and provide solution not only technical feasibility and also considered budgeting. We’re confident in their abilities.read more
    Mohammed L
    Mohammed L
    08:07 05 Jun 20
    We have been working closely with them on payroll services for quite sometime.They provide very professional... services,experts in domain and excellent support. Would recommend them.Cheers.read more
    ROY ROSHAN VIVIAN
    ROY ROSHAN VIVIAN
    06:32 04 Jun 20
    Very professional team. Vimal has always given us good solution advice for various Software and IT Infra projects. We... are very Extremely satisfied working with him and his team. Wishing them success.read more
    Basil Daniells
    Basil Daniells
    05:55 03 Jun 20
    I have worked with HLB as a partner of Sage for about 2 years, they were dedicated to the success of the partnership... and kept aligned with the business plan that was agreed between our two companies. They are always ready to go the extra mile for a customer and don’t shy away from challenging circumstances. Keep up the good work and wish you all the success in the future.read more
    Amar Kashyap
    Amar Kashyap
    19:28 02 Jun 20
    Team of well qualified and organised professionals. Their reports are not based on numbers first they will understand... their client and their business. They are highly recommended and trust worthy.read more
    Radz de Jesus
    Radz de Jesus
    16:03 02 Jun 20
    We're glad to have found HLB Hamt to conduct the IT audit and risk assessment for our organization. We have learned a... lot from their team during that first project. And since then, we've continued to be in touch with them. Mr. Vimal especially is very good at presenting technical concepts in simple yet interesting ways that non-IT and business people alike would easily catch. We are very happy with the professionalism and quality of service they provide. They leave their clients nothing short of satisfied. Highly recommended.read more
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