Friday, 28 September 2012

Special Offer - QX's Annual Hours Contract for Busy Accountants

One of the most talked about times of the year is around the corner. Yes, it’s that time of the year again, folks - time of intensive pressure and full-blown schedules, time when you will be inundated with back-to-back client meetings & appointments, tedious HMRC forms to fill, tax returns to file, and receipts to inspect. Overall, time to put unusually long hours at work.

The twice-a-year peak time is so exhaustive that accounting practices are forced to employ in-house talent to execute the practice’s workload.  Let’s face it - the hours can get unfairly difficult during the peak season. You know this and I am not going to sugarcoat the truth.

No matter what type of an accountant you are, you can’t escape the busy season. And believe me by the middle of December you will be under the spell of another peak season before you can say Jack Robinson. 

So how do you keep your sanity?

To help you stay sane during the busy season, we have put together a special offer that fits your needs and changes the way you feel about the peak season. As per the offer you can use 1200 hours of the following accounting services throughout the year without having to worry about work flow during peak or trough seasons.

1.    Management Accounts
2.    Year-end Accounts
3.    VAT
4.    Personal & Corporate Tax Returns
5.    Bookkeeping

I feel this is a great opportunity for accountants from UK and Ireland to ease the workload, and I am confident that you will be just as happy. 

For more information about QX’s Annual Hours Contract please fill out the enquiry form and we'll get back to you. Alternatively, you can call one of our team members on 0870 803 1033. You can also stay informed on everything as it happens at QX through our FB, LinkedIn and Twitter Accounts.

Tuesday, 18 September 2012

Outsourcing to Avoid Burnout - The New Make or Break Trend

It’s all about the money
It’s all about the...
I think we got it all wrong, anyway

The recent trends in the outsourcing industry remind me of this hit song sung by the Swedish composer, artist and singer ‘Meja’. She wouldn’t have known at that time- but her words do seem to make perfect sense 14 years after she released her album. It definitely is not all about the money anymore.

Off late, interactions with a lot of business owners in UK, USA and pretty much the whole of Europe resulted in the availability of new information which was both unexpected and unprecedented. We had always believed that one of the main definitive arguments working in the favor of Outsourcing is the Cost Advantage; the fact that outsourcing companies can deliver the same results at a small percentage of their in-house cost. However this principal reason has now been supplemented by other reasons- which are becoming just as vital to a potential outsourcer.

Faced with depleting resources, high maintenance staff, rising requirements of customer satisfaction and the propensity to deliver more on time- every single time, business owners now have too much on their plate. They are now looking at outsourcing- not just to reduce the cost of these above activities, but for two other reasons; peace of mind as well as shelving off unnecessary activities to concentrate more on their core activities. One of the main disadvantages of keeping non-core activities in house, apart from significantly high cost levels is the fact that these business owners are so tied up with sorting out the intricacies of their accounting division, payroll division, recruitment division and various other non-core divisions that they do not get the time to concentrate on those activities which are incidental to making money, which is- enhancing the satisfaction of their customers. Over a prolonged period of time, this causes what we commonly know as ‘Burnout’.

An outsourcing company can prevent this. Infact- they can go a step further by not only alleviating all these issues but also doing a detailed analysis of their core activities and suggesting which measures or ideas they can implement to increase their customer satisfaction levels and generating more cash flow. This is afterall what a business owner really wants- detailed ideas to expand sales, generation of more cash, reduced cost of operations and a dedicated department which accurately takes care of their non core activities while still being able to advise them on their core activities. 

It really is not all about the money anymore,
It’s all about having the peace of mind to concentrate on what you as a business owner do best!

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Monday, 10 September 2012

The Squabbles Over Outsourcing - What’s Right Should Not Be Left To Doubting!

Extract from an article in the Times of India:

NEW YORK: Outsourcing of key oversight jobs by global banks to India has come under the scanner for the second time in less than a month for exposing the US financial system to money laundering risks.

On the heels of a probe by the US Senate's permanent committee on investigations pointing out major lapses in the work of HSBC's India staff, another UK-based banking giant’s outsourcing of key banking jobs to Indian shores have come under the scanner in the US.

Today- when the Offshoring Business in India has spread its reach across a wide range of businesses and has been lauded for its commitment to quality, excellence as well as structural low costs- this news article has raised a couple of doubts about the “weak monitoring procedures” in the Indian Offshoring Industry. Make no mistake- we are not attempting to shift the blame onto someone else’s shoulders, but at the same time we stress upon what we commonly know as the concept of ‘Need To Know’.

We pride ourselves on our thoroughness. As the industry often claims (and proves) at the time of each initial engagement by a prospective client, we go to great lengths to ensure that all regulatory & compliance procedures which were already being carried out by the client continue to do so. Sure, there might be a slight gap during the transition phase. Or there may be an area or two where a few initial mistakes might occur. But in the long term- we carry out exactly the same compliance procedures that the client was formerly doing. Often we try to deliver more on quality by suggesting new & improved compliance procedures which we internally devise. All this however depends on whether we have actually been ‘informed’ about the procedure.

Which brings us back to the concept of ‘Need To Know’. I believe that any offshoring division worth its salt would definitely not take the initiative to cut down on such regulatory or compliance monitoring procedures on their own behalf. Either it would be on the request of the client or it would be because the offshoring division was not made aware about such issues. In any case- even if we consider that such a lapse ‘may’ have occurred, it does not make much sense because the client exercises full authority and control over his operations- even when they are being carried out by an offshoring company. It would be a stretch to imagine that such a breach over such a long period of time would not have been spotted by the client in question. And if it was spotted, why was the offshoring company still allowed to carry on the client’s operations?

We do indeed try our best to ensure that our client not only gets the best in terms of quality but also a significant savings of cost. But most of all we ensure that we deliver on this quality by going through the exact same quantum of analysis and procedures that the client went through. This is how we try to build up on our brand image and maintain our goodwill. We would definitely not intentionally shoot ourselves in the foot by engaging in activities which compromise on the quality we deliver and the thoroughness we pride ourselves on.

We are here to deliver and we are here to Stay. It is not a coincidence that our motto also says that “there are no shortcuts to success".