INFOGRAPHIC – Common accounting and payroll outsourcing misconceptions

There are many myths and misconceptions that surround industries like outsourcing. However, with access to resources such as the internet it becomes easier to gain greater clarity and insight into these areas. Anyone now utilising outsourcing solutions for payroll processes knows that not everything they’ve heard ended up being accurate. In fact, many of the reasons why businesses are reluctant to outsource is because of what they’ve heard rather than what actually occurs. Today we will dispel some of these myths, look at the pros and cons of outsourcing payroll and provide some transparency about the outsourcing industry.

One of our current recruitment clients, while attracted by the advantages of payroll outsourcing, also had similar misconceptions and had this to say about outsourcing, “When you’ve not dealt with outsourcing before, I think the unknown is the biggest problem and that throws up concerns because it is as if you have lost some control. Having then worked with QX, I see that they tighten up the processes, they do what they say they are going to do; they are dependable.”

Myth– My data won’t be secure
Busted– Outsourcing specialists adhere to international security standards such as: ISO 9001:2015, ISO 27001:2013, GDPR compliancy, Cyber security essentials and we are also compliant with the UK Data Protection Act. At QX we take all precautions to minimize any data leaks. Proper security of information is of paramount importance to us. We continually enhance our best-practice frameworks to benefit from seamless access and transfer of data without compromising on security. To know more about how we keep client data secure see our video.

Myth– It’s only good for cost cutting
Busted– While low outsource payroll costs can save UK firms a lot of money, it’s much more than that: it improves efficiency, streamlines processes, provides industry expertise and lets you focus on your core business.

Myth– It’s a sweatshop
Busted– Outsourcing firms adhere to the same regulations and standards that western companies do and even follow same company policies as their western counterparts.

Myth– They won’t understand me (language and culture)
Busted– Outsourcing firms hire top graduates who have a strong command of English language and culture and interact with English speakers daily.

Myth– They are not aware of UK accounting standards
Busted– Professional payroll managemement outsourcing companies employ individuals who have worked and studied in the UK and strictly follow the guidelines laid out by HMRC.

Myth– I’ll miss my daily reporting deadlines because of the time difference
Busted– Indian companies work UK/US hours to ensure timely reporting and businesses can request reports to be prepared in advance to be even more efficient.

Myth– I won’t know who is doing my work
Busted– Outsourcing companies like QX give you the freedom to choose your offsite team who will be dedicated to your tasks only.

With QX Finance & Accounting Services, you get a dedicated team of experienced professionals for your back office finance & accounts and payroll functions. Whether you are seeking process-improvements, crave freedom from worrying about compliance, want to streamline costs, or wish to avail the benefits of a flexible workforce, you can rely on us.

To know how our systems can free up your company’s existing resources call our experts on 0845 838 2592.

Originally published Oct 11, 2017 10:10:22, updated Dec 08 2021

Topics: Finance & Accounting Outsourcing