Start-up Outsourcing firm

aakashram66

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Aug 20, 2023
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Hi everyone,

I started an outsourcing firm for accountancy practices in UK. I currently work at a practice and alongside that I am trying to grow this business. We are based in Cardiff and we have a team in India to outsource the work to. I am struggling to find clients, I am wondering if anyone could share some insights. My current marketing practice is reaching out to directors of accountancy firms in UK.

I solely focus on helping the accounting firms at the moment, am I doing things wrong by operating in niche sector?

Thank you very much in advance for your valuable time.
 
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aakashram66

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Aug 20, 2023
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Hi DWS and Fagin2021, thank you for replying.

Most of the MNCs have their own outsourcing branch set up in different countries. This provides them access to more talent, erasing the problems faced due to the shortage of skilled employees. I am implementing the same to UK accounting firms to help them achieve the same benefits.

Outsourcing improves the efficiency. The works will be completed faster as we have more staff at disposal.

It also provides stability to your business as you will have constant support even during busy periods to manage the work load.

Adapting to changing environment - With remote working taking prominence, we have secure platforms to collaborate effectively with accountants.

Even though the work is outsourced, it will be undertaken by chartered accountants, hence there will not be any impact on quality.

The cost benefit achieved is at least 50%, this could help accountants charge a less fees to their clients.
 
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aakashram66

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Aug 20, 2023
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Will Indian accountants be familiar with UK accountancy law and be accredited by, and members of a UK body?
They won't be Indian Chartered accountants. India is a big outsourcing hub, all the big accounting and auditing firms such as EY, KPMG etc have hundreds of branches in India. This has led to ACCA becoming very popular in India. There is abundant qualified ACCA professionals in India, hence I specifically hire them to work for my UK clients.
 
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DWS

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Oct 26, 2018
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Chartered accountants does not mean better accountants, cheaper accountants certainly does not mean better accountants!
Who will be checking all this outsourced work to make sure it is correct?
Who will be carrying out the AML on the clients?
Who will be checking the people you outsource the work to to make sure they comply with Uk rules, data protection etc etc
 
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aakashram66

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Aug 20, 2023
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Myself and my team here have the relevant experience and qualification to review the works. In terms of compliance related to gdpr, aml etc, they have all been taken care of. My existing clients are happy in terms of our service and quality of work.

the mistake i did is I may have overhired my staff in India, i expected a quick growth. My current client base is too less hence finding it difficult to sustain the business. I dont want to do a staff layover, i have invested significantly on their training.

My only hope is to find more clients and grow. Hence any suggestions would help.

Thanks
 
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fisicx

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@aakashram66 - what marketing have you done?

If I were to search in all the usual places would I see your business?

With accountants and bookkeepers it’s rarely about cost. Being cheap may be losing you potential clients.

What doesn’t help is your pretty awful website. You may be an excellent accountant but you aren’t very good at building a website.
 
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GLAbusiness

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    I am not an accountant but I do use an accountant. If my accountant did not do my accounts inhouse I would change accountant.

    I do have some experience with outsource contracts. In my experience if a company thinks about outsourcing they go to the market - not just to the first company to offer the service. So, I think you have 2 problems:

    1. Persuade accountants to consider outsourcing.
    2, Be prepared to compete to win the contracts.
     
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    There are many accountants who outsource back office and routine work to India (or other countries know for cheap, well educated labour)

    The real question is - what is your USP?

    Broadly speaking, people don't care where your draft are based

    Some will ve buased against India others will just assume it should be cheap.

    Neither is a hugely compelling USP
     
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    We are based in Cardiff and we have a team in India to outsource the work to. I am struggling to find clients, I am wondering if anyone could share some insights.

    The elephant in this particular room has the word 'trust' written down its side... And I'll have to disagree with Mark on this one...

    Many people (myself included) are sick-to-the-back teeth of work being 'offshored' in general. Every job that is exported means one-less British table with food on it. - And regardless of what's going on in the South-East of England, we do have places where work is hard to come by; even for skilled/qualified people!

    Indian call-centres (the common-face of offshoring) - where the operators often cannot be understood by native-English speakers; and indeed where often the operators themselves cannot understand the various regional and nation accents and just don't/cant listen - serve only to create mistrust and resentment. The 'service' offered by such centres is universally poor... and simply 'screams' that the company which has engaged such services is predatory, penny-pinching and not trustworthy.

    Now... I do fully understand that what you are suggesting does not subject the ultimate client to any such thing. But that is irrelevant; even where 'backroom' services are offshored, problems arise...


    For example - I spend a lot of my working life unpicking the mess left behind when creative works (video & TV programmes in my case) are 'outsourced' and often offshored for post-production to India...

    In this context I'm generally dealing with technical compliance issues, IP problems etc. In most cases the only solution is to 'rip up' the offshored work and re-edit. Quite often we have to re-acquire source material because we cannot verify provenance.

    You simply cannot trust any documentation you get back from these places. - Paperwork is often just box-ticked through or even fabricated. So... what starts off as a final audit of something the client thinks they have produced on the cheap winds up costing then 5x as much (because it has to be re-done in a hurry) and has knock-on effects with the other elements of the project they're involved with!

    That's my personal experience... but I hear constant relatable anecdotes from colleagues in other creative fields such as web design, graphics etc.

    Trust, the elephant says; and in terms of handling any kind of financial information, I'd suggest that you look at the work of Jim Browning to discover why India has the (bad) name it does in many circles...

    en.wikipedia.org/wiki/Jim_Browning_(YouTuber)

    What's of deep concern is that the Indian Police seem disinterested and incapable of addressing the matter of financial fraud - on an industrial scale - going on under their noses.

    ...For that reason... if I were to discover that my Accountant was sending my private financial data to India (or quite frankly, anywhere else) they'd be done! I couldn't possibly trust them!


    fisicx mentions your website... based I see on a W3 template... not being involved with web design myself I wondered at first sight what was so awful about it - apart from it not being properly implemented; bit of a half-assed job - then I read the copy!

    - This sort of flowery embroidery doesn't sit well with British people for a start; particularly the older/more conservative types. It also says precisely nothing; it doesn't actually say what it is you do. It's just buzzwords and waffle... 'AI' this, 'cloud' that... Then there's the bit about Data Protection; great stuff! I do expect Accountants to be fairly 'forensic' and compliance-oriented people... but...

    The law requires you to disclose your business name and status on your website...

    Where (in which country) your company is registered within the UK...

    The registered number...

    The registered address...

    Your VAT number if you have one...

    It's 'OK' to tuck these details away a bit, but they should be accessible and easily seen. Yours aren't.

    Companies House have one person called Akash Ram registered as a Director - he (apparently) runs a Vape/Mobile phone shop in Southall! Yes; I know you're not the same guy and can understand why you shorten your surname but...

    Then there's the only phone number being a mobile number. :rolleyes: - That only adds to the 'fly by night/no fixed abode/chancer' image the above errors of judgement engender.

    So... anyone coming 'cold' to that site is likely to be rolling their eyes and moving on. Your site seems to be more about obfuscation and hiding away than anything; it undermines your credibility - And (much as it may be undeserved) the picture you're painting simply feeds into the negative perceptions of outsourcing (to India) that some of us do have!

    Mark is correct... some within your 'target audience' will share the jaded views I do and be biased against outsourcing to India, others will be unconcerned and just see it as a way of saving money. - Either way; it's absolutely essential that your presentation is beyond reproach in all respects at all times...

    You really need expert assistance with this... and probably need to engage the services of PR and Marketing experts to move this forward. - The DIY approach will only do (is doing) you harm.
     
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    GLAbusiness

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    I might add that as far as accountants are concerned accountancy is their core business. Not many businesses outsource their core business. I suspect you target market is very small and, as MRQ says the portion which may consider outsourcing to India is probably vanishingly small.
     
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    WaveJumper

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    Not surprising but interesting that some of the larger accountancy firms have been mentioned and most of those I would suggest have (must not swear) buggered up big time with some very major clients.

    A family friend works for a major law firm in the city who outsources work to India, she spends all her time correcting what comes back before putting in front of the lawyers.

    I previously worked for one of the largest property companies in the UK (if not the world) who outsourced all the IT to India, and I am sorry to say when issues arose we could never understand a word they were saying in the end things got so bad the service was moved.

    So in short not a fan of companies who outsource and like all things I've learnt in life you get what you pay for albeit in product or service, as may of guessed

    However I wish the OP success in his endeavours.
     
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    MyAccountantOnline

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    I get numerous spam emails every week from companies offering outsourcing services from India etc.

    It's never something I've used and isn't something I am interested in using. I much prefer to have staff in-house.
     
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    Did you check their qualifications and experience and then independently test them? Did you physically see them doing the tests?

    Fake certificates and people taking tests for someone else is rife, along with fake experience.

    - I used to work for an Indian Software company, and ALL the staff experience and qualifications were fake. They responded that they hadn't done it, but they knew someone who had, so that was the same.

    I'd assume all experience and certification is fake until proven otherwise.
     
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