It is important to choose the right provider when it comes to outsourced accounting, one who has expertise in the type of work that is needed to manage business finance and accounts. In that case, they can help your business with processes like payroll processing, bookkeeping, financial report generation, etc., which is more accurate for your firm.

The challenges faced by today’s accounting include chronic talent concerns, difficulties, growing operational costs, and the imperative to keep abreast of industry technologies. The top outsourced accounting services are acutely aware of these challenges and seek to gain a suitable market niche in a competitive UK accounting market.

When selecting an outsourcing partner, we have to consider the following criteria:

It is important to be cautious when selecting external accounting services for your companies. The goal is to find a team that fits, not just to crunch numbers.

Here are the key factors to consider:

Experience with UK Regulations

Your accounting partner should be well-versed in UK-specific rules, like HMRC requirements, VAT intricacies, and Making Tax Digital (MTD) standards.

Data Protection and Security

Your financial data is priceless and irreplaceable. Your partner must guarantee the highest level of security for your sensitive data and comply with GDPR. Ask them about their encryption methods or data storage policies.

Reputation and References

Verify whether the supplier has received excellent reviews from other UK companies. A respectable company should have several testimonials from its clients or case studies. Ask for real-life references if you can, as everyone enjoys a success story.

Technology and Tools

In the digital age, your accounting partner has to be as proficient with Xero, Sage, or QuickBooks as a barista with a trophy from a latte art competition. These tools are like the Swiss Army knives of accounting. A provider without modern tech is an absolute no-go.

Scalability

Your business is going places, and your partner needs to keep up. A small café today might be a nationwide chain tomorrow, so your accounting needs will balloon accordingly.

Look for a provider who can handle scaling. It could be adding extra payroll services for new staff or managing multiple locations. When choosing your accounting partner, pick one as sharp, secure, and scalable as your business dreams.

One of the best-outsourced accounting services in the UK is Stellerwiz. It is known for its expertise and tailored solutions in helping businesses manage financial services whether it’s payroll, VAT management, or financial reporting.

What Will It Cost to Outsource My Accounting Function?

The cost of outsourced accounting is not similar for all businesses. It depends on various factors such as business size, complexity, and professional services you require. It can cost around a few hundred to several thousand pounds per month. The price factor may vary based on your needs, but when done right, it’s a worthwhile investment that delivers quick returns.

Localised Insights on UK Accounting Trends

Making Tax Digital (MTD), managing VAT rules, and following payroll laws are some of the biggest challenges UK businesses face. These rules and regulations can be a little bit challenging and tricky for SMEs—small and medium-sized enterprises—to manage, but still, it is manageable with the help of professionals.

So, this way outsourcing accounting can help your businesses resolve these issues effectively while keeping costs manageable. Stellerwiz provides reliable and cost-effective services to meet your business needs.

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Pinal-Jain

CMA Pinal Jain

Director

As an Associate Member of the Institute of Cost Accountants of India, Pinal brings over 5 years of dedicated professional experience in outsourced accounting to the table.  Her professional focus has been primarily on outsourced Audit and Assurance Services, Cost and Management Services, GST, Income Tax, and Company Law matters. 

 

Her expertise spans a broad spectrum, and she has actively participated in various global assignments and projects, acquiring extensive experience in these domains. Of note, she conducts a range of cost audits and takes on management consultancy assignments, catering to the unique needs of clients across diverse industries and sectors. 

 

Following the successful completion of her CMA, she embarked on a post-qualification journey under the mentorship of CA Suraj Jain, which has shaped her into a seasoned professional with a rich skill set. Her dedication to delivering high-caliber services and offering invaluable insights has solidified her reputation as a trusted expert in her industry.

Suchi-Dalwadi

CA Shuchi Dalwadi

Director

With a remarkable 13 years of professional experience, Shuchi is a Chartered Accountant and an Executive of Company Secretary. Her professional journey is a testament to her dedication and expertise with a specialization in the field of outsourced auditing and assurance, where she has honed her skills over the years, especially for the UK domain. 

 

She is well-versed in conducting thorough financial audits, bringing forth invaluable insights to her clients. Her expertise extends to encompass a profound understanding of financial reporting, risk management, and the intricacies of compliance, all underpinned by an unwavering commitment to upholding the highest professional standards.

 

Throughout her career, she has consistently delivered top-notch audit services to global clients representing a diverse array of industries. Her ability to delve into financial data, identify vulnerabilities in internal controls and provide transformative insights for enhanced financial performance sets her apart as a trusted professional in her field. One of her defining attributes is her unwavering dedication to maintaining the utmost ethical and professional standards in every facet of her professional undertakings. Her commitment to integrity ensures that clients can rely on her for sound financial guidance and assurance services.

Ashwinbhai

CMA Ashwin Dalwadi

Strategic Advisor

Ashwin combines an impressive academic background with over three decades of global experience in Cost Accountancy and General Management. An outsourcing accounting evangelist, he excels in providing outsourced consulting services for informed business decisions, including accounting and process outsourcing for Management Information Systems (MIS) and Management Consultancy. 

 

With a knack for offering diverse solutions to complex challenges, he has successfully led numerous global task forces and dynamic teams. His pivotal role involves guiding the implementation of robust Cost and Management Systems, enabling effective monitoring and decision-making. A B.Sc. graduate and FCMA (India), his association with the Institute of Cost Accountants of India (ICMAI) dates back to 1990. 

 

He is presently the President of ICMAI for 2023-24, with prior terms on the Central Council. His contributions to the institute also include past service on the Central Council from 2007-11 and chairing the inaugural Cost Accounting Standard Board of ICMAI. Beyond ICMAI, he actively engages with various institutions, including the Indian Drug Manufacturers Association (IDMA) in Gujarat, the Gujarat State Small Industries Federation (GSIF), and the Confederation of Indian Industry (CII) – Gujarat chapter, among others.

Suraj-Jain

CA Suraj Jain

Co-Founder

With a professional journey spanning more than eight years, Suraj has cultivated a wealth of experience in offering tax, audit and advisory services to a global clientele, ranging from individuals and partnerships to corporations and government entities. His comprehensive skill set and expertise are channelled into providing valuable insights and guidance to his UK, US and India-based clients, enhancing their financial and operational performance.  

 

He holds the prestigious title of Fellow Member within the esteemed Institute of Chartered Accountants of India (ICAI). His commitment to professional development is evident through his successful completion of several certificate courses. These include Forensic Accounting and Fraud Detection (FAFD), Goods & Service Tax (GST), Concurrent Audit of Banks and a Diploma in Information System Audit (DISA), all of which were conducted under the auspices of the Institute of Chartered Accountants of India (ICAI).

 

Notably, he has also achieved the qualification to serve as an Independent Director in Indian companies. By contributing in this capacity, he aspires to play a pivotal role in ensuring transparency, accountability and responsible decision-making within the corporate landscape.

Malhar-Dalwadi

CMA Malhar Dalwadi

Founder

Malhar is an Associate member of CIMA – UK, holding the CGMA (Chartered Global Management Accountant) designation, and an affiliate Member of CIPFA – UK (Chartered Institute of Public Finance and Accountants). Additionally, he also holds the distinguished title of FCMA as a Fellow member of The Institute of Cost Accountants of India (ICMAI) and boasts an MBA in Finance. He has achieved SAP FI-CO Certification, as well as certifications in GST, Information System Security Audit (DISSA), and Forensic Audit (DFA) from The Institute of Cost Accountants of India.

His expertise encompasses various aspects of cost accounting, including maintaining books of accounts, management information systems, auditing, liaising with the National Pharmaceutical Pricing Authority (NPPA), budget preparation, cost accounting system implementation and GST advisory services. With a family legacy spanning three generations in the field of Cost and Management Accounting, he brings extensive practical experience of more than a decade to the table. He is proficient in using accounting software, spreadsheet applications, and other financial tools. Familiarity with cloud-based accounting and collaboration platforms and commitment to ongoing professional development and staying current with industry trends and best practices. He has strong time management skills to meet deadlines and manage multiple projects simultaneously.

He has been associated with activities of the Institute of Cost of Accountants of India (ICMAI) since 2012. He is the youngest Chairman of the Ahmedabad Chapter of the Institute of Cost of Accountants of India (ICMAI) during the term 2021-23. He also served as Chairman of the Professional Development & Member Services Committee and Chairman of the Infrastructure Committee of the Ahmedabad Chapter of ICMAI. He is also a Member of the Professional Development Committee of Western India Regional Council of ICMAI for 2023-24.