There’s a time and a place for in-house accounting – and it’s in the next normal

Copy of Copy of Copy 7 of Untitled design Max Quality | There’s a time and a place for in-house accounting - and it’s in the next normal
By Steve Cox | 28th October 2020 | 8 min read

Cutting costs without impacting efficiency is a priority for many large businesses in the wake of COVID-19, no matter what sector or location. 

Check the news today and you’re likely to see a great number of house-hold brands in the headlines, reporting thousands of job cuts and millions of pounds in financial losses. 

However, there is a way to save money for large businesses today in the form of in-house accounts. 

We get it; out-sourced accounting serves a great number of purposes. However, with business leaders on the hunt for opportunities to protect budgets, in-house accounts can prove efficient - and here’s why. 

It’s tried and tested  

COVID-19 is not the first time the economy has been impacted in such an unprecedented manner. Historically, when times have been tough, specific industries have felt the impact; previous recessions mean that many organisations are well placed and prepared to review operations to ensure financial sustainability. 

Bringing accounts in-house has proven a successful manner of protecting costs. Simply by utilising software to reduce audit costs by completing year-end accounts in-house, many businesses have enjoyed visible and immediate benefits. 

One example is Foxtons Estate Agents, whose Group Financial Controller Gerard Nieslony, said: 

“Bringing this important accounting task within our control gives us the advantages of lower costs and being able to make amendments easily ourselves. This has been achieved without adding to the burden on our accounting team. Our time is at a premium and IRIS Accounts Production has proved a most efficient way to prepare our statutory accounts, while meeting HMRC’s iXBRL requirements.”  

In-house efficiency 

As he says, time-savings are a huge benefit for corporate finance departments and increased automation is a vital process. Software to increase efficiencies is within reach for all organisations today, designed to speed up time-consuming administration and improve efficiency for staff.  

Take control 

Now more than ever, finance professionals need to feel in total control of their financial responsibilities. With in-house accounting software, you benefit from increased control and visibility of accounts preparation, corporation tax liabilities and company secretarial obligations.  

Of course, compliance, too, is a critical area – but IRIS have that in hand, also. As the UK’s market leading accountancy solutions provider, our extensive legislation knowledge is second to none. FRS102, FRS101 & IFRS compliant accounts are handled with ease. We also offer a range of solutions for iXBRL tagging. 

Protect your people 

People are your most important resource and any opportunity to protect jobs will inevitably be a priority during this time of crises.  However, you may wonder whether bringing accounts in house could result in increased workload; with the right software and provider, however, this simply isn’t the case. IRIS Accounts Production is designed to save time through automation at every stage.  

Against our ever-changing landscape, bringing accounts in-house may feel like an additional upheaval better avoided. However, the question today is, can you afford to ignore this tried and tested opportunity to protect costs?  

With IRIS, there are no hidden costs; implementation and training requires just one day of your time - significantly less than turning to an outsourced accountant or auditor.  

Long story short 

IRIS Accounts Production can manage: 

  • Accounts 
  • Tax 
  • IXBRL 
  • Company administration 

Prior to COVID-19, there was a notable increase in the adoption of IRIS from finance directors. Now there are even more reasons to give it serious thought. 

Could your business benefit? Talk to us to find out more.