Why is Outsourcing Accounting Becoming More Common in the Financial Services Sector?

Outsourced accounting is nothing new. Companies in the know have been outsourcing their finance function to expert firms for decades. But recently, we are seeing a pronounced growth in financial services organisations choosing to outsource their accounting needs. Why?

The answer is simple. Financial service businesses are experts in their field. These organisations are run by very switched-on-people – they know that in order to remain or become market leaders, they need all aspects of the business to run at the optimum level. So it makes perfect sense that they would recognise the need to employ experts in all areas – and that includes their own accounting. By choosing to outsource their accounting, they are engaging the services of experts who can challenge them and replace inefficient processes with systems that will benefit the business.

“If you deprive yourself of outsourcing and your competitors do not, you’re putting yourself out of business.” – Lee Kuan Yew

Very often, financial services organisations are at the forefront of technological innovations. In the UK- and London in particular- we are in a fin-tech hotspot. Firms are looking for outsourced accounting partners that share the same outlooks as their business; making the best use of the latest available technologies, keeping their business up-to-date, whether that’s on-site or in the cloud.

One of Wilson Partners’ financial services clients has been a champion of new technology abnd outsourcing models to provide an industry-leading infrastructure that’s unrivalled in its effectiveness and efficiency. This approach ensures the company is optimised to focus on their core principals which are based around client service, high performance, integrity, simplicity, transparency and innovation.

The company’s COO explains his decision: “Getting the right partner for our business was critical. We liked the approach that Wilson Partners has taken to embracing the latest technology that allows us to improve the processes within our business. Combined with an obvious focus on client care, we feel confident we’ve picked the right partner and look forward to a long and successful relationship.”

Back to Wilson Partners’ outsourcing page