White-labelling is becoming more common across the financial industry, especially in recent years as legislative changes and skills shortages have forced accounting firms to work to stringent deadlines.
One way that firms are finding reprieve from skills shortages and pressing deadlines is by white-labelling their bookkeeping services. White-labelling allows firms to outsource some or all of their bookkeeping functions but keep it under their own branding.
So why are more firms choosing to white-label?
White-label bookkeeping gives you your valuable time back
Bookkeeping tasks are often labour-intensive, repetitive, and mundane, requiring a significant investment of time—time that many firms find increasingly scarce for their higher-level accountants.
White-labelling bookkeeping services allows firms to:
- Reduce overhead costs by outsourcing lower-level tasks
- Focus on higher priority matters such as growing the business and having more face time with clients
- Gain access to experienced professionals with specialised knowledge
- Scale services up or down based on business needs and save on labour costs during quiet periods
- Focus on core business activities while accounting is managed by experts
- Provide consistent, high-quality financial records that adhere to industry standards
Some of the typical service offerings for white-labelling include:
- Bank Reconciliation.
- Accounts Payable Management
- Accounts Receivable Management
- Payroll Processing (Including Single Touch Payroll and Superannuation Payments)
- Statutory Lodgements
- Financial/Management Reporting
- Cash Flow Forecast and Budgeting
Ethics, client disclosures, and other questions about white-label bookkeeping
Firms may initially be hesitant to white-label as it takes some control out of their hands, but the payback is well worth it. Below, we address some of the most-asked questions you may have about our service:
Is it ethical to white-label bookkeeping services?
Some people remain wary of outsourcing because they’re concerned about the ethics of it – whether it’s about labour rights or potential data security risks.
At SuperRecords, our staff are headquartered in India. We’re proud to be paying a living wage, offering many benefits such as , health insurance for employees and their families, commuter shuttles, onsite sporting activities as well as catered lunches.
We also follow strict ISO 27001 guidelines for data protection to ensure that your data is safe as houses. This means that only the staff in need to know positions can access data, staff have to leave their phones in lockers before sitting down at their desks, and data is shared in a secure workflow portal that prevents it from leaving our servers – amongst many other measures.
Do I need to disclose that my firm white-labels to clients?
Yes, you’ll need to update your terms of service to inform your clients that their data may be handled by a third party, but this is common industry practice and shouldn’t be cause for concern for your clients.
Does white-label bookkeeping cover my industry?
We have 260+ specialised bookkeeping employees and experience across a wide range of industries, from manufacturing, trading, and services. We also offer customised solutions to meet the unique financial challenges and requirements of different sectors, ensuring compliance and efficiency in managing your financial records.
Will the quality of work be affected by white-labelling?
The quality of your services won’t be affected by white-labelling with us. Many of our team members are CAs, CPAs and all of them have proficient commercial and finance degrees. Moreover, our whole team undergoes periodic training to ensure that they stay on top of industry trends and developments.
To ensure that you’re more than satisfied with the quality of our work, we offer all new clients a 3-month cooling off period when you sign up with us. And our standard practice is that all work prepared by our team is reviewed by an experienced manager before being shared with you.
What sort of turnaround times can I expect when I white-label bookkeeping services?
Our team offers quick turnaround times, aided by robotic process automation (RPA). RPA allows us to automate tasks such as bank reconciliation, accounts payables, and accounts receivables so that we complete your work faster. In fact, since July 2022, we’ve saved over 12,000 manual hours and counting thanks to RPA!
Additional, over the past 18+ years we have developed our own standard procedures to ensure the efficiency is top-notch
White-labelling has helped our clients grow – are you keen to as well?
White-labelling bookkeeping services has allowed many of our clients to grow thanks to taking menial work off their plates and allowing them to expand their service offerings without incurring high overhead costs.
One example includes a mid-sized business in the retail sector. This firm was able to streamline its financial operations, leading to improved cash flow management and better decision-making.
Another client, a tech startup, successfully scaled its operations without the burden of managing an in-house accounting team, allowing them to focus on innovation and growth.
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