Time is quite literally money for accountants. Accounting firms are under constant pressure to deliver accurate work quickly, manage fluctuating workloads and maintain profitability, all while keeping overheads under control. One area that is often overlooked but offers significant efficiency gains is transcription. Below, we explore how you can boost accountancy efficiency, why outsourcing accountancy transcription is becoming an increasingly strategic decision, and how firms are using services like OutSec to transform the way they work.
A Real-World Conversation: The Productivity Challenge
It was a simple Google search that led Paul Charles of Beechlands Accountancy Services to choose OutSec in 2007. A relationship which has lasted 18 years. I had the pleasure of speaking with Paul Charles about his experience of using OutSec’s financial transcription services.
Mark: It is lovely to meet you and thanks for taking the time to speak with me about your OutSec journey. In 2007 the internet was sort of in its infancy and OutSec was fairly new. Did you have any reservations about using OutSec back in 2007?
Paul: Oh, do you know, I’m not sure, to be honest. I have used OutSec for so many years I can’t recall having any reservations at all. Many years ago, when I worked for a large company, dictation was dealt with by picking up the phone, tapping in some numbers, directly talking into a phone, ready for the typing pool to pick up the tape at the other end. And this seemed no different: you were effectively speaking into a mobile phone, recording dictation to have it transcribed. It was the same principle in my mind and that might be why I had not reservations with the concept of it.
Mark: So it was a similar in away but new. So, what benefits have you experienced whilst using OutSec?
Paul: Well, using OutSec has freed up quite a lot of time in our office in terms of administration. It has always been a very useful business tool for me as I often work remotely. It’s really useful to prepare a letter on a train, in a café, at an airport or even on the beach and have letters typed and returned within a short period of time and have them all ready and prepared.
Mark: I presume that is the same if you were visiting clients and on the move. Do you feel that OutSec as a company have met your expectations over the years?
Paul: It certainly has met our expectations. It has been brilliant. Indeed, we have recommended OutSec’s services to a number of our clients in the past. Like all things in life, things can waiver occasionally, but I have found the customer service at OutSec to be very good.
Mark: Which services have you used over the years?
Paul: I mainly do audio dictation via the mobile app. I have also used the copy typing service, which is also excellent.
Mark: I asked Paul what advice he would give to people looking at trying an outsourced transcription provider for the first time?
Paul: Well, try OutSec if you are wanting to use an outsourced provider.
Mark: So, tell me a bit about how Beechlands started?
Paul: Originally, I wanted to develop a bookkeeping business but after a while, I pushed boundaries and moved away from basic bookkeeping to accountancy, accounts preparation and taxation. Beechlands is a firm of accountants, a sole trader style business, which has been in general accounting and taxation and have provided bookkeeping services since 1983. We deal with very small businesses to businesses that turnover up to £10.2 million. It is small businesses that are likely to use our services as opposed to large companies. Our clients are sometimes more happier to use one person to deal with their accounts and taxation affairs, as opposed to large firms where they may deal with different individuals, covering different parts of tax i.e. one person dealing with VAT, another person dealing with income tax and another for corporation tax. We can embrace all three plus inheritance tax if necessary.
Transcription Helps You Increase Productivity
As Paul said, tor many accounting professionals, time spent typing up notes, reports and letters can quietly consume a large portion of the working day. This is time that could otherwise be directed towards advisory work, clients, client relationships or revenue generating activities. Accountancy transcription, when handled efficiently, becomes a powerful tool for reclaiming that lost time.
Why is Dictation More Efficient than Typing?
The difference between speaking and typing speed is significant. The average person types between 38 and 40 words per minute, while a typical speaking rate ranges between 140 and 160 words per minute. This means dictation can be up to four times faster than typing.
This increase in speed translates directly into improved productivity. Accountants can dictate meeting notes, tax summaries or client letters in a fraction of the time than it would take to type them manually. When this dictation is then outsourced for transcription, the efficiency gains are even greater because there is no need to pause work, to type, format or proofread documents.
Freeing Up Time for Higher-Value Work
Time saved through dictation and outsourced accountancy transcription can be reinvested into more strategic tasks. These may include client advisory services, financial planning or business development. These are the areas where accounting firms differentiate themselves and generate the most value.
By reducing the administrative burden of typing, firms can shift their focus towards growth and client service rather than internal processes.
Improving Workflow and Turnaround Times
Outsourced transcription also improves workflow efficiency. Dictated files can be sent at any time and returned as professionally formatted documents. This allows firms to respond more quickly to clients and maintain a consistent level of service, even during busy periods.
Gives You Access to Highly Experienced Transcriptionists When You Need Them
Finding skilled transcriptionists with experience in financial services can be challenging. Accounting terminology, regulatory language and the need for absolute accuracy require a specific skill set that is not always readily available in the general job market.
Overcoming Recruitment Challenges
Many firms struggle with recruitment due to location constraints or a limited pool of qualified candidates. Even when suitable candidates are found, the hiring process can be time consuming and costly.
Outsourcing removes this barrier entirely by providing immediate access to trained professionals without the need for recruitment campaigns or onboarding processes.
Specialist Knowledge in Financial Services
Experienced transcriptionists who specialise in financial services understand industry terminology, formats and compliance expectations. This reduces the need for extensive editing and ensures that documents are accurate and professionally presented from the outset.
This level of expertise is particularly valuable for complex reports, client correspondence and regulatory documentation.
Support When Workloads Fluctuate
Workloads in accounting firms are rarely consistent throughout the year. Peak periods such as tax season can create significant pressure on internal resources.
Outsourcing accountancy transcription provides flexible support that can scale up during busy periods and scale down when demand decreases. This ensures that deadlines are met without overburdening in house teams.
Reduces Costs
Cost control remains a priority for every accounting firm. While employing in house transcription staff may seem like a straightforward solution, the true cost is often much higher than anticipated.
The Hidden Costs of Employment
In addition to salaries, employers must account for taxes, pension contributions and other statutory obligations. There are also indirect costs such as training, supervision and employee benefits.
Another important factor is unproductive time. Studies suggest that in an eight-hour working day, the average employee is productive for less than three hours. This means firms are paying for time that does not directly contribute to output.
Outsourcing eliminates this inefficiency because you only pay for the work completed.
Reducing Office and Infrastructure Costs
Employing additional staff requires physical space, equipment and infrastructure. Office space alone can represent a significant expense, particularly in major cities.
By outsourcing transcription, firms can reduce the need for additional desks, computers and other resources. This leads to immediate and ongoing savings.
Turning Fixed Costs into Flexible Costs
Outsourcing converts a fixed overhead into a variable cost. Instead of committing to monthly salaries and ongoing expenses, firms pay only for the transcription services they use.
This flexibility is particularly valuable for growing firms or those experiencing fluctuating workloads. It allows them to manage costs more effectively while maintaining access to high-quality support.
Business Continuity Planning
Unexpected disruptions can have a serious impact on business operations. Whether caused by global events, local issues or internal challenges, these disruptions can affect a firm’s ability to deliver services.
Maintaining Operations During Disruption
Outsourced transcription providers operate with distributed teams and remote infrastructure. This allows them to continue delivering services even when physical offices are inaccessible.
For accounting firms, this means that transcription work can continue without interruption regardless of external circumstances.
Reducing Risk and Dependency
Relying solely on in-house staff creates a level of dependency that can become a risk. If key team members are unavailable, work can quickly fall behind.
Outsourcing reduces this risk by providing access to a broader pool of professionals who can step in as needed.
Supporting Long-Term Resilience
Business continuity is not only about responding to immediate disruptions. It is also about building resilience for the future. Outsourcing transcription forms part of a wider strategy that ensures firms can adapt to changing conditions while maintaining service quality.
Eliminate the Need for Temporary Staff
Temporary staff are often used to cover short-term gaps caused by holidays, illness or increased workloads. While this can provide a quick solution, it often comes with higher costs and inconsistent quality.
Managing Seasonal Demand
Accounting firms frequently experience predictable busy periods. Hiring temporary staff for these periods can be inefficient and time-consuming.
Outsourcing provides a more reliable alternative by offering scalable support without the need for repeated hiring.
Dealing with Unexpected Absences
Illness and other unplanned absences can disrupt workflows and create backlogs. Outsourced accountancy transcription services ensure that work continues without delay, even when internal resources are unavailable.
Ensuring Consistent Quality
Temporary staff may require training and time to become familiar with a firm’s processes. This can lead to inconsistencies in output.
Outsourcing to experienced accountancy transcriptionists ensures a consistent standard of quality from the start.
Additional Benefits of Outsourcing Accountancy Transcription
Beyond productivity and cost savings, outsourcing accountancy transcription offers several additional advantages that contribute to overall business performance.
Enhanced Data Security and Confidentiality
Professional transcription providers understand the importance of handling sensitive financial information. They operate with secure systems and strict confidentiality protocols, ensuring that client data is protected at all times.
Faster Adoption of Technology
Outsourcing providers often invest in the latest transcription tools and technologies. This allows firms to benefit from improved accuracy and efficiency without needing to invest in new systems themselves.
Improved Staff Satisfaction
Reducing administrative burdens can have a positive impact on employee morale. Accountants can focus on meaningful work rather than repetitive tasks, leading to higher job satisfaction and improved retention.
Final Thoughts
Outsourcing accountancy transcription is not simply a cost-saving measure. It is a strategic decision that enables firms to operate more efficiently, respond to changing demands and focus on delivering value to their clients.
By increasing productivity, reducing overheads and providing flexible access to skilled professionals, outsourcing creates a more agile and resilient business model. For accounting firms looking to grow and remain competitive, it represents a practical and effective step forward.
About OutSec
OutSec is the UK’s leading online transcription company whose business has grown substantially since its inception in 2002. We are now one of the most successful outsourced transcription companies in the United Kingdom.
The OutSec Group provides secure outsourced transcription services to the medical, legal, property and surveying, universities, media and interviews, advisory boards, conferences & seminars, inventories, financial, corporate, HR, recruitment and Executive Search sectors.
Accounts are free, you pay on a per-minute basis (rounded to the nearest minute) on a pay-as-you-go basis, with no contracts or minimum spend. We also provide a boutique remote personal assistant service, Crystal Clara.
About Beechlands Accountancy Services
Beechlands Accountancy Service was founded in 1983. It commenced trading in Bromley in Kent. The practice opened further offices in Sidcup, Heathfield, Eastbourne, Notting Hill, with its Head Office based in Bath.
The Head of the practice, Paul J. Charles, is a member of the Association of Accounting Technicians.
For over thirty years, Beechlands has kept abreast of new technologies and office procedures.