Who we are
At Advayd, a UK-registered company, we specialize in providing expert accounting outsourcing and offshoring solutions tailored for the accounting and auditing sectors.
Our primary goal is to help accounting practices and businesses navigate skilled resource constraints by offering quality-centric services that seamlessly integrate with your existing teams. By building an extension of your workforce through an expert offshore team set up in Sri Lanka, we enhance your operational efficiency and allow you to focus on what you do best.
Advayd was founded and is led by a dynamic CEO who is a chartered accountant (CA Sri Lanka) with an impressive 18 years of experience in Big 4 and 5 audit firms, both in the UK and internationally. With 6.5 years in the UK (5.5 years at KPMG and 1 year at BDO), our CEO has held pivotal roles as an audit manager and senior manager at KPMG UK and BDO UK.
This extensive expertise enriches our strategic vision and ensures that Advayd provides exceptional quality and insightful guidance to our clients, navigating the complexities of the accounting and auditing landscape with confidence.
Why do we exist?
Our Vision
To be a leading expert accounting outsourcing and offshoring company that is quality oriented.
Our Mission
To help accounting firms and businesses overcome skilled resource constraints through quality centric outsourcing and offshoring services and solutions.
Our Values
Core values are vital in helping you build an Offshore Team
A core value is a concept or principle that is important enough to guide behaviour and decision making.
Core values form the foundations on which a business is built. They guide actions in attaining your mission and vision.
Integrity: We do what is right, upholding honesty and transparency in all our actions.
Quality: We prioritize the quality of our services above all else, ensuring excellence in every project.
Together: We embrace diversity and foster respect, valuing the
unique contributions of each team member.
Excellence: We are committed to continuous learning and improvement, striving to exceed expectations.
Accountable: We take ownership of our actions and maintain open communication with clients and colleagues.
Society: We are dedicated to creating a better workplace and enriching developing countries through job creation.
Our Services
We provide expert accounting outsourcing and offshoring services for the accounting practices and businesses in the UK and few other regions. Our offshore team is based in Sri Lanka, and robust quality reviews are performed to ensure that the service meets UK/other region standards.
Modern technology enables outsourcing without losing quality. With Advayd, your output stays strong. Majority of the businesses outsource accounting and finance work for a competitive edge with affordable, high-quality staff. We hand-pick offshore staff who integrate seamlessly with your systems and processes, working as an extension of your team.
For accounting practices in the UK
OFFSHORING SERVICES FOR EXTERNAL AUDITS
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Remote working has become increasingly common in external audits, especially in the wake of the pandemic. Leading UK and global audit firms have leveraged offshore units to enhance efficiency, reduce costs, and access a broader talent pool.
We deliver comprehensive audit solutions through our Auditors on Demand, Staff Leasing, and Strategic Project Teams, ensuring tailored support and expertise for every stage of the audit process. We focus on supporting audit teams in non-complex audit areas including: auditing of cash and bank, rolling out bank confirmation letters, fixed assets, receivables, payables, expenses.
Our team is also capable of handling full audits for non-complex businesses, managing everything from planning to completion (for the onshore teams' review.
All work performed in Sri Lanka is reviewed to ensure the highest quality standards, guaranteeing that there is no difference in the quality or consistency of work compared to in-house teams.
ACCOUTING OUTSOURCING AND OFFSHORING
We offer skilled accounting staff outsourcing (with expertise in IFRS/UK GAAP) for accounting firms in the UK. Our colleagues are equipped to manage a wide array of accounting and finance-related services tailored to meet your business needs, including:
Bookkeeping
Yearend financial statement prperation
Monthly management accounts preperation
VAT returns preparation and reconciliations
Assistance with corporate and
individual tax returns
For Businesses including SMEs
ACCOUTING OUTSOURCING AND OFFSHORING
We offer outsourcing solutions for several functions within your finance team including bookkeeping, yearend financial statement preparation, monthly management accounts preparation, VAT returns preparation and reconciliations, Payroll processing, Bank and credit card reconciliation, Accounts receivable and payable.
Why Choose Advayd for Your Offshore Accounting?
Advayd is a UK based accounting outsourcing company with an offshoring unit in Sri Lanka, dedicated to supporting accounting practices and businesses in the UK and other selected regions. We know the pain of hiring and recruiting team members, the pain of high-wage bills and the pain of being dragged into doing compliance work and completing self-assessment returns instead of growing your business.
We also recognise key drawback in outsourcing, quality issues. One of our primary objectives at Advayd is to eliminate this challenge, ensuring you receive genuine value from outsourcing. Here’s how our dedicated offshore accounting team alleviates these pains:
Led by a CA with 18 years of Big 4 experience
Advayd is spearheaded by a dynamic CEO who is a chartered accountant with an impressive 18 years of experience in renowned Big 4 and 5 audit firms, both in the UK and internationally. With 6.5 years spent in the UK alone, our CEO brings a wealth of expertise and in-depth knowledge of the accounting and auditing landscape.
Retain Control
Two-Layer Quality Review
Your dedicated team members use your systems and follow your processes. You retain control and can ensure things are done your way.
At Advayd, we prioritize quality in every aspect of our work. All deliverables undergo a rigorous two-layer quality review process conducted by our experienced managers. This ensures that the output not only meets but exceeds your expectations. Our managers utilize structured review programs tailored to each project, guaranteeing thorough oversight and precision in every task.
Ongoing Staff Training
We believe that a strong foundation in training leads to exceptional service. Our team members are meticulously selected through a careful recruitment process and undergo a minimum of three weeks of intensive training before they start any client work. Beyond initial training, our colleagues participate in regular professional development sessions les by our CEO, ensuring they stay updated on industry standards and practices.
Free Up Time
They free up your time so you can focus on delivering value-added work, talking more to your clients and working on your business as well as taking a well-earned break.
Reduce Costs
Living costs in Sri Lanka are 60% less than in the UK. So you get trained and qualified accountants for less than half the cost of their UK equivalent.
Manage Recruitment
We manage the recruitment process for you. We take applicants through our rigorous recruiting process and train them so they have the needed skills and knowledge.
Manage Your Team
We look after your team. They are our employees who become part of your team. We manage all their HR and career progression. Your team members do accounting work solely for you.
Attract and Retain
We pay above average. Our team work only 5 rather than 6 days a week and enjoy a range of benefits and a superior work-life balance. This allows us to attract and retain the best talent.
How Your Company Can Benefit From Accounting Offshoring
Sri Lanka records highest literacy rate in South Asia...
Our dedicated offshore accounting services team in Sri Lanka provides a multitude of benefits to UK accounting firms and businesses, as well as those operating in selected other regions. Our services include:
Excellent Education System
Sri Lanka boasts an exceptional education system that consistently produces high-quality accountants, including CA and ACCA professionals. Notably, CA Sri Lanka is one of the 15 overseas accounting bodies recognized by ICAEW UK, facilitating a streamlined membership pathway for aspiring accountants.
Minimal Time Difference
Sri Lanka's time difference with the UK ranges from 4.5 to 5.5 hours, offering a strategic advantage over many other offshore service providers. By the time the UK starts its workday, a significant amount of work has already been accomplished in Sri Lanka!
High Literacy Rate
According to UNESCO, Sri Lanka enjoys the highest literacy rate in South Asia at an impressive 92%, surpassing India's 76%. This strong educational foundation contributes to a robust pool of skilled professionals, ensuring that our offshore accounting services are supported by knowledgeable and competent individuals ready to meet the demands of global businesses.
Work Ethic
Sri Lankans have a strong work ethic. They work hard to achieve results for our clients and ensure professionalism in all communications.
Sri Lankan accountants are fluent in English despite it being their second language.
Comparative Wages
The cost of a qualified Sri Lankan accountant is at least 50% less than their UK equivalent. The more experienced the accountant, the greater the cost saving.
Proficiency in Bookkeeping Software
Our colleagues are adept at using a wide range of the latest software, including QuickBooks, Xero, and Sage.