Outsourcing the Finance Function to an Accountancy Firm

17th March 2014

Outsourcing the Finance Function to an Accountancy Firm

 

What makes your company successful?

 

There is much advice about how to make your company a success; I would wager that driving sales rather than focussing on managing your finance department is a way to achieve profitability. Running your finance department is simply not a driver of profit. Why then try and do this in-house when you may not have the time or experience to manage it properly?

 

Why Outsource?

 

There are many reasons why outsourcing may be effective for your company including:

 

  • Giving you more time to focus on growing your business and increasing your profits.
  • A more comprehensive service at the same or lower cost than employing a full time accounts department.
  • Access to timely high quality financial information
  • Some outsourcers offer a bureau accounting software that removes the need for you to purchase your own accounting software.

 Choosing the right accountancy firm

 

Ultimately the accountancy firm needs to understand your business.  They should have previous experience in running an in-house finance department, as this ensures a comprehensive understanding of running a commercial business.

 

The firm should advise which reports you need to be able to grow and manage your business. Look for creativity from them to develop management information specific to your business that will assist you in making the right decisions.

 

If you only require month end management accounting, ensure that they can work alongside your existing team and are able to advise and train your staff.

 

When considering an accounting software bureau, ensure that your accounting information is available to you on remotely via the internet, rather than waiting until the outsourcer sends the information to you.

 

An Accountancy firm that provides outsourcing services should be able to deliver a broad range of services including year-end financial statements and tax returns, bookkeeping, management accounting, cashflow forecasting and finance director services.

This will ensure that as your business grows you do not have to buy in additional services from other providers.

 

For more information, please contact Jamie Young

 

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