Realistically who can afford their own finance department in this day and age? Google, Facebook, PWC, a lot of the big hitters for sure but the cost involved in building and maintaining a working, highly trained, continually evolving finance department are prohibitive to most.
You may think that’s not the case for us. We are running smoothly and efficiently with our small in-house bookkeeping or accounting department but are you really? Are the costs involved in running that department worth it? Are your staff training on an ongoing basis, keeping abreast of new laws, policies, procedures, and tech improvements? If so, what is this costing you? If not, what is this costing you?
You have that trusted employee who knows all of your business and financial secrets, but do you know theirs? Never a comfortable question to ask. Is your business equipped to deal with a trusted, competent bookkeeper leaving? Who will take their place, and would that transition be seamless? We would argue, no.
Hire the right people for the right roles – you won’t go wrong if you get that right.
As with everything, there are risks involved but these risks are mitigated through choosing the correct third-party player. Hire the right people for the right roles – you won’t go wrong if you get that right, something I have said and will say again and again. When you do find the right person or team, start as you mean to go on with open communication and honesty.
Be upfront, say what you want, talk cost, talk availability, talk what is on offer and how best to manage expectations, essentially how you envisage your relationship moving forward. Remember outsourcing your accounts does not mean that you are losing control of policy or procedure, it simply means that you are gaining a valued business partner.
Many moons ago, Adam Smith proposed two ideas in his seminal works, The Theory of Moral Sentiments and The Wealth of Nations – the division of labour and the invisible hand – both of which work to drive businesses toward efficiency. Smith, in his wisdom, argued that the division of labour and specialization produced prosperity.
Doesn’t this ring true today? Why take focus from your core business to maintain a functioning accounts department or worse still, struggle to manage your accounts alone? Successful businesses face a critical turning point when decisions have to be made to ensure future growth. Outsource and leave the hard work to the professionals, let them be the invisible hand guiding you and your business to efficiency, competitiveness and prosperity.
Outsourcing your accounts does not guarantee business success or growth but it does guarantee you the chance to nurture your business toward your goals and objectives. Toward prosperity.
Simply put, the advantages to outsourcing your accounts are many and varied, here are just a few:
1.It Can Save Costs
Fewer staff means fewer overheads. Not only savings on salary but savings on infrastructure, tech and training. Outsourcing to a highly qualified business partner means that you won’t have to worry about errors leading to revenue fines or late fees. It also means that your accounts, bookkeeping and payroll needs are kept up to date and in tune with revenue, tax and pension opportunities.
There are so many ways for you to save money and a highly qualified professional whose sole purpose is to know financial policy inside and out is the only way that you and your business will truly avail of what is available. And remember, when outsourcing you pay for work done, not to maintaining an in-house position.
2. Lets you Focus on Core Activities
Accounts and payroll is time consuming and can cause internal pressure within a company, bypass these problems and free up your workforce to help drive your business forward and become more client focused.
Take the stress and worry of Revenue, accounts and payroll away and you will improve both your focus and your core business focus. If the accounts and payroll is being outsourced, you can rest, assured that your staff will be paid on time and correctly. Ensuring a happy workforce.
3. It Increases Your Profitability
Outsourcing can be a good option when the functions of your office are complicated in nature and the size of your company prevents you from accomplishing them at a consistent and reasonable cost. Outsourcing increases your profitability and efficiency by freeing not only internal resources but your own time.
4. Allows You to Make Better Business Decisions Faster
Choosing the correct outsource partner for your business means that you have chosen a highly qualified partner who will keep you abreast of changes in policy, law and procedure. A highly qualified partner who will not only report accounting errors, payroll errors and taxation errors but will also take on the responsibility of limiting all of these risks and tracking down the correct wealth management avenues for you and your staff.
5. You Can Keep Operational Control
An outsourcing company can often bring better management skills to your company than what would otherwise be available to you.
The right partner is out there for you and your business, take that leap. Outsourcing your accounts will allow your business to grow and become more effective, I cannot stress this enough.
Outsourcing your accounts guarantees you the chance to nurture your business towards your goals and objectives.
Outsourcing can get your business through a temporarily tough time and it can save you money. If you’d like to find out more about the possibility of outsourcing your accounts to GroForth, drop us a quick email on email@example.com or ring our offices 01-905 9436.