Why do businesses outsource their financial management?

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Sarah Daly describes five key ways in which outsourced financial management could benefit your business.

Outsourced financial management is a popular option for many businesses. It is particularly helpful when a business is growing and/or does not have an in-house team that can meet its financial management needs. In our experience, there are five key ways in which clients benefit by outsourcing financial management to GroForth.

1. Access to staff with specialist knowledge and skills.

Getting your numbers right, and keeping them right, is vital for any business but this is a skill that is not always available in-house. However, unless you have up-to-date, accurate financial information, you cannot be sure that your business decisions are soundly based.

Worse still, inaccurate data could land you in trouble with the Revenue, leading to fines and penalties, not to mention taking up valuable time that could better be spent developing and growing your business. At GroForth, our priority is helping you get your numbers right, and keep them right, so that you can focus on looking after your customers and developing your business.

2. Cost savings.

Outsourcing your accounts department means you don’t have to worry about providing salaries and training for a finance team. Outsourcing can also reduce your capital expenditure costs as you don’t have to provide technology and office equipment for an in-house accounts team.

3. Benchmarking.

GroForth can provide you with benchmarking information to help you assess how your business is doing in comparison to similar businesses in your sector. Our clients find that this service helps them to identify areas for improvement so that they can grow their bottom line.

4. Management.

As well as improving the information available to you for decision making, outsourcing can also help to strengthen the financial controls in your business and provide early warning signals when things are going wrong.

5. Compliance.

Outsourcing makes it easier to keep up to date with changes in legislation and other regulatory developments. Monitoring Revenue and other relevant developments that affect our clients is a key part of our business at GroForth. We continuously invest in training and developing our team so that we can deliver the best possible service for our clients.

To find out more about outsourcing and how GroForth’s services could benefit your business, get in touch. Email us at info@groforth.com or ring our office on 01 905 9436.

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