5 Benefits of Finance Function Outsourcing
Running a business requires time, energy, focus and a strong finance function. As a business owner you want to ensure that your business is not only surviving but thriving and reassurance that you are focusing all your efforts in the correct areas.
To do this you need clear KPIs, cashflow forecasts, accurate and timely reports, management accounts, high-quality systems and process and industry experts to help you navigate the challenges of your trading environment.
Many companies still believe that accounting and finance functions should be executed in-house and should not be outsourced. As our digital landscape continues to evolve and workforce and recruitment challenges continue to rise the benefits of finance function outsourcing multiply.
Here are 5 reasons why you should consider outsourcing your finance function:
Reduced overhead costs
Outsourcing eliminates employee costs, including National Insurance, pension contributions, employee benefits and statutory leave. It also removes the need for additional office space, IT equipment and software licences.
Keeping your employees trained with the latest rules and regulations can be time-consuming and costly, outsourcing removes the cost of training your employees as you are already provided with the brightest talent from the outsourcing provider.
Outsourcing removes the need to fill vacant positions and pay hefty recruitment fees that can reach up to 30% of a candidate’s salary.
Timeliness and reliability
Time is limited when you’re running a business. You need access to accurate live data to help you keep track of your finances and make informed business decisions. An outsourcing company is not distracted by other aspects of your business, they focus solely on the financial reports, which allows them to work quickly and reliably.
You won’t have to worry about compliance and accurate financial data, when your books, records, reporting and any other necessary financial tools are handled by a team of experienced professionals. Outsourced accounting professionals will identify ways to optimise efficiency and provide the best strategic advice.
Your business is your priority, and you want to devote all your time and attention to expanding it. Finance outsourcing companies will have your work done in a time frame that is convenient for you. You can scale with ease at a fraction of the cost by reducing or increasing what support and services you need at any time depending on your peaks and troughs.
Maintaining a high-paced business can be challenging, risky, and time-intensive. Outsourcing your finance function leaves you with time and energy to stay on top of things and spend more time building relationships with your clients and key stakeholders.
As a key decision-maker, you make detrimental decisions daily. By outsourcing your finance function, you gain access to the expertise of a team of qualified professionals who have vast experience in a wide variety of sectors and services. They use their extensive knowledge and training to advise you on everything you need to know to make informed strategic decisions.
Outsourcing firms have a network of other professionals including investors, attorneys, insurance agents, bankers and many more. Your outsourced accounting professional can facilitate introductions to these individuals that can bring additional benefits to your business.
When it comes to financial data, a small mistake can be disastrous. Maintaining accurate data is essential, especially if you want a real-time view. Industry experts have gross training and knowledge to ensure they don’t make mistakes. Outsourcing brings a consolidation of manual systems and manual processes, not only reducing the time spent on jobs but also reducing the risk of errors.
Here at SKS Business Services, we are a leading group of Chartered Accountants and Business Advisors. We have strong experience in all sectors specialising in low-cost Finance Function Outsourcing and have saved clients up to 40% off their finance function costs.
Our team of experienced, knowledgeable professionals can increase efficiencies across your business, help you become more profitable and partner with your organisation to help you reach your goals. If you want to find out more information on our Finance Function Outsourcing service, compare your current accounting costs or see how it may benefit your business, click here to contact us.