What are the benefits of Financial Outsourcing
The financial demands of your business are one of the most important functions. Legally, there is a mountain of regulations that need to be adhered to while the financial position of your business is vital to making well informed and strategic decisions. The accounting processes are the most difficult to manage effectively and many business owners struggle without financial outsourcing.
What is Financial Outsourcing?
Outsourcing your financial services involves using a service provider that essentially acts as your own financial team. They handle all or some of the accounting processes of your business depending on your needs, from bookkeeping to VAT returns. Outsourcing saves on the difficulties and costs involved with either managing the finances yourself or hiring an in-house team to do so.
Why should you Outsource Accounting to FLB?
Anyone who has tried to manage their own business finances will know there are many problems associated with doing so. From the amount of paperwork to the complex rules and regulations, taking care of your own finances can end up costing you time and money in the long run.
Suffice to say, there are many benefits to Financial Outsourcing, the main one being you can concentrate on running your business knowing your finances are completely under control.
Better Accountancy with FLB
Your business will benefit from superior financial advice and practices by outsourcing with FLB. Instead of being limited to the talent pool within your area, Outsourcing with FLB opens your choice of expertise to all areas of financial management. Our Outsourcing Team stay up to date with all the frequent and often complicated financial changes and have a wealth of knowledge and experience.
At FLB, we offer the following and much more as part of our Business Support Services:
- Book keeping
- Cost centre and Multiple Currency Accounting
- Management Accounts
- Budgets and Cash Flow Forecasts
- Submission of VAT Returns
- VAT for EU, Overseas and Partial Exemption Sales
- Payroll Management, P11D Submissions and CIS Returns
- BACS Payment Runs
- Statutory Accounts & Corporation Tax
- Smart Phone App’s
- Companies House Filing
- Personal Tax
- Virtual Financial Director
- Pensions and Financial Planning
Many business owners struggle to keep pace with changing regulations and practices but having an Outsourced Financial team will make sure you are compliant. Additionally, you’ll have access to their knowledge for ongoing financial guidance and advice to help you through complex situations or to make better informed decisions for your business. This gives you more comprehensive financial services than you could manage in-house.
As in many industries new technology has resulted in rapid changes within the finance sector. Innovative systems and applications are now available to consolidate financial processes and make them more efficient. However, the fast-paced changes in this technology as well as the high cost and complex set-up process can often make them inaccessible to businesses.
Financial Outsourcing can open the door to these technologies as all good firms are utilising the latest software tools and systems. As dedicated experts they have the time and money to invest in the latest solutions and can even look at new applications based on your specific needs.
More cost and time effective
Outsourcing bookkeeping and other financial services is often much more cost effective than taking on in-house employees. Many business owners don’t have the time or the skills to take on the role themselves and developing the role in-house requires money for recruiting, training, salary and all the other ongoing employment costs. Outsourcing also means protection during difficult economic times when there are often high costs associated with changing or removing in-house roles.
If you already have staff taking on the financial role within the company, then outsourcing could free up staff members to take on more manageable supervisory roles. All too often, key staff members are asked to do book keeping and accounts without any form of training. Why not free up their time so they can do what they are best at doing. Whether it’s you or someone else currently struggling to cope with the business finances, an Outsourced Financial team is much better equipped to deal with all the tasks involved more efficiently.
You’re also likely to save money on tax and other areas from expert accountancy advice from your Outsourced Team.
Improved decision making
If you’re taking on finances yourself there’s a good chance you don’t have the time to really assess your financial situation. Getting caught up with endless admin duties alongside running your business means neither jobs are getting done well and business decisions are unlikely to be made in line with your financial situation.
By outsourcing financial services, you can not only free up valuable time to get back to doing what you do best, but you’ll also receive regular reports and updates from your outsourced team. These should keep you up to date with your latest financial situation so that you can make better and more immediate business decisions to make sure you stay profitable and ultimately grow. External accountancy firms can also scale up or down the finance and accounting processes as per the business needs for complete scalability and flexibility.
Protection and security
A dedicated accountancy firm will have strict protocol and practices for security, data protection and client confidentiality that are likely to exceed anything a business owner could put in place. There’s also much less chance of fraud as the financial services or business support services team will be closely monitored and regulated just like the rest of the firm.
Ready for your own personal financial team?
As part of our selection of services we offer our own Business Support Services team to manage all your business finances. We provide all the support, resources and benefits of an internal accounting team with less costs, time and risk for you. Contact us today to find out more.