From family businesses looking for support with payroll and VAT returns, to US companies seeking to outsource entire UK subsidiary financial accounting functions, the demand to outsource finance functions is increasing.
Here are five reasons why it might be a good option for your business.
Continuity
Rather than relying on one key finance individual and experiencing continuity issues during periods of absence or leave, outsourcing can give you access to a team that will ensure your financial needs are always met.
Scalability
With outsourcing, it can be like turning a tap on and off. You can choose to receive more resource during periods of growth and withdraw it when required, avoiding the need for you to recruit.
Cost savings
Outsourcing can often result in significant cost savings for a business. It saves the need – and time – to fill vacant or expanding finance roles, avoiding hefty recruitment firms fees, thus also eliminating employee costs including National Insurance and pension contributions, and training costs of keeping an in-house accounts team up to date with the latest rules and regulations.
Meanwhile, less office space may be required or the need to rent additional space and the costs of IT equipment and software licences are avoided.
Expert help
You are not limited to the expertise of specific individuals.
Outsourcing can allow access to an entire team of experts including tax specialists covering VAT, capital allowances, capital gains tax, research and development tax relief, and patent box tax relief, plus you may also have access to specialists in finance raising, acquisition and disposals, and restructuring.
This can be particularly valuable for family businesses that may not have the resources to hire full-time experts in every area of finance.
Focus on the business
Most importantly, you are left with more time to focus on the core business, whilst all the major financial KPIs are provided directly to you to help you make the right decisions.
Allowing businesses to focus on their core competencies while leaving financial tasks to the experts improves efficiency and can also free up time and resources for other areas of the business.
