How outsourced accounting can help you and your business
In this Making Tax Digital (MTD) age, having the right cloud accounting systems and procedures is fundamental to all successful businesses. However, the number of businesses that have inadequate systems and procedures, particularly in the SME sector is enormous. Consequently, the business owners don’t understand how profitable their business is, or where it’s cash flow is heading. Unless you know the numbers you cannot properly manage your business and remember the saying ‘what you can measure you can manage’.
As well as helping you manage your business, having a well-run accounting function with timely and informative reports will give third parties confidence in the business. The biggest single criticism banks and other investors in SME business have, is their lack of financial management control all stemming from an inadequate accounting service area. Whether it is your bank, asset-based lenders, suppliers and even potential equity investors, your chances of obtaining funds for your business will be significantly improved with a good accounting function.
Increasingly businesses of all sizes are outsourcing many of the services and business functions they provide. Typically but not exclusively, these will include accounting, HR and IT. The reasons for outsourcing are many but some of the most common are as follows:
Cost reduction and savings;
Lack of specialist skills within the business;
Not cost effective to employ permanent staff where the service requirement may not justify a full time role;
Frees up business ownersmanagers to focus on areas of the business where there strengths are;
Service areas dealt with by specialists in their field; and,
The service area is covered the whole year without having to worry about leaves of absence, for example holiday, sickness and maternity leave.
We can provide the following Outsourced Accounting services through one of our Virtual Finance Office (VFO) packages and at an investment your business can afford.
Our VFO offering can provided you cover in all of the finance functions of your business in line with your needs as follows:
Financial reporting and control
Working capital management for cash flow
Forecasting and budgeting
Strategic and financial planning
Tax and compliance
The main benefit to you is the comfort of being able to hand responsibility of managing your finance function to someone else who specialises in it, to let you concentrate on what you’re good at and growing your business. Other benefits to you include:
Not missing out on all tax reliefs and recovering eligible VAT paid
Synchronising you financial data with your business objectives to help you make more informed and better decisions
Provision of timely real time management information
Strategic financial input on growing your business
Access and advice on the latest technology to streamline your operations, saving you time and money
Having any of your in house finance staff report to someone who understands their issues and can hold them to account
Assistance with raising finance to grow your business
Managing financial risk in your business that may otherwise catch you unaware
We are able to provide our services anywhere in the country as our software is all hosted in the ‘Cloud’ including a GDPR compliant document management\client portal.
Why not CALL US and ask for a copy of our brochure ‘Virtual Finance Office’.