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Gloucestershire Business News

Can outsourcing work for small business? Claire Clift of Azets

By Claire Clift, partner at Azets 

Outsourcing allows your business to maintain its focus on what really matters and delivering on your strategic goals and objectives. Claire Clift, Partner at Azets explains.

An outsourced service offering aims to take away the burden of certain financial and administrative tasks so that your business can redeploy its resources to be able to concentrate on driving your business forward.

What is outsourced accounting and why you should consider it?

Outsourcing your finance function is becoming a popular choice among many SME businesses. Outsourced accounting refers to paying a third-party to complete either a single or multiple accounting tasks and presents a great opportunity for businesses. It is an opportunity to not only save valuable time and money, but also to ensure your business operates a risk-free, secure, and compliant finance function.

A fully managed finance function offers end to end processing of a company's financial affairs and obligations and can be placed into three distinct categories to include:

This is by no means an exhaustive list and outsourced activities can be tailored to your business's unique requirements.

What are the benefits of outsourcing?

There is a long list of benefits associated with outsourcing a function like accounting. Outsourcing your finance function will give business leaders back time to focus on growing the business versus time spent on admin intensive tasks. We see many cases with clients who switch to us from an in-house provision where senior figures within the business are spending valuable time processing financial information.

Outsourcing also relieves businesses of the legislative burden, for example the future changes in relation to Making Tax Digital and provides access to pre-existing robust and comprehensive compliance processes, that allow businesses to remain efficient and reduce expenditure at the same time.

Outsourced accounting providers generally offer businesses fixed fees for the services undertaken to ensure there are no unexpected fees or hidden cost in the service offering.

Outsourcing versus in-house accountants?

Outsourced accountancy can offer greater value for money overall, leading to both time and cost savings for your business compared to using an in-house accountant. However, the service offering can also provide a complimentary extension to an organisation's existing in-house finance teams by offering a higher-level service to include performance reporting, budgeting and cashflows, FD support and advisory for business owners.

Outsourcing does allow greater flexibility, as it enables the accounting services to be scaled up or down with your business's changing requirements and as your business grows. It also gives your business access to a dedicated team of accounting professionals with a wealth of experience to ensure your business's needs are met in full.

It will also offer your business better continuity as there is no need to cover periods of absence due to holiday or sickness, which has become more prevalent in recent years due to the COVID-19 pandemic.

Outsourcing can be part of the solution

A cost-effective outsourcing service will let your business be more focused on your core business and will help you drive your business forward.

It will fulfil all your accounting requirements, offering timely delivery of financial information whilst ensuring your business avoids missing key deadlines and suffering needless penalties.

Get in touch

The Azets outsourcing team is made up of experienced accountants and bookkeepers. This means we understand that your business matters and how to improve your business performance through outsourcing.

For more information or to discuss how to 'unlock' the true potential of outsourcing your accountancy services, please get in touch.

Email Claire.Clift@azets.co.uk or call 01242 252555 .

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