5 Key Benefits Of Outsourcing Your Finance Function

5 Key Benefits Of Outsourcing Your Finance Function

By |2019-07-19T15:40:25+01:00July 19th, 2019|Latest News, News|

Finance plays a significant role in all aspects of a business.

From compliance, credit control and payroll to book-keeping and VAT tasks, time can often be consumed by financial admin, thus detracting your attention from growing and developing the business.

By availing of the services of a professional outsourcing team, you can concentrate on the day-to-day running of your business while benefitting from the expertise of that team.

At Baker Tilly, we have been providing this service to clients for many years.

We have a dedicated Outsourcing team who work closely with a broad range of businesses by providing outsourced services such as Bookkeeping, Payroll and Management Accounts.

We have outlined some of the benefits to outsourcing the financial functions of your organisation:

1) Access to the best technology and experts

By outsourcing your financial function, you will have access to professional knowledge and the most current software.

Forget about worrying whether to continually invest in software upgrades or keeping up to date with changes in laws and regulations; all are borne by the outsourced service provider.

You will also avail of experienced professionals who will look after all financial services required, in a timely manner.

2) Provision of valuable reports to assist decision-making

Having access to a team of qualified professionals also provides you with vital business analysis reports such as monthly Budgets, Management Accounts, Cashflow Forecasts, along with a review of Key Performance Indicators.

Such analysis may not be readily accessed from within the business.

While you concentrate on the daily running of the business, the outsourced team will focus on how the business is progressing financially; identifying strengths, weaknesses, opportunities and threats.

3) Meeting compliance deadlines

Meeting compliance deadlines are crucial for businesses, especially for businesses that will be seeking third-party funding in the future.

It is important to have a clear history and these various deadlines could easily be missed when focussing on the daily running of the business operations.

An outsourced finance team will be engaged to make sure all returns are up to date and will notify you well in advance of upcoming deadlines. The team will use all resources available to ensure timely and accurate returns are made on behalf of your business.

4) Achieve high level of accuracy

The outsourced team will be made up of a skilled workforce who are trained for the accounting needs you require. The work will always be monitored by top management to ensure the highest level of accuracy is achieved.

Accounting is a complex area with many rules and regularities which a business owner may not be aware of. To avoid any breaches, it is recommended that the financial side of the business is managed by a professional.

5) Time-Saving

Time is valuable; outsourcing your business’s financial services allows you to focus solely on the daily operational services, such as keeping your customers and suppliers happy.

Complying with accounting rules won’t be a concern anymore; let the outsourced team do your worrying for you.

Outsourcing frees up time for further value-added revenue-generating tasks.

How we can help

Specialising in Small / Medium Sized Enterprises, Baker Tilly will concentrate on the financial needs of your business and adapt your business culture, ensuring you don’t have to worry about the financial aspect of your business.

If you would like further information on any of the above or if you are considering outsourcing your financial function, feel free to contact Elena Jugaru or Garry Doyle on (01) 6699999.

If you’d like to learn more about Elena Jugaru, Audit and Advisory, you can visit her on LinkedIn.

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