Originally published by David Richmond for The Telegraph and Argus, 13 January 2021
From SMEs 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 10 reasons why it might be a good option for your business:
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 who will ensure your financial needs are always met.
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.
Outsourcing saves the need – and time – to fill vacant or expanding finance roles, avoiding hefty recruitment firms fees (up to 30% of a candidate’s salary).
Less office space may be required or the need to rent additional space. Outsourcing also saves the costs of IT equipment and software licences.
Reduce employee costs
Outsourcing eliminates employee costs, including National Insurance, pension contributions and statutory leaves, which can be high.
Reduce training costs
Keeping up to date with the latest rules and regulations can be costly. By outsourcing there’s no need to pay for expensive training to update your accounts team with all the technical updates required.
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 & development tax relief, and patent box tax relief, plus you may also have access to specialists in finance raising, acquisition and disposals, and restructuring.
Focus on the business
Most importantly, you are left with more time to focus on the core business, whilst we provide all the major financial KPI’s to help you make the right decisions.
Be agile, provide more value, and save on costs through outsourcing!
Make your accounting firm or practice be at the front door. You need the help and expertise of a service provider when clients come knocking in to take care of what’s going on at the back office.
Leverage hammerjack’s years of experience in delivering high quality results to accounting firms and small to medium businesses! Take the first step by reaching out to an expert.