Outsourcing your finance function
Post Author:The Strata team
Many businesses are looking to cut costs, but often they don’t consider outsourcing their finance function to be an option. Let’s take a look at why it can work, and how we can offer an improved solution, not just in terms of cost, but for a number of other reasons.
We suggest that for a small business, as a rule of thumb, they should be looking to invest broadly 3-5% of their turnover figure into the finance function.
By outsourcing your finance function, you can reduce costs. Our costs are based on levels of transactions, not how long it takes to complete – meaning our fee is fixed and we are focussed on working as efficiently as possible.
If your finance costs include paying a bookkeeper on payroll, then you will also have additional benefits and to pay. With outsourcing, there are no sick days, holiday pay or pension contributions.
Alternatively, if the business owner is completing the bookkeeping, how much time is it taking them, and what is the effective cost of them not doing what they are best at?
You have direct access to the experts. We specialise in one area – Finance! Whether you have a complex or basic issue, you can find the level of expertise needed to answer the query within the team.
We also stay up to date with the latest technologies and software, so that the processes and best practices remain their most efficient.
By utilising us, you have an entire team at your service, not just one person. Although you will have a named Partner and secondary contact, if there is an issue, you can pick up the phone and someone will be able to help you! No more need to work around holidays, sickness or any other issues.
By outsourcing the whole finance function, you receive a level of focus that allows us to really get stuck into your numbers. Advice can be much more proactive as we review the data on a frequent basis and any issues can be dealt with much more quickly.
We won’t just be getting a set of accounts at the year end to put into statutory format, we can really help you progress.
We can help you move away from simply looking at past performance, to help you plan, grow and succeed in the future with timely reporting on the present, and use simple to understand forecasting and budgeting for the future.
Quality numbers to make good quality decisions
Although it is tempting to save your business money by crunching the numbers yourself, we can do the work more accurately and efficiently and give you greater insight into what you need to focus on within the business. Better information in = better, more informed decisions.
If you are interested in learning more, why not get in touch to see how we can help.
Give us a call on 01235 854086, or email email@example.com to find out more.