6 KEY REASONS TO OUTSOURCE YOUR FINANCE FUNCTION

Outsourcing business functions is becoming increasingly popular with businesses for many reasons. Below are just a few reasons why you should outsource your business.

What is outsourcing?

Outsourcing is using an outside company to perform services that are traditionally performed in-house. A simple example of this is using an outside delivery company, which is a pretty common practice, whereas in the past you may have had an in-house delivery team. Outsourcing can be undertaken to reduce costs, but it can also be a way of increasing quality and allowing your business to grow. Areas that particularly benefit from outsourcing are Finance and Payroll.  

Below we look at 6 reasons why you may want to outsource your accounts function.

1. Stability

Having an in-house bookkeeper, payroll or finance team means your business relies on a few key individuals and when they are missing due to holidays, ill-health or busy with other projects, their absence is a potential risk to the business. . Having access to an external team gives you the security of always having someone on hand whenever you need them.

At Hentons we have a team of experts support your business whenever you need us.

2. Scalability

Being reliant on a small internal finance team can mean your business resource and knowledge is limited. Having access to a large team can make it easier to scale your business according to its needs. You can draw down on this knowledge as much, or as little, as necessary without having the burden of having to recruit the talent you need to drive the business forward.

At Hentons, our team of experts will be adaptable to your business needs and provide essential support when you have internal resource challenges.

3. Reduce business costs

Outsourcing can reduce business running costs such as employee costs including:

  • National Insurance;
  • Pension contributions; and
  • Annual leave.

For the price of a bookkeeper, you can have access to a full finance team. You can also save on costs such as office space, IT equipment and licensing.

Keeping up to date with the latest rules and regulations can also be costly. By outsourcing, there is no need to pay for expensive training to update your Accounts Team with all the technical updates and CIPD they require which, means you can direct your cashflow to other areas in the business.

At Hentons all our experts are highly trained and certified, they also keep to date with all the new regulations and legislation.

4. Expert help on hand all the time

By outsourcing your finance accounting function, you instantly gain access to a team of experts with a wealth of knowledge including Tax, VAT, Capital Gains, Corporate Finance, Digital Accounts software, Payroll and Research & Development Tax Relief.

You can increase and decrease your service level as and when you need it. For example, one month you may need detailed forecasting before you embark on a merger or acquisition, the next you may just need payroll. The beauty of outsourcing means you only ever pay for what you need.

At Hentons our team of experts have access to best-in-class software, processes and MI suites to support your business. We have supported hundreds of clients through this process, so we have seen it all before and can use that experience to save you time and money.

5. Reduce recruitment

Hiring for replacements is a lengthy and sometimes costly process that can also pull you away from running the business. Outsourcing can relieve you of this burden as you will have full access to our team.

At Hentons, we have already recruited one of the best finances, payroll and tax teams to support your business and you have the peace of mind knowing we keep the team here fully trained and up to date with all new legislation.

6. Focus on your business

By outsourcing your finance accounting function, you will free up more time to focus on your business and those key KPIs. You can take the focus off accounting and onto more important things like sales, strategy and business growth. Less time thinking about accounting means more time concentrating on ensuring your business thrives.

We all know these are challenging times for all businesses and, more than ever, UK businesses need help and support and one less problem to think about. Choose Hentons to assist you with your key finance functions to give you peace of mind.

Contact us today for a free consultation and you will see why outsourcing could be the best solution for your business.