Accounting and finance are among the most commonly outsourced business functions. Ultimately, if you're not a financial specialist or don’t have enough capital to hire an in-house finance department, you're better off seeking outside help. Today, we’ll focus on a fully outsourced finance department and its benefits to your business so you can decide whether it’s the right option for you.
If you have decided to outsource your finance function, you are probably already aware of the numerous benefits an external financial partner can bring to your business. With 37% of SMEs outsourcing at least one of their business processes, you are not alone on this path. Now that you are ready for the next step, you may wonder where to start. In this article, we will walk you through the process of finding the right accounting solutions and starting an effective partnership.
After all, hiring, training, and retaining highly-qualified accountants could be costly, and if they leave, you have to start the process again. However, you can outsource your entire finance department in a cost-efficient way, in addition to all the other advantages that outsourcing can offer. The main benefits of outsourcing your finance department are that you don’t need to hire as many people as you once thought, and you have access to specialist knowledge without all the headache that comes with managing in-house staff.
Based on the 4th quarter data of 2021, 53% of the UK’s SMEs reported a profit in the previous 12 months. However, it’s one of the lowest results in the past decade. In this article, we discuss practical strategies to help you boost profitability, so stay tuned until the end. After all, profit margins measure how well a business is doing, so it’s critical to keep them in check.
When it comes to payroll, over 60% of UK companies outsource it, taking advantage of more affordable services. Has your business considered payroll outsourcing as well? If you aren't already outsourcing this critical business activity, keep reading to learn more about the advantages of doing so and how to choose the right financial partner for your outsourced payroll function.
Collaborating with an external financial partner can make it easier for SMEs to fully operate at scale without committing significant resources, in addition to optimising their time to market and letting them focus on the main objectives of a business.
Most businesses struggle with long cycle times and high-cost invoice processing, and in the case of SMEs, process efficiency can be critical to keeping up with growth. However, misconceptions about accounting automation processes often hold business leaders back.
In a nutshell, financial forecasting is the process of estimating and projecting your company's future performance and trends. Financial forecasting is an important activity, whether you utilise it as part of a business plan or as a regular tool for your strategic planning.
Making a company more efficient should be a goal for every business owner. Business efficiency refers to the fundamental reduction of wasted resources used to produce output, whether the latter be physical products or services. As a result, efficiency determines how effectively a business converts inputs such as capital, labour, and materials into outputs like revenue, goods, and services.
Running a start-up, small- or a medium-sized business is a lot of hard work. You are bound to be caught up in a multitude of business processes which can make it tough to focus on the core vision of your company. A key mistake most entrepreneurs make is not asking for help on time. Delegating certain jobs offer key advantages to you and your growing team.