In today’s global economy, businesses across the world need to be able to provide accurate financial information to their investors, lenders and other stakeholders. This, however, often requires a level of technical knowledge that many businesses do not have access to.
Outsourced accounting services have become increasingly common in recent years, and for good reason: To build a robust financial process you will require many different skill sets from basic bookkeeping, management accounting, to FD and CFO services. Generally growing firms will not have the cash to hire multiple staff, therefore by using a 3rd party such as Wilkinson Accounting Solutions, you will get access to the right level of staff at the right time, being more cost-effective than recruiting multiple in house staff, saving time and money in recruiting but also removing any need for in house management of staff.
What is Outsourced Accounting?
Outsourced accounting refers to using an external accounting firm that can help your company handle its accounting needs. It enables growing SME’s access to skilled and qualified financial professionals, reducing the need to recruit any in house staff.
Outsourced accounting services can include key areas such as financial planning, data entry, bookkeeping, forecasting, investment proposal, tax preparation, financial analysis, financial strategy, business advisory, governance, commercial analysis, cash flow, and payroll services.
Why You Should Consider Outsourced Accounting
Outsourced accounting is that unique solution, enabling SME’s to outsource their accounting requirements to an experienced consultancy firm.
As growing SME’s, directors often get consumed in the day to day, your business is growing quicker than staffing levels and you need more time to focus on building strategies but do not feel confident that the business will still run effectively if you step away.
The need for financial analysis becomes more crucial as a business grows, with technology advancing there is more access to real-time information such as profit and loss or balance sheet but running the numbers is only one part, understanding how to use the numbers, reforecasting, building 12 week to long term cash flows, analyzing commercial viability of future projects, requires much skill sets that systems will just not be able to offer and as a busy director already finding time to manage all of these detailed financials will become another task on the to-do list.
Benefits of Outsourced Accounting
Outsourcing your accounting needs to a professional comes with a number of benefits, which include:
Using an outsourced service will be much more affordable and flexible than if you maintain an in-house team, as your financial needs will be dealt with by the right level of expertise, whilst removing any need for in house management, which allows you more time to focus on what you do best.
Choosing the right firm for your outsourced accounting requirements will save you hours of time each month, whilst providing you with the information you need to grow.
Do you ever find that you have all good intentions of reviewing your accounts each month, looking at what works but time runs away with you and by the time you know it the month has passed? You are losing time and valuable information, therefore being provided with timely and accurate accounts, we help you understand how to make real-time decisions that will make tangible savings to your bottom line.
Outsourcing your accounting process is a great way to grow your business. You no longer have to spend valuable time or money hiring people, as your outsourced firm will become your business partner that gains a deep understanding of your business, gets into the heart of the operations and work with you to build a strategy to grow.
Reducing fraud and error
Financial governance is key to reduce the risk of error or fraud. As your business grows and you get more staff, the risk of error or fraud will increase. You will have less control over key areas such as stock management, ordering, commercial activities etc, as your time starts to get consumed by managing rather than processing the transactions. An outsourced accounting firm will help you implement controls across the business, giving you the confidence to step away from the day to day and have more time to focus on growing your business.
In conclusion, there are many benefits in choosing to outsource your accounting. At Wilkinson Accounting Solutions, we provide more than just basic bookkeeping and will assist with all aspects of your business and financial growth, by gaining an understanding of your current position and implementing a timeline to ensure you focus on the right things at the right time.