The UK is facing a cost crunch as wages rise and the price of goods and services increase. A growing number of businesses are finding it harder to meet the everyday costs of operating and they are looking at options to improve their cash flow.
Outsourcing important business functions are one way that companies cannot only reduce costs but also scale services to their needs and growth.
Outsourcing your in-house accounting function may be one way that you can reduce your costs in the months ahead, while also bolstering your wider business through the delivery of new insights and information.
Scaling
Often a business won’t require a full in-house finance team or financial director but they may need more than just the occasional help from their regular accountant.
Choosing to outsource means that you can scale your team to your needs. If you are experiencing a busy period where more help is required bring in more staff but if things go quiet cut back.
As you aren’t employing the outsourced team directly, you can increase or reduce their numbers to fit your needs and budget instantly.
Support
If you already have a finance director or an in-house finance team, but they are under pressure, it may not make sense to hire a new employee but you could bring in additional support temporarily to help them.
This is far more cost-efficient as you aren’t having to meet all the costs of an employer like National Insurance contributions or a pension.
If the support is no longer needed then you can scale back without having to worry about the complications and costs of redundancy or layoffs.
Specialisms
Finding one person with all the accounting specialisms and skills you need can be difficult but by choosing to outsource you get access to the expertise of everyone in the accountancy firm you choose to work with.
This can help you to save money on employing experts or funding training for existing members of your team, giving you instant access to the services you need.
We support a wide range of businesses, both large and small, providing a valued outsourced accountancy service. If you would like an initial free consultation to find out how our Outsourced Accounting Services team can help your business save money, please get in touch by emailing enquiries@stca.co.uk or calling 01494 552100.
This blog is for guidance only, professional advice should be obtained before acting on any information contained herein. The information was correct at the time of publishing 21 October 2021.