Small And Medium-Sized Businesses – What are the advantages of outsourcing accounting?
Many small and medium-sized businesses may not have the resources to have a dedicated finance team employed full time but still need additional support to manage bookkeeping, accounting and tax tasks.
This is where outsourcing can provide a powerful tool for small and medium-sized enterprises (SMEs), offering companies the opportunity to grow without the cost or complexity of having a full time finance team.
While many of the world’s largest businesses have already harnessed the benefits of outsourcing, SMEs may be less aware of the advantages on offer.
To help them identify these strenghts, our outsourcing specialists have put together a list of benefits:
Immediate access to expertise
By using a team of outsourced accountants SME owners can ensure they have instant access to the expertise they need.
With specialists covering a wide range of areas, businesses may be able to access a broader range of knowledge across a firm than they could from a single employee.
What’s more, firms offering outsourced services can often put clients in contact with other reliable experts that cover other areas, such as corporate finance or HR, who can deliver additional advice at little or no extra cost.
More staff, less cost
Hiring new employees, especially skilled bookkeepers, accountants and financial directors, can be costly – especially given the ongoing salary costs, training and pensions.
By using outsourced accountancy services instead, SMEs can access a larger team of experts at a much lower cost.
Not only that but the team can be scaled according to a business’s needs at a particular time. This means that during busier periods companies have the resources they need, while during quieter times they are not paying for employees handling less work.
Ahead of the curve
Choosing to outsource your financial function could help your business to implement new technologies and processes that make the business more efficient.
These could also offer a company greater financial insight, which may assist them with their decision making and strategy – making them more competitive within their market.
The best outsourced accountancy services will focus on getting to know a client’s business inside and out so that its specialists can deliver proactive advice, alongside the regular compliance and record-keeping support provided.
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, please get in touch by emailing email@example.com 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 13 August 2021.