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As National Payroll Week commences, outsourcing presents an opportunity for many businesses. It’s an opportunity to not only save the company valuable time and money, but also to ensure the business operates a risk focussed, secure and compliant finance function.
The need to comply with regulations imposed by Regulatory Bodies, HM Revenue & Customs and The Pensions Regulator means that financials, including payroll is now a complex and significant legislative burden, so there has never been a better time to consider outsourcing it.
Jonathan Rees, Partner and Head of ABAS West, discusses in greater detail the benefits that come with outsourcing finance and associated functions, such as Payroll & HR, Bookkeeping & VAT Returns, Management Reporting, Treasury etc.
Reduced costs
Companies can save money in a number of different areas when they outsource their finance functions, including:
Save time through outsourcing
Outsourcing finance activities will give business leaders back time to focus on growing the business versus time spent on an admin-intensive activities. We see many cases with clients who switch to us from an in-house provision where senior figures within the business are spending valuable time processing administrative tasks. One such example was a recent new start-up client which was a subsidiary of a large company based in Sweden. Not only did we provide an efficient outsourced payroll service to the client, but the client also found value in a fully outsourced finance team service (bookkeeping, VAT and management reporting), Tax Advisory (share schemes) services, HR Consultancy services, and Pensions & Benefits advice via Azets Financial Planning.
Compliance peace of mind – more than ‘pressing a button’
Market leading cloud accounting software now exists, and real-time data can drive informed decision making, but this is no substitute for knowledge. Without the knowledge of what you are processing, there is the potential of opening up to risk of error and non-compliance, which may lead to possible penalties.
Outsourcing administrative functions to trained staff with specialist knowledge means that you automatically keep up-to-date with new compliance rules, and enables you to spot opportunities and threats through access to reliable management information and tailored reports.
Outsourcing relieves businesses of the legislative burden and provides access to a pre-existing robust and comprehensive compliance processes.
Eliminate the risk of a single point of failure
We have been approached by businesses on a number of occasions who require urgent, temporary support due to sudden changes in the business. This is usually because they have one employee who is responsible for many activities within the finance function, and that person is then unexpectedly absent from work. If there is no back-up support and knowledge within the business to cover this period of absence, then who will step in and ensure financial information is processed correctly and the finance function operates effectively. It’s not best practice to function with one single point of failure and by outsourcing financial activities, this risk is diminished. Businesses can take comfort that every task is covered by professionals who have comprehensive knowledge and experience coupled with appropriate operating structures.
The flexible answer, tailored for your business
Whatever the size and whatever the nature of your business, outsourcing can improve your long-term profitability and help you to manage your organisation more efficiently.
Our outsourcing services are used by:
Outsourcing your finance function, gives you the ultimate in flexibility. You can select from a range of individual services to complement your in-house team, or you can opt to fully outsource your entire finance function.
Whichever combination you choose, outsourcing gives you peace of mind from having access to a team, who will be responsive to the changing demands on your business, allowing you to instantly increase or decrease the size of your team in order to cope with business demand.
Direct access to related solutions through a dedicated advisor
Outsourcing has touchpoints with a number of related solutions, including Annual Compliance Services, Tax Advisory Services, Corporate Finance, Pensions & Benefits and HR Consultancy. Working with one provider across the full spectrum of employer solutions can remove any personnel worries. A provider of these services can directly assist businesses throughout their financial lifecycle.
Get in touch
For more information on the benefits of outsourcing or to discuss your requirements, please get in touch with a member of our specialist team.
Azets
Jonathan Rees
Jonathan Rees
Partner, Head of ABAS West,
Azets
02920 549939
Email Author
Visit Website
@AzetsUK
T: 0161 907 9711
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