Feeling like there’s not enough time in the day is familiar to most of us.
You work all the hours under the sun to give your business the best chance of success, and a lot of that time can be spent on burdensome tasks.
If you’re nodding your head in agreement or thinking “that’s me”, outsourcing your finance team can be a useful option for you to consider.
Put simply, outsourcing is the process of handing over certain administrative tasks, operations or duties to an external provider.
It’s a tried and tested method for growing businesses, and its popularity continues to increase year on year.
Benefits of outsourcing
Handling tasks such as payroll and employee benefits is usually costly and consumes time, while it’s also tough to keep up with legislative changes and best practices.
Outsourcing these finance functions not only solves these problems, but also keeps you compliant with government bodies such as HMRC and The Pension Regulator.
It’s far easier to trip up after recent changes to workplace pensions, and more to follow in 2019/20, plus the complexities surrounding employee benefits.
Outsourcing your finance function may also help ensure that your business records are suitable for Making Tax Digital.
Drawbacks of outsourcing
The involvement of third parties in your finances carries certain risks.
Would outsourcing threaten any of your employees’ jobs? Is the third party trusted to handle your information professionally and confidentially? Are they communicative?
You should also do your research before you outsource. Check the third party’s services and experience, and arrange a trial call or meeting before you sign on the dotted line.
It can be useful to speak to an existing client to find out their experiences and talk through any of your concerns.
The ups of outsourcing usually outnumber the downs, but it’s worth weighing up these cons before deciding if outsourcing is the right option for your business.
Is the time right to outsource?
If you hold the purse strings of an expanding business, you may find yourself increasingly stretched as it continues to grow.
You’ll have less time to spend with your friends and family, while that ever-elusive work/life balance seems a million miles away.
While it’s great news your business is thriving, it’s probably time to seek assistance and outsourcing your finance function can be a very positive option.
You can either bring in a contractor, such as an interim finance director, on a fixed-term contract to relieve you of this burden or search for permanent help.
Need a hand?
Deciding whether or not to outsource your finance team can be tricky, and we can help you assess what is best for your business.
At Evans & Partners, we help many clients outsource their finance function, from running their payroll, to taking over the day-to-day financial management.
Our aim is for you to love your business and still have a life! Have a look at our Real-Time Accounting service.
Get in touch for more information.