Outsourced finance function

Outsourced finance function


 
Many of our clients find outsourcing all their financial tasks to Norton Accountancy a very cost effective and beneficial arrangement.? Outsourcing all or part of the finance function can reduce your costs, increase your flexibility and allows you to focus on developing your business rather than office management and administration.

As your business grows you may find managing the paperwork and administrative obligations of paying suppliers, raising invoices, chasing debtors and record keeping is time consuming.? At this stage most companies would take on a full time member of staff to deal with the financial administration.? However have you fully considered all the consequences and costs of employing someone?? You would expect to pay a minimum of ?15,000 per annum, plus employers national insurance. This staff member would then need training and would have all the regulatory rights of an employee. What happens to your business when they are sick, go on holiday or maternity / paternity leave?? What happens if they decide to leave your firm or they?re not up to scratch and you want to replace them? You will also still need to have year end accounts prepared, as well as advice surrounding your tax situation, which means your will still have to pay an accountant!

As an alternative, Norton Accountancy can act as your fully outsourced finance function, which may in fact cost less than employing somebody in house.

This means we can send a staff member to your premises to carry out the day to day financial roles, such as bookkeeping, raising invoices, chasing debts, paying suppliers, preparing VAT returns, dealing with the bank and so on.? One of our fully qualified members of staff with significant experience dealing with all sizes of businesses will then prepare and feedback regular management accounts (see management accounts for benefits).? Throughout the year we will advise you on business growth and provide tax advice.? What?s more, as we have a team of staff you don?t need to worry about covering holidays or sickness. We will also ensure you have robust accounting systems and controls in place which can be?particularly important if one of your business objectives is to grow and / or sell your business.

Our outsourced finance function service is totally flexible and always specifically tailored to each individual client?s needs.