Should you use outsourcing for finance operations?
Home » Business Tips » Should you use outsourcing for finance operations?
July 28, 2016 Frank Bullock Business Tips
As a business owner, your main priorities should be increasing the companys capital and providing your stakeholders with a highly qualitative experience. No matter what type of product or service you are offering, you probably want to have the best people working to create it. However, all your core activities need to be supported by a wide variety of operations, such as human resources processes or financial consultancy. If your business is only in the beginning of its activity, then you may not afford to hire full time employees for these support positions. For this reason, a good option would be using outsourcing and focusing all the internal resources on growing the business per-se. While some people are still reluctant with sharing their private information with an external, you must know there is nothing to worry about, on the contrary. There are plenty of reasons why you should use outsourcing for financial operations, so read on to discover only some of the most important ones:
Time efficiency
If you decide to hire a corporate finance Leeds firm to work for your own business, you will benefit from a better use of time. Taking into consideration that all your accounting operations will be outsourced, you may be able to free up some valuable periods of time in your employees schedule, and these can be used for different activities. Back office processes always take time and this can become a great hassle for your business efficiency. Avoid wasting the companys precious time resources by enabling a dedicated accounting agency to do the job on your behalf.
Reduce costs
Just think about enlarging your team with one employee or even an entire financial department. This means new salaries, new taxes and a lot of paperwork and other expenses. If you choose to collaborate with an accounting expert, you can spare the costs needed to ensure your staff a qualitative experience and a proper monthly wage. No more full time or part time employees, because you can work remotely with a professional accountant that you are going to pay exclusively for the services they deliver. This way, you can save up to 40% in monthly costs.
Reduce fraud risks
A recent study has shown that most frauds caused by financial workers are in house based, due to members of this specialised department. The results of a dedicated analysis prove that the most common victims of fraud are owners of small businesses (less than 100 workers), who do not have the competence necessary to check their employees work, as far as accounting is concerned. Avoid being one of these by collaborating with a reliable service provider, specialised in financial operations.
More options
If you do not have an HR department either, it may be difficult to hire a competent person for the position of account manager or financial specialist. However, when choosing a company, there are many criteria you can keep in mind, as well as a lot of options to select from. Check reputation and previous clients, and this will give you an idea about what you can pick.
More Business Ideas
Definition of Management
Find an office space with the help of a realtor
Consider using outsourced accounting services
Car-hire services vs. company cars Which ones are the most affordable when travelling?
Management Consulting
How to Become an Entrepreneur