BY DAVID RICHMOND, PARTNER, ARMSTRONG WATSON LLP
From SMEs looking for support with payroll and VAT returns, to US companies seeking to outsource entire UK subsidiary financial accounting functions, the demand to outsource finance functions is increasing. Here are 10 reasons why it might be a good option for your business:
Rather than relying on one key finance individual and experiencing continuity issues during periods of absence or leave, outsourcing can give you access to a team who will ensure your financial needs are always met.
With outsourcing, it can be like turning a tap on and off. You can choose to receive more resource during periods of growth and withdraw it when required, avoiding the need for you to recruit.
3. Reduce recruitment:
Outsourcing saves the need – and time – to fill vacant or expanding finance roles, avoiding hefty recruitment firms fees (up to 30% of a candidate’s salary).
4. Reduce overheads:
Less office space may be required or the need to rent additional space. Outsourcing also saves the costs of IT equipment and software licences.
5. Reduce employee costs:
Outsourcing eliminates employee costs, including National Insurance, pension contributions and statutory leaves, which can be high.
6. Reduce training costs:
Keeping up to date with the latest rules and regulations can be costly. By outsourcing there’s no need to pay for expensive training to update your accounts team with all the technical updates required.
7. Expert help:
You are not limited to the expertise of specific individuals. Outsourcing can allow access to an entire team of experts including tax specialists covering VAT, capital allowances, capital gains tax, research & development tax relief, and patent box tax relief, plus you may also have access to specialists in finance raising, acquisition and disposals, and restructuring.
8. Focus on the business:
Most importantly, you are left with more time to focus on the core business, whilst we provide all the major financial KPI’s to help you make the right decisions.
Our own outsourcing services also offer extra features:
9. Support with HMRC enquiries:
At some point, all businesses will be challenged by HMRC and the costs of defending the challenge can be quite expensive. Armstrong Watson can provide for the cost of enquiries from HMRC over corporation tax, VAT and PAYE within the assignment costs.
10. Financial systems manual:
We don’t leave you in the dark if you do decide to revert back to in-house services. We prepare an accounting systems manual that clients can use if they choose to take the accounting function back in-house.
If you’d like to discuss opportunities to outsource any of your business finance functions, please get in touch with David Richmond on 01756 620025 or email David.firstname.lastname@example.org