As businesses look to move forward after managing the initial fall-out from the COVID-19 pandemic, business owners will have to find alternative ways to manage their cash flow, improve staff efficiency and increase revenue.
Many SMEs may not have considered outsourcing back office tasks, such as payroll, bookkeeping, HR or accounting. However, as these are all essential elements to running a business, they are tasks that can be time-consuming and costly to do in-house if you don’t have the right resources.
Therefore, we are going to look at the substantial advantages of outsourcing your back-office functions and explain how working with a reliable professional firm will help your business recover and grow.
Although we understand that your business may be looking to save money wherever possible, it is worth looking at how outsourcing can be a way to control costs. The immediate financial advantage for embracing outsourcing is that it can release capital for investment in other areas of your business.
Not only will it be expensive to have the correct software in place internally, but it’s also the costs of hiring and training staff to manage the financial administration, when in fact, their talents may be able to generate revenue elsewhere.
It also offers your business a level of financial flexibility as many outsourcing providers will work on a fixed fee basis. By working with you to understand your particular requirements, you will be able to tailor a solution that fits within your budget and meets your needs.
Therefore, you can have better control of your cash flow, focus on your customers and still maintain an efficient and agile business.
After the initial impact of the Coronavirus, scaling your business may not be the first thing on your mind. However, for your business to recover and begin to grow again, you may look to consider maximising your resources.
Outsourcing your non-income generating business areas will help increase output without putting additional pressures on staff, especially if you are still in a position where you have team members on furlough or perhaps having to consider redundancies.
By having a trusted outsourcing partner who will focus on your back-office functions, you will have the energy to continue building your brand or invest in research & development opportunities.
You know your business, and therefore during these challenging times, you must focus your energy on what it is you do best.
Instead of spending hours trying to understand the complexities behind auto-enrolment, employment law and HR policies or struggling to meet VAT deadlines, you can delegate to a trusted advisor who has the expert knowledge and advanced technology on hand to help.
Through having access to this specialist resource, you are kept up-to-date with the latest policies and legislation changes, ensuring you remain compliant during this challenging time.
Your business must be able to operate agilely during the current crisis, and by working with an outsource service provider, you will have someone who complements your business structure and knows your processes – and who are also already a remote part of your team.
An outsource provider can offer the resources to scale your business, providing a customized solution that meets your budget requirements and delivers the expertise to run your back-office efficiently.
With all of this in mind, the hardest decision is to find the right outsourcing partner for you! It is worthwhile considering the end-to-end solutions a professional firm of accountants can provide you, such as:
- payroll & HR
- company secretarial services
- corporate and personal tax advisory services
- credit control
- statutory or management accounts
You may only need assistance with bookkeeping and VAT at this stage; however, the advantage of having picked a trusted advisor is that they will continue to help your business journey as you recover from the COVID-19 pandemic.
If you have any questions regarding your outsourcing requirements then please get in touch. We have a dedicated Accounting Support department who will be able to provide a tailored solution to help your business move forward.