Services:
Outsourced Accounting
In a recent government study, new business launches grew by 23% between 2010 to 2024. With SME’s making up 99.8% of all businesses in the UK, this shows a huge trend of people choosing to embrace their entrepreneurial spirit and start their own business and highlights how much SMEs make up the backbone of the UK economy.
However navigating the challenges of running your own business is tough with roughly 50% of new businesses failing within their first 3 years of operation.
To support SME business owners, and increase their chances for success, outsourcing your finance management to a trusted accounted like Haines Watts can make all the difference.
Here are 3 key reasons to help you decide if outsourcing your finances is the right decision for your business.
1. Time to focus on Core Business Activities
One of the leading reasons for outsourcing your finance management, is that it gives you the opportunity to use that time to focus on what you do best to grow and run your business. Financial Management, while vital, can feel overwhelming and complex when it’s not your area of expertise. By outsourcing your bookkeeping, accounts preparation, VAT, tax planning, and statutory financial reporting, you can free-up valuable time and resources on serving your customers and achieving your goals.
2. Access to Expertise and Technology
By choosing to outsource your finance management you get instant access to a team of experts and specialists in finance. Drawing on decades of experience of accounting, tax and business advice across many industries, you can be confident that your team of experts from Haines Watts have the knowledge and experience to handle your business challenges and find the opportunities. Working closely with you in partnership to understand your business goals and unique challenges, we deliver personalised advice to help you achieve your objectives. This includes setting up and managing the most up to date technology to provide real-time financial insights. As an accredited Platinum Partner for Xero accounting software, we can make the process of getting you set up with making your accounts and tax digital, without you having to learn a new system.
3. Cost Efficiency and Compliance
Maintaining an in-house finance team can be expensive and HR management burden. Salaries, training, and equipment costs, add up quickly and may not be the most efficient use of headcount for small businesses. Outsourcing your finance team can significantly reduce costs and save you time. Managing cashflow and controlling expenses are critical for all businesses success. Without the overhead costs associated with an in-house finance team, small businesses can use that resource to expand in other ways.
Another benefit of having a team of finance experts and specialists to draw upon, is to ensure that you keep up to date with compliance regulations and tax laws specific to your industry. The risk of not keeping up to date with these changes can result in severe penalties and damage to your business’ reputation. Having an outsourced team like Haines Watts can proactively identify potential risks, then suggest and implement controls to mitigate against them, giving you peace of mind.
Final Thoughts: Is Outsourcing Best for You?
Outsourcing your Financial Management doesn’t mean you losing control, conversely it often enhances it. By outsourcing your finance team means they can do all the time-consuming processing work, whilst providing clear insights to give you full visibility on your business’ financial health. Having transparent processes and regular communication with your team of experts, enables you to manage your resources and make better decisions.
Whether you’re a growing SME or an established business, you can gain access to professional financial management and cloud technology, while simultaneously enjoying cost savings, improved compliance, and greater focus on your core business activities.
Other Related Content You May Find Useful
Owning It: Business Conversations - Our very own series of business conversations, aiming to uncover the trials and tribulations of being a business owner, invaluable insights from actual business owners speaking about; the highs and lows to everything in between.
