Did you know that accounting processes, payroll services and HR are the most common services to be outsourced? In an attempt to reduce costs and be more efficient, two out of five businesses are outsourcing their processes.
If you are a small business, you may not have the resource, expertise or knowledge to efficiently fulfil these services. Accounting is one of the most important functions for any business as it allows the business to keep track of their financial operations and make their business more efficient.
Accurate data allows a business to produce correct budgets and forecasts whilst knowing where they are financially to be able to reach targets and see profits year on year. It’s great if you can afford to have an in-house accountancy team but not all small businesses can, and therefore more and more UK businesses are choosing to outsource their accounting services instead with an experienced accounting provider.
Outsourcing is not a new concept, it has been around for many years, used by other industries and now the trend has begun with accounting. But what benefits can outsourcing provide for your business?
Outsourcing can be an extremely cost-effective way of managing your accounts. Just think, no need to purchase expensive software – and with the Making Tax Digital rolling out soon, this could be a big save! Then there’s the cost of training an employee or keeping up with their training and skills and the need to pay an employee for a set number of hours each month (plus employee benefits!). These costs can be eliminated if your accounts are outsourced.
The time it takes to manage business accounts accurately can be very demanding, especially if you are a small business owner trying to manage every aspect of running a business. By outsourcing your accounts to a reputable and reliable company, you can be assured that your finances are in safe hands while you spend your time doing the things that you love to do within the business.
If you’re someone that allocates evenings and weekends to catch up on the accounts, you’ll have that spare time available to be with family or to do the hobbies that you love to do!
Up to date information
Staying on top of accounts is hard in itself, let alone staying on top of all the latest rules and regulations and information that is rolled out on a regular basis. An accountant is purely focused on that all day, every day and is well aware of everything that you will need to keep your business afloat and within the law. You won’t need to attend training courses, download webinars or documents. Your accountant stays up to date for you!
Every business starts off small and grows from that point in time. In order to grow effectively, you need to measure out what roles and responsibilities are important for the life of the business. Accounting is a priority but it doesn’t have to be a priority for the business owner to accomplish. As long as you can let go of the responsibility and allow an accountant to take the reins, you’ll have wider scope to do more and to achieve more. Employees can be brought in for other tasks and as your business grows, you’ll be able to afford more and eventually bring all departments in-house – but until then, it’s good to outsource and to scale your business accordingly.
This encompasses all the above points, but to highlight, an accountant is trained, qualified and extremely capable of running your business accounts. Here at Kara Accountants, we have years of experience working in the industry and within the local Hampshire business community and we know everything that is going on and all that needs to do to keep your business running smoothly. Working with each business individually, we provide accurate financial positioning, budgets and management accounts that you can be assured give a true indication of where your business is at, when you need it most. Leave your accounts in the hands of experts, don’t try to do everything yourself!
Here at Kara Accountants, we are happy to help in a range of services, including:
- Online Bookkeeping
- Management accounting
- Statutory Accounts production
- Forensic accounting
Get in touch to find out more!