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[21.11.2018]

Outsourcing Series: Roundup

Over the past few weeks we have published a series of blogs looking in depth at a number of areas where outsourcing services can help you and your business. Primarily we have focused on areas that your accountant can help with including bookkeeping, preparation of accounts, VAT returns and payroll. We have also considered how your accountant’s business contacts can help you and your business. These include solicitors, finance providers, HR consultants and GDPR experts. In the final article of this series we summarise some of the key benefits of outsourcing to your business.

Enabling you to use your time better

What could you do with the extra time gained from outsourcing tasks you used to do? You may choose to spend more time on the business focusing on your strategy. Or you may use the time to deal with important tasks that you can never find the time for.  You will have more time to meet new customers and explore new markets and services to enable you to grow your business. Alternatively you may decide to improve your work/life balance and outsourcing some tasks may enable you to have a few evenings off!

Peace of mind

Engaging an external expert to do those regular tasks will also give you fewer things to worry about. Consider outsourcing your payroll for example. No need to worry about changes in legislation, tax allowances and rates or Auto Enrolment. No need to spend time and money on software and training your staff and keeping them up to date. No need to worry about deadlines for filing those returns. Your accountant will handle all of that. You just agree the scope of work and the timetable for delivery and leave your adviser to do the work.

Do you want to focus on your core business and gain a competitive advantage?

It is very rare that you see a business with endless amounts of resource. We generally see businesses with combined accounting and customer support teams – so by outsourcing all, or part, of your accounting functions, it allows you and your staff to focus more on the strategic direction of the business, and its core activities that allow you to service your customers. By working closely with you your accountant will better understand your objectives and how the business is performing and can provide expert help to put your strategy in place and work towards achieving your long term goals.

Costs

Some business owners see outsourcing as an additional cost and as a result will disregard the option of outsourcing any work. However outsourcing can result in cost savings. Instead of spending time preparing the payroll or the accounts you and your staff can focus on your areas of expertise. Having external input can give you independent advice on strengths and weaknesses and can identify cost savings and benefits which bookkeepers and internal accountants may not. Very often the value of outsourcing is not just in getting the task done it is also having access to expert advice.

You are also able to benefit from economies of scale and expertise from your outsourced advisor. Additionally, if you choose the right outsourced advisor, you will be able to take advantage and benefit from the latest methods of accounting and technological advancements in the accounting industry. These include powerful cloud based accounting applications that are likely to be significantly cheaper and more suitable to your business than your current desktop software.

Outsourcing Series

At DNG Dove Naish we have offer an extensive range of services to ensure we can help our clients no matter how diverse their needs. We work to understand each client’s affairs so we can tailor a service to meet particular needs and therefore deliver value. Contact us to arrange an appointment to discuss what we can do for you and your business.

Please see below links to the blogs we have published over the course of our outsourcing series:

Outsourcing for your business

Outsourcing series: The payroll process

Outsourcing series: Management accounts

Outsourcing series: VAT returns

Outsourcing series: Virtual Financial Director

Outsourcing series: Business planning

Outsourcing series: Business advice

Outsourcing series: Help on hand from your accountant

Ian Lowry

 

 

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