| It is not uncommon to see entrepreneurs struggling | | | | generally opt for hiring an all-rounder to perform all the |
| with spreadsheets, outstanding payments & | | | | duties within their 'finance department'. This may work |
| invoicing issues, hiring admin staff and still spending | | | | sometimes however for the most it does not provide |
| lengths of time dealing with Accounting & | | | | the effective and efficient support a good outsourcing |
| reporting issues. | | | | company can. |
| In today's hi-tech environment, businesses are generally | | | | One of my clients, a classic modern small business |
| very good at deciding which services to specialise in | | | | with a turnover of circa £1million running in UK |
| and which to outsource. However, Finance & | | | | with its success owed to China and Google, had |
| Accounting support needs are often underestimated | | | | employed a part-time Accountant/Bookkeeper an |
| by small businesses. With the exception to Payroll | | | | all-rounder to support all the Finance & Accounting |
| which usually gets outsourced all the other functions | | | | needs. This model relied on one person and lacked |
| are either not fully performed or kept in-house at the | | | | checks and balances and the benefits of specialised |
| mercy of unqualified staff. | | | | skills input for the business. As a result there was |
| This is mainly due to general lack of understanding | | | | inaccurate and untimely reporting, lack of compliance |
| within small enterprises of what Finance & | | | | and controls as well as communication issues. By |
| Accounting functions are and how they support the | | | | switching to a finance outsourcing model, my client |
| business. | | | | was able to enjoy the benefits of a fully functioning |
| Big businesses benefit from a fully-running Finance | | | | accounting department just like any big business and |
| department with dedicated Finance Directors, Financial | | | | he also passed on the duty of care to the service |
| Controllers, Management Accountants, Accounts | | | | provider. |
| Assistants for managing the more routine sales and | | | | Considering there are 4.8 million small businesses in |
| purchase ledger tasks and Credit Controllers etc. Small | | | | UK*, the inefficiencies within these businesses can |
| organisations can also benefit from having specialised | | | | have a huge impact on the economy as a whole. |
| skills in their pockets but due to small scale they | | | | |