Outsourced Accounting Services
Discover the benefits
Would you rather be investing all your resources into making your business a success by focusing on those parts of your business responsible for growth, or stuck worrying over your accounts?
More businesses have become digitally enabled and enjoy the benefits of cloud based accounting services that offer an array of surprising benefits. Not only are costs reduced, but they also have more detailed, accurate, up to the minute management information at their fingertips.
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How to best manage a company’s day-to-day financial activities, is a dilemma many companies face at some point. For smaller firms, this maybe as simple as invoicing, credit control, expenses and payroll. But as a business grows, complications grow too, particularly with payroll, pensions, VAT and tax in general. At some point this becomes a distraction from the real business of growing the company.
Smaller business may consider that having an accountant look after their business’s financial affairs as an expensive luxury. Others think that they will lose control and start to grow their own internal finance function. However, more and more companies have realised the tremendous benefit and cost savings that fully outsourcing your accounting and finance activities can have on a company’s operations.
Six key benefits of outsourcing your finance function
Many of the clients we have who use our outsourced accounting services, look back and wonder how they ever coped before. When asked where they have experienced the most benefit, the following six reasons are cited frequently:
Naturally, our outsourced accounting service will provide you with the necessary guidance and assistance in all of your tax matters. This would include assisting with:
Corporation tax: Along with ensuring your business is taking advantage of any tax benefits or incentives available, we will provide a comprehensive corporation tax service.
VAT: This can be a tricky and time consuming area for many businesses as VAT rules, especially if you are buying and selling internationally and with Europe. We will make sure you are paying the correct amount of Vat and claiming what’s due to you.
International tax issues: If you have overseas offices or even remote employees, then there are a host of international tax issues to address due to differing tax jurisdiction and local tax regulations.
Overseas employees: Care must be taken to ensure UK workers remain under the UK social security regime. Remote workers are now a new category of worker, which include new rules surrounding employment rights, tax, social security, corporation tax and VAT.
Tax investigations: These are often protracted and expensive. Having the right insurance in place to help mitigate the costs is essential. However, our job is to do the best we can to minimise the risk of an investigation happening in the first place. If it does happen, we’ll be with you all the way.
Most companies that do their own bookkeeping and accounting never fully or accurately account for the real costs of doing so. Time is money, so doing your own accounting or having somebody ‘also do the books’, is a real cost to your business, as it could be better spent on growth issues.
It goes without saying that if you let external experts take care of your accounting needs, it frees you up considerably. And, that person who was ‘also doing the books’ can get on with more important tasks, such as customer services. Also, don’t underestimate just what a huge relief being able to trust ‘accountable’ professionals will be to you. A huge stress saving.
Scaling in any business is a potentially problematic exercise. Those who built scaling in specifically will have a plan that matches the expected growth of a business. Naturally, any internal accounting function will need to scale too. Often though, because it’s not necessarily a front line function where the growth of the business is concerned, it’s one of the last functions to scale. When you’ve spent your money of equipping the front end of the company to support a higher level of business, the back office finance department may become stressed and unable to support the growth, as investment has gone elsewhere.
When you outsource your finance function, you need not be concerned about this. You’ll already have a cost estimate that tells you explicitly what it will cost to support your business as it scales. The how though, is our problem.
By outsourcing to a firm such as Sapien, you entrust your business with absolute professionals, experts in their own disciplines and accountable to professional standards bodies. Because they have such wide and varied experience of different businesses, they are able to spot issues and probably resolve them without you ever being troubled. What a relief it would be if you never had to worry about you or a staff member making a mistake on your VAT or tax return and having to deal with the consequences.
Ensuring your business has the right financial tools that put the business essential financial date at the finger tips of those who need it, is paramount. The process of digitally enabling your business can seem a little daunting for some. If you have internal systems that support a home grown accounting function, then some panic may be in order, as updating these systems and ensuring they integrate with those of your suppliers or banks take a lot of effort and likely requires an external fintech company to support it, unless of course you do that yourself too.
If you outsource to a firm like Sapien, none of this is a major concern as your financial systems will be managed by us, in the cloud. There’s no need for expensive office equipment and software support contracts. Access to your critical management data is through secure cloud based accounting services such as Xero. Always on, always available.
Many business owners often forget that their best friend in business is often their own accountant. The same is true for Sapien’s clients. We’re available to discuss issues concerning you about your business. And, as we have experience of many types of business we may be able to suggest solutions to explain ideas that you may have never thought about or considered.
How we can help your business
Adaptability in your business, matched by agility in ours.
Your business is unique, because you make it so. It has to be responsive, because your customers and suppliers are subject to similar dynamic changes in the business world; if their needs change, you need to change too. You also need to keep an eye on trends; those affecting your customers and those related to the effectiveness of your operations.
Therefore, the team supporting your outsourced finance function, needs to be highly flexible and agile. Sapien Global understands this. We know that a simple one-size solution won’t work. For you, or for any business. Therefore, we’re responsive and flexible, delivering a totally tailored package of services to suit the needs of owner managers.
Your Sapien Global outsourced finance team has clear goals: to support your business by managing all the essential day-to-day tasks associated with the accounts and financial control function.
Outsourced accounting may also include the following services
- Employee expense management
- Supplier invoice approval and payment
- Customer invoicing and credit control
- Payroll and pensions