Wednesday, November 30 2022

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As National Payroll Week begins, outsourcing presents an opportunity for many businesses. This is an opportunity not only for the company to save valuable time and money, but also to ensure that the company operates a risk-focused, secure and compliant finance function.

The need to comply with regulations imposed by regulators, HM Revenue & Customs and The Pensions Regulator means that finance, including payroll, is now a complex and significant legislative burden. So there’s never been a better time to consider outsourcing it.

Jonathan Reespartner and manager of ABAS West, explains in more detail the advantages of outsourcing finance and related functions, such as payroll and HR, accounting and VAT declarations, management reporting, treasury, etc. .

Reduced costs

Businesses can save money in a number of different areas when they outsource their finance functions, including:

  • Training – Staff training is essential to keep up to date with legislation and stay compliant.
  • Technology – Maximize the use and benefits of the latest cloud technologies to generate maximum efficiencies and business returns.
  • Data – More informed decision-making by having reliable and accurate information and data.

Save time by outsourcing

Outsourcing financial activities will give business owners time to focus on growing the business compared to time spent on intensive administrative activities. We see many cases with clients switching to us from an in-house delivery where senior company executives spend valuable time dealing with administrative tasks. One such example was a recent new client who was a subsidiary of a large company based in Sweden. Not only did we provide an efficient outsourced payroll service to the client, but the client also found value in a fully outsourced finance team service (accounting, VAT and management reporting), tax advisory services (payroll ownership), HR consulting services and pensions. & Advice on benefits via Azets Financial Planning.

Peace of mind in compliance – more than “push a button”

There’s now market-leading cloud accounting software, and real-time data can drive informed decision-making, but it’s no substitute for knowledge. Without knowledge of what you are dealing with, there is a risk of openness to risk of error and non-compliance, which can lead to possible sanctions.

Outsourcing administrative functions to trained staff with specialist knowledge means you automatically stay abreast of new compliance rules and enables you to spot opportunities and threats through access to reliable management information and to custom reports.

Outsourcing relieves businesses of legislative burden and provides access to robust and comprehensive pre-existing compliance processes.

Eliminate the risk of a single point of failure

We have been approached many times by companies who need urgent and temporary support due to sudden changes in the business. This is usually because they have an employee who is responsible for many activities within the finance function, and that person is then unexpectedly absent from work. If there is no back-up support and knowledge within the business to cover this period of absence, then who will step in and ensure that financial information is handled correctly and the finance function is operating effectively? . It is not good practice to operate with a single point of failure and by outsourcing financial activities this risk is reduced. Businesses can rest assured that every task is covered by professionals who have in-depth knowledge and experience coupled with appropriate operating structures.

The flexible answer, adapted to your company

Regardless of the size and nature of your business, outsourcing can improve your long-term profitability and help you run your organization more efficiently.

Our outsourcing services are used by:

  • Growing SMEs and owner-managed businesses.
  • Start-ups and high growth companies.
  • UK subsidiaries of overseas based companies.
  • Large automatons that cannot use their primary auditor for subsidiary work.

Outsourcing your financial function gives you optimal flexibility. You can choose from a range of individual services to complement your in-house team, or you can opt to completely outsource your entire finance function.

Whichever combination you choose, outsourcing gives you the peace of mind of having access to a team that will meet the changing demands of your business, allowing you to instantly grow or shrink the size of your team to to meet business demand.

Direct access to associated solutions thanks to a dedicated advisor

Outsourcing has touch points with a number of related solutions, including annual compliance services, tax advisory services, corporate finance, pensions and benefits, and HR consulting. Working with a single vendor for the full range of employer solutions can take the hassle out of staff. A provider of these services can directly help businesses throughout their financial lifecycle.

Get in touch

For more information on the benefits of outsourcing or to discuss your needs, please contact a member of our specialized team.

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