Outsourcing business functions, what would you do with the extra time?
Running a business today is a challenge. It seems there are more distractions than ever and that more and more time is needed to comply with regulations - meaning less time to spend on actually growing your business. Of course, when you’re starting out it’s essential to keep your running costs down, but all too often the drive to save money comes at the expense of overall business efficiency.
Business owners often try to do as much as possible themselves, taking on critical but generally non-sales generating tasks such as bookkeeping, preparing management accounts and running the payroll. While outsourcing these core functions can seem like a waste of money, using someone with the right skills can be more efficient.
Rather than looking after administration and compliance your energies are surely best spent developing your business. Just think about what you could do with the extra time - increase sales, win new customers, or simply spend more time with friends and family?
Getting support from a team of experts could be exactly what you need. While you can probably prepare your own accounts, file your own tax returns and run your own payroll, as a business owner you don’t always have the time to do everything yourself. You need to focus on growing your business and not spend your days (or too often, nights) tied up with spreadsheets, bureaucracy and red tape.
Keeping up to date with every tax and compliance change can also be a real headache and getting it wrong can lead to serious problems for your business. VAT is so complex these days it really helps to have a specialist around to make sure you’re getting it right.
An expert team supporting you means deadlines are never missed - your books get done even if you’re caught up with a business or family emergency. Having an independent set of eyes on your data, systems and processes (spotting any errors or missing information) can be invaluable, making you less susceptible to fraud.
Outsourced support provides a ready-made network of business experts to bounce ideas off. Your Bookkeeper or Payroll Manager will be working with lots of different businesses across a range of sectors so they’ll have a wealth of real life examples of what’s worked and what hasn’t that they can share with you.
They’ll also provide a range of reports and KPIs so you can see how your business is performing. Outsourcing is also a good way to keep up to date with the latest technological developments. For example, your outsourcing team will let you know if you’re using the best accounting software package for your business or if there are other apps or software packages that would be of benefit. And if you do ever want to take things back in house at a later date, they can provide training and ongoing support to your internal team.
Lorna Bloor is Head of Business Support at Moore Stephens Accountants in Northampton and Corby. To find out more call 01536 461900 or visit the website below.