Outsourcing your accounts function can be the key to unlocking time, energy, and resources – and help grow your business.
If your business is growing and doing well, there’s a good chance you’re experiencing some growing pains. On the one hand, you have an eye on sales, building momentum, and taking advantage of new opportunities. And on the other, you might feel held back by operational tasks that are taking up far too much of your team’s time.
If your business has reached this tipping point, now might be the time to consider bringing in some external expertise. With the right outsourced bookkeeping and accounts service, you can take back control, focus on your core revenue-driving activities, and improve business performance.
Top 5 benefits of outsourcing bookkeeping and accounts
1. Pain-free processes
Love them or hate them, processes are the backbone of any business. From customer service, to onboarding employees, to getting paid, they help drive almost every business outcome. Having the right processes in place reduces errors, minimises risks, and improves productivity.
But for many businesses, processes can become a roadblock to performance. As a business grows, processes often become more complex and time-consuming. And take time away from people doing the high value work that drives revenue.
If your business has reached this stage of growth, an outsourced bookkeeping service can bring the breadth and depth of skills you need to get your processes under control. Drawing on a blend of accounting, finance, project management, and customer service skills, outsourced providers can streamline processes across your broader business. You’ll benefit with accurate, timely, reliable processes that help your business run more smoothly.
Processes ripe for outsourcing
2. Smarter decision-making
The secret to making better business decisions starts with having the information you need, when you need it. It seems almost easy until you consider the sheer amount of information available across your business. Without the right financial controls in place to capture this information, you could be missing valuable opportunities to improve your business performance.
Access to timely, accurate information is the foundation for getting the insights you need to guide better decision making. An outsourced bookkeeping service can help build this foundation by tracking day-to-day financials, budgeting, reporting structures – and more – all designed to keep you informed. With outsourced providers bringing additional skills and knowledge in working with a broader number of businesses, you’ll tap into expertise beyond what you employ in-house. You’ll also have access to additional resources and capacity, which is particularly important when your in-house function is already managing a full workload.
3. Reduced costs
Just as you specialise in your product or service, so do outsourced accounts services. Thanks to their experience working with many clients, systems, and processes, they’re more likely to know the best ways to get work done. By outsourcing, you can access specialist expertise to complement your in-house finance function.
The verdict is in: Outsourcing your accounts and bookkeeping can reduce your costs by 20-40%.
Outsourcing also helps reduce costs by only engaging in services as and when you need them. Outsourced service providers usually have teams with different levels of expertise. It means they can bring in the experts when needed, and leave simpler, repetitive tasks to lower-cost staff. This can be a cost-effective alternative to an in-house function with fixed staff costs that may not always be needed throughout the year.
4. Less service disruption
One of the key risks we see at Slate Accounts is businesses relying on key individuals to get critical tasks done. We know this is easy to do as your business grows and time becomes scarce, but it comes with a serious downside. If a person moves on from the business, or needs extended leave, it can impact business operations and create service disruptions.
High-quality outsourcing services use robust, systemised, and documented processes to manage accounts. They also share work across teams, with other team members available to fill in when needed. This allows them to continue their work on your accounts without disruption – which is good news for your business.
5. Free management time and energy
Quite possibly the biggest reason to outsource your accounts is the opportunity to free up management time and energy. With the right outsourcing in place, you’ll have the solutions and processes you need without having to spend valuable time managing them. It also removes the need to recruit, manage, develop, and retain employees, all of which comes with running this function in-house.