Richard Dare WG Outsourcing Director Explains Accounting Outsourcing Benefits
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This document summarizes the benefits of outsourcing accounting and financial processes. It outlines that outsourcing can provide better control over finances, reduce risks, improve performance, and save money compared to maintaining an in-house team. Specific benefits mentioned include more time, clearer financial pictures, faster information, guaranteed compliance, well-defined service levels, and only paying for required services without additional recruitment, training, or payroll costs. The document is from an outsourcing director providing an overview of their accounting and financial outsourcing services.
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Richard Dare WG Outsourcing Director Explains Accounting Outsourcing Benefits
Editor's Notes
- “ Giving our clients the access to the right skills and resources when their business needs it to allow them to do what they do best”
- “ Giving our clients the access to the right skills and resources when their business needs it to allow them to do what they do best”
- The only proviso is that there is a commercial basis for doing so
- There is an Outsourcing solutions for all businesses at the following key stages of their life cycle: Struggling to control growth – so you will need better information Concern at the reliability of current financial information – need an independent view Under financial pressure – i.e. need to reduce the costs of the finance function Out grown current accounting systems Considering an acquisition or sale Owners of businesses not wishing to manage a finance team Business not being large enough to warrant the cost of an in-house resource
- Be in more control: free up your time - spend more time growing the business have a clear picture of processes and responsibilities make better, more informed decisions - utilise reliable, timely and high-quality information save time - an outsourced management team is there to deal with issues as they arise avoid surprises - pricing is transparent and fixed Reduce financial and business risk: be confident you are legally compliant avoid 'red tape' – we worry so you don’t have to utilise more reliable management information - for forecasting and budgeting
- Improve Performance get your key financial information reported earlier manage multi-site businesses more effectively become more efficient define service levels - achieve levels above those you can get internally Save money pay for resources only when you need them - have access to financial experts on demand use our proven ability to manage the finance function - save on recruitment fees and training costs avoid costs of recruitment or scaling your headcount up and down avoid costs associated with downtime – we don’t go sick or have holidays
- Core Accounting We can provide a solution for the complete management of your financial “back office” including: maintaining all books and records general ledger maintenance purchase ledger management, including supplier management sales ledger management and credit control project accounting and job costing payroll management and KPI reporting VAT compliance systems analysis services delivered at client site or from WG Offices (depending on your needs) advisory input if required e.g. FD on demand or FC on demand
- Management Reporting Quality management information delivered on time is the lifeblood of any business. We can tailor our management reports to any type of business or regulatory requirement and provide you with the key performance indicators you need to run your business. We are used to delivering management information quickly after a period end – and we will agree the timelines with you. Reports can be as detailed as you need and may include: profit and loss, balance sheet and cashflow statements full back up notes to all balances forecasting and budgeting analysis schedules of important balances performance dashboard of KPI’s full record of all transactions covenant reporting explanatory commentaries
- Banking and Treasury We can maximise the return from treasury can form an income stream in its own right The timing of bank borrowing or use of overdraft can be delayed, reducing finance costs reduction in bank charges Converting collected debts into available cash i.e. customers paying electronically or, if a regular amount, Standing Order is best. Payroll Services Paying your employees is the biggest single transaction most businesses have on a regular basis, so why run the risk of something going wrong. WG will become your ‘Payroll Department’
- Outsourcing requires both parties to dig into the detail of each financial process. This is the key to an effective solution and also to finding efficiencies. To do this we have developed a simple and practical set of steps enabling you to make a commercial decision as to whether Outsourcing is appropriate for your business. The 6 Key Steps Understand the business model and key business issues. Detail (and/or design) components of process to be outsourced. Define performance goals to be achieved. Define the total costs of delivering the solution. Identify and document risks. Crucially, prepare and agree Business Case.
- We will provide you with..... a genuine focus on entrepreneurial businesses accounting staff who are commercial advisers first and outsourcers second extensive financial and outsourcing experience we will give you objective, honest commercial advice advice and support throughout and immediate access to other financial experts The most effective outsourcing frees up your time to do what you do best by allowing your business access to the right skills and technology when your business best needs it.
- At WG we have a faster and smarter approach to delivering accounting services. We give you the choice: your site, in-house or a combination of the two. We will improve productivity and decision-making of the finance function We will source and manage your accountancy software and services, we do it all for you for a predictable cost. We recognise that not all companies' requirements are the same, so adaptability to your particular circumstances is also an important consideration. This allows us to match your expectations at each stage of your development. Sometimes the answer is NOT to outsource and our FREE initial review will determine if this is the case.