Why you should consider outsourced finance

/in , , /by

Businesses using a single person to cover the accounting and finance function role are exposed to a number of risks, many of which can have a material impact on business operations, even jeopardising the business’s existence. In this post I will talk about how an outsourced finance solution can improve your business performance.

 

Outsourced finance services

 

The risks of single person accounting:

  • Key man risk: With no back up, the sudden departure of the finance person can leave the business unable to operate even the most basic finance functions such as the bank account or invoicing.
  • Fraud: A single person covering the finance role prevents the use of the most basic of internal controls such as dual authorisation to limit fraud and errors.
  • Compliance errors risk: With no peer review, errors can go undetected exposing the business to fines and sanctions for non-compliance with its obligations to organisations such as the IRD.
  • Employee data privacy risk: Unqualified staff with no payroll experience are often responsible for Company HR and Payroll and have limited, if any, understanding of Employer responsibilities in regard to the privacy of employee data.

Reduce the risk with an outsourced finance service

A great way to reduce these risks is to outsource your accounting and finance requirements to a specialist provider such as GECA and its innovative Virtual Finance Team (VFT) service.

The GECA Virtual Finance Team service provides clients with a dedicated team covering all aspects of their business accounting and finance. It ensures the right level of resource available where and when the business requires it. As the business grows, the VFT solution can be scaled up to meet the business requirements.

The benefits in using an outsourced finance solution:

  • All aspects of the accounting and finance function are covered from banking, payroll and management accounting to strategic planning and business coaching.
  • Frees up management time to focus on core business activities.
  • Provides the business with the right level of resource as and when it is required
  • Reduces fraud and error risk through the implementation of strong internal controls
  • Scalable solution that grows with the business
  • Cost savings from reduced internal resourcing requirements

Most importantly, outsourced finance solutions such as the Virtual Finance Team, provide business owners with peace of mind, knowing that all their accounting and taxation obligations are being done, all the time, every time.

So if your in-house accounting department in-house is not delivering the results you want, or you want to reduce your risks and improve your bottom line, using an outsourced finance service such as the GECA Virtual Finance Team can greatly benefit you and the business.

 

Call Giles now on 0800 758 766 for a no obligation discussion about how the Virtual Finance Team could work for your business.