Benefits of an Outsourced Accounting Service

Bookkeeping is a lot like going to the dentist. No one really wants to set aside the time to do it, but not doing it can lead to some pretty serious problems. The truth is, for many businesses, the company head will wind up spending many hours of their working day attending to manual tasks, and even delegation means time spent training, checking and rechecking – when, lets face it, that time could be better spent focusing firmly on their business.

We live in a digital age, and advances in technology have changed the way we do business forever. People that can really, really help with the day to day operations of a company are no longer in a back office down the corridor or gossiping near the water-cooler – they’re outsourced and on hand to help immediately. Many companies in this day and age are using outsourcing as a means to boost business, and the figures speak for themselves…

Let’s talk Facts and Figures

• A recent KPMG survey concluded that around 40% of UK companies planned to increase their use of Outsourced Accounting Services
• CPA findings stated that almost 80% of companies that outsource accounting are likely to refer their accountants
• Approx two out of every five businesses use this services as an important means to reduce costs, improve efficiencies and, in many cases, ensure compliance
• The 2018 Client Accounting Services (CAS) Survey discovered:
  – 80% of clients who outsourced accounting say they have more time to focus on their business
  – Roughly 30% of these companies have received advice from their accounting firms that led to increased profit
  – 30% feel more prepared and knowledgeable to make business decisions

Why does your company need accounting outsourcing?

Unsure of whether or not you’d benefit? Or if you really need this service? We ask you:

• Do you find yourself spending more and more time struggling to keep up with your business’ accounts?
• Are you preparing for an all-important financial statement audit or review?
• Do you feel your margins could be improved – but you don’t know where to start?
• Are your investors requesting financial projections?
• Do you have difficulty understanding the cash requirements for your business, or tallying its profitability?
• Are you looking for investors, or capital investment from financial institutions?
• Do you have less time to focus on running your business and making important, informed decisions?
• Are you spending unnecessarily on staff training, software and IT support?
• Are you missing deadlines or making uneducated mistakes?
• Has your business recently grown?

If you answered yes to one or more of these questions, Hayhursts can help! Taking those day-to-day strains out of your schedule, a fully outsourced accounting service, like what we offer, is the stress-free solution to making your business work, covering all roles from bookkeeper to finance director using market-leading software and technology, and tailored to your individual needs. Let’s discuss the many, many benefits, shall we?

8 Benefits of Outsourced Accounting

1. Cost-effective: One of the major advantages and appeal of accounting outsourcing is the sheer cost-effectiveness of the service. Many people mistakenly believe that sending your accounts to an expert elsewhere is expensive. Not so, in fact outsourcing is actually cheaper than handling your accounts in house, eliminating expenses related to employee benefits, training, hardware, software, office supplies – no more ‘forking out’ to keep up with technological advances and software upgrades, or paying to keep Colin in Payroll in check. A recent study found that, on average, companies can save 30% to 40%! By outsourcing, you only pay for what you need: nothing more, nothing less.
2. Time saving: Accounting, payroll processing, balancing the books – it’s laborious and time-consuming. And companies can find they tend to lose focus on core competencies while trying to manage such tasks. Outsourcing accounting services means that ever-valuable time can be redirected back into managing and growing your business.
3. On-hand experts: Outsourced accounting experts make it their job, nay their LIFE (in our case) to keep up to date with complex requirements, ever-changing deadlines, trends, schemes and advancing technologies in the business world – keeping your business in mind. Making Tax Digital or Statutory Accounts Preparation is like second nature. By outsourcing, you’re putting your livelihood in the hands of professional, efficient, dedicated, HMRC authorised agent, jargon-busting EXPERTS in all thing ‘accounts’. Like us, at Hayhursts, for example.
4. Uninterrupted service: Each client will be assigned a client service team, so there will always be someone on hand, with knowledge of your business and the underlying transactions to answer any queries you may have. Now isn’t that better than your in-house finance team member going on holiday and you having to wait for their return to gain answers to you queries??
5. Speedy service: Your outsourced accounting team has a dedicated agenda and outcome, they’re motivated and focused, they’ll get the job done quickly, efficiently, on time and, most importantly, RIGHT the first time. They’ll be no lounging around on our watch!
6. Accuracy guaranteed: Accounting outsourcing means, through no additional stress, brain-bending or unnecessary cost of your own, your on-hand expert will have a detailed and up-to-date knowledge of accounting principles, payroll management, etc basically anything that can lead to inaccurate reporting or filings. Accuracy is always at the forefront of what we do, so you can rest easy that you won’t find yourself at the business end of an unwelcome fine or worse.
7. Minimising risk: Outsourced accounting ensures that all tasks are in safe hands and are given the importance they deserve, as well as being reliable, secure and entirely fool-proof. Little or no risk involved, guaranteed.
8. And finally, peace of mind: Whether your business needs to expand beyond basic bookkeeping, or requires a fully outsourced accountancy service covering all aspects including payroll, statutory accounts preparation, VAT returns or iXBRL tagging, you can feel confident that your chosen expert has everything in hand. And that’s peace of mind you can’t put a price on.

We at Hayhursts offer a wide range of services from our Southampton-based offices – and can ensure you have everything you need, when you need it, allowing you to focus purely on running your business.

What are you waiting for? Find out more about our outsourced accounting services here.