The benefits of outsourcing finance and accounting services

Sep 10, 2021

In a highly competitive marketplace operating any business comes with its own set of challenges and rewards. Effective financial management is a vital component for any business and can often be the difference between success and failure. This is why capital and resources are often spent on staff training and employing qualified accountants to manage these tasks. However, maintaining in-house accounting team is often costly and time-consuming, especially for small and medium enterprises (SMEs) who need to manage their resources wisely.

When a business requires the skills and knowledge of a qualified accountant but perhaps aren’t yet in a position to afford one in-house, the option of outsourcing finance to a reputable team allows you to achieve the growth with oversight from an experienced accounting team without the cost liability to your business. Giving your business the flexible solution that meets both budget and business requirements.

Outsourced accounting service takes care of both your internal and external accounting needs, cover-ing functions such as Financial Controller, Financial Director, Accounts Payable and Accounts Receivable, Payroll, as well as the external accountant. Companies with turnovers between €1 million and €5 million need regular input from a bookkeeper, an accountant, and an experienced CFO, but some of those requirements maybe not be required full-time. Outsourcing is far more cost-effective solution. Only 0.4% of businesses successfully scale to a €10 million turnover but having a clear financial strategy will make you more likely to prosper.

An outsourced accounting service is not a box-ticking exercise but a comprehensive and proactive solution that will allow you to access the range of skills needed for the sound financial management of your business. Giving you access to a dedicated accounting team without any of the stress of hiring, managing, or overseeing employees.

Outsourcing the financial aspect of your business takes care of everything: bookkeeping, payroll, management accounts, accounts payable, secretarial compliance, tax advice, credit control, business intelligence, and exit planning. Giving you regular input and advice from a highly experienced CFO who will oversee the business every month and be on hand to answer your questions and help you achieve your business objectives.

FMI have been the trusted partner for finance outsourcing for many companies. Our finance out-source services are consistent, flexible, and we will work with you to ensure all your finance require-ments are met, ensuring that the results delivered are right for you, while always adhering to strict confidentiality. Our experienced professionals have 50 years plus financial management, accounting, consulting, and payroll experience, and we have extensive understanding of all aspects of running end to end Financial and Management Accounting solutions for both small and medium sized companies.

Using FMI as your outsourced Finance provider will also ensure that your business is fully compliant from a Tax perspective and allows the business owner to work on the business as opposed to working in the business. This will allow you more time to focus on your core business, saving valuable time and reducing any risks involved with the financial management of your business.

So, if you have been thinking about outsourcing some or all of your financial requirements, get in touch with our team today.

Greg Marks
Chief Financial Controller