David Purser of MHA MacIntyre Hudson talks about the advantages of using outsourced accountancy services.

For many businesses, staying competitive in today’s challenging marketplace is all about improving efficiency and keeping costs down while the burden and responsibility of administration grows. Outsourcing could be the answer to ensuring the smooth operation and growth of your business. The practicalities around outsourcing can be confusing for business owners, but the following set of questions and answers give a flavour of the things that are considered when outsourcing.

Does outsourcing mean handing over the control of my business?

No, quite the opposite. By outsourcing you stand to benefit from greater control of your business, and your finance staff will be able to concentrate on the core aspects of the business. This can result in improved responsiveness in terms of the production of reliable management accounts and other business critical functions.

ls outsourcing only for large companies?

Not at all. Any sized company can benefit from a bespoke outsourcing service. You can outsource the whole finance function or just a small part of it. As your business evolves and grows outsourcing allows you the flexibility to change the services provided to support your growth. Outsourcing also allows you to control the costs of your finance function.

Won’t outsourcing my financial statements just increase the prices I pay?

Not necessarily. By using outsourcing in the correct way, spend can be reduced in some cases. Clients have been known to comment that the service levels increase because of a more personal and responsive service!

It really depends on how your finance department works, but by outsourcing some of their tasks you can free them up to work in other areas more valuable to your business.

What are the benefits of outsourcing?

The benefit are many, some of the main benefits include:

· Reduction of staff administration costs

· Reduction in employment issues e.g. staff training, sickness, holidays etc.

· Improved quality and delivery of information

· Flexibility in the provision of the service

What type of outsourcing services can be provided?

A whole host of outsource services can be provided including:

· Preparation of statutory financial statements.

· Bookkeeping and related administrative services.

· Payroll processing services.

· Preparation of management information and accounts.

· Preparation of corporation tax computations.

· Expert advice and support in specialist areas.

· Preparation of P11D's and benefits in kind and other payroll services.

· Preparation of VAT returns.

· Inputting source data into finance software.

· Help you identify the most appropriate software solution for your business needs and advice on design, implementation and training.

· Preparation of reports to parent companies in agreed formats.

· Specialist support and advice on all company secretarial matters.

This is just a small flavour of how MHA MacIntyre Hudson can and do help our clients deal with outsourcing on a daily basis. For more information, or to discuss specific requirements, please contact David Purser in our Birmingham office on 0121 236 0465 or email him at david.purser@mhllp.co.uk.