4 Reasons why you should Consider Outsourced Finance


Outsourced Finance

Entrepreneurs dream big – and to presume that these aspiring pioneers of world-class innovations aren’t fantasising about accounting, tax, compliance, and payroll doesn’t take much guesswork. This is where an outsourced finance service comes into play. 

The finance department plays a central role in all businesses. A business owner that doesn’t place emphasis on their finances will lack control, direction, structure and planning and decision-making capabilities. But why are outsourced finance services becoming increasingly sought-after?

Related: The Pros and Cons of In-House Vs. Outsourced Accounting

Here are 4 reasons why we think an outsourced finance service will help your entrepreneurial dreams come to fruition.

1. Expertise

The breadth of expertise that you can capitalise on by outsourcing your finance is one of the primary reasons that businesses opt for an outsourced finance function. An outsourced finance service is inclusive of a team of experts who each focus on a specialist field, meaning all your finances will receive focused attention from industry professionals with a wealth of knowledge and experience. It would be near impossible to recruit an in-house employee that has specialist expertise across all areas of finance, not to mention the substantial cost if this employee did exist.

Not only this but engaging an outsourced finance service who are experts across numerous areas, also adds credibility to a businesses financial data and removes the risk of bias. Expertise across numerous areas is especially valuable with the increasing level of compliance and regulation companies face, which is changing quickly and requires expert knowledge and skill, as well as the latest software and financial reporting tools.

An expert outsourced finance service will also ensure that your financial statements are presented in a timely manner and with complete accuracy, which improves a business owner's ability to make informed decisions.

2. Scalability

Engaging an outsourced finance service provides flexibility and accommodates for business growth.

With growth, comes logistical changes such as the need for financial software updates, additional office facilities, recruitment, changing tax obligations and so forth. Utilising an outsourced finance service would extinguish some of the logistical burden associated with business growth, meaning you can devote more of your time to nurturing your business’s growth.

Not only this, but business growth means greater financial risk, and a subsequent need to plan. An outsourced finance and accounting service will have the expertise necessary to quickly adapt to growth. Specifically, an outsourced CFO can develop the financial tools needed when a business scales up. For example, they would ensure the financial infrastructure is fit for purpose, determine the most cost-effective tax structure, apply for multi-state registrations, utilise their networks to obtain equity and investments and carry out financial reporting and risk assessment.

Conversely, outsourcing your finance function also means that if your business experiences stagnation or financial turbulence, you can tighten expenditure much more seamlessly than if you had an in-house finance team, given that an outsourced finance service is used on an ad-hoc basis.

Related: Most CEO's miss these 3 thing when Scaling their Business

3. Cost & Time Efficiency  

An outsourced finance service will undertake the work that you may otherwise find laborious, time consuming and complex, in an efficient manner, so that you can maximise both your time and money.

Outsourcing your finances provides you access to expert finance and accounting solutions, whilst reducing your overall costs since you only pay for the services that you require, when you need them. Outsourced finance services also help to cut costs for a business in a myriad of indirect ways, such as reducing the need for staff training and management, necessary equipment, facilities and financial software and the overall time and energy saved. As a business owner, this means that you will have more time and money available, allowing you to focus on what you do best.

Related: Three clever ways Entrepreneurs can Save Time

4. Reduced Risk

Outsourcing your finance function will reduce risks to your business by ensuring that minimal errors occur, compliance protocols are upheld, and reporting is reliable and accurate. There are several rules and obligations that businesses are contingent to with regards to employee obligations, tax, payroll, accurate reporting and so forth. Should a business neglect to uphold these obligations, they could be subject to significant penalties and fines. By using an outsourced finance service, your business will have access to experts who are well versed in accounting compliance and will make you aware of any risks that your business may face.

Related: Five common Business Accounting mistakes to avoid this Financial Year

Outsource your Finance to Azure Group

About Azure Group

Azure Group provide full outsourced finance solutions, namely, outsourced CFO, outsourced payroll and outsourced bookkeeping and accounting. We offer a holistic service to ensure that all of your accounting and finance requirements can be seamlessly fulfilled under one roofAzure Group uphold a reputation for being a proactive, hands-on firm that delivers smart, innovative and revolutionary services to match the demanding needs of today’s business. 

Contact Us

Get in touch with our team to learn more about our outsourced finance services. 

Related: A Guide to Outsourcing your Accounting and Payroll

Have you noticed our #FridayExpertTips... here's one that relates to Outsourcing Finance

“Not dealing weekly, or even daily, with accounting tasks is like piling up the stock in the warehouse and then trying to find the one item you need a month later. Tackling your accounting tasks daily and weekly will make the business financials flow more smoothly, and give you more energy to work on the business instead of in it. Get in touch to find out more about our Outsourced Accounting Services.”


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About Author

Azure Group
Azure Group

Azure Group is the leading Chartered Accounting, Business Advisory and Strategic Advisory firm supporting the growth & success of fast growing entrepreneurial businesses.

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