Outsourcing the finance function – Innovative and flexible support for your business
When growing a business or simply maintaining existing operations, running your finance function can be challenging. Unlike the large multinational companies you may not have a comprehensive finance team with all the expertise at your disposal. For small and medium…
Blog22nd Aug 2018
When growing a business or simply maintaining existing operations, running your finance function can be challenging. Unlike the large multinational companies you may not have a comprehensive finance team with all the expertise at your disposal. For small and medium sized companies there often isn’t room in the annual budget for a Finance Director, Financial Controller, Management accountant and Accounts assistant.
However, the expertise of such a team are crucial if you wish to grow your business and want your finance function to keep up with changes in regulation and technology.
So what can you do to keep up?
By outsourcing your finance function, there is an opportunity to have a hybrid team with the expertise at your fingertips, should you need it.
You can have Finance Director when you need to make crucial decisions on growth, investment and strategy.
You can have a Financial Controller to meet your monthly reporting requirements and offer technical advice on a day-to-day basis.
You can have a Management Account and Accounts Assistant to help with processing of invoices, preparing payment runs and performing ad-hoc daily tasks.
AAB can provide this in a bespoke package that suits your business needs and your budget.
Case study- how does this work in the real world?
AAB was approached by a long standing client who had recently started a new business. It had grown beyond all expectation in its first 6 months and the Managing Director noticed that the make-shift finance team were struggling. They all had other roles in the business and were trying to keep the finances in check as well as do their full-time jobs.
He approached AAB to see what we could do to help.
He didn’t have the budget for a Finance Director and a Financial Controller but needed access to both to grow and run his business effectively.
AAB created a bespoke package that gave him access to both on an adhoc basis as he required them. As part of being the finance function we have changed the way things are done and streamlined processes. The cloud accounting package they operate is now being used to its full potential, key business decisions are being made quickly using accurate up-to-date information and the finance function is growing with the business.
If you are interested in outsourcing your finance function or simply adding expertise to your existing finance department contact firstname.lastname@example.org or your usual AAB contact.
To find out more about Lauren and the Accounting Services team, click here.