The Benefits of an Outsourced Finance Department

In this article, Founder Neil Nichols explores the benefits of outsourcing the finance department for small business owners having helped hundreds of clients over the years.  

For a large number of business owners, they never intended to wear so many hats when they set up. What may have started as a passion project, or something they were good at, soon transforms, as owners suddenly become managers, HR specialists, accountants, lawyers and payroll all in one. The reality is, no one can do all those roles well, and learning to delegate is one of the most important pieces of advice we give to our clients.  

So, rather than trying to spin thousands of plates at once, why not outsource the stuff that doesn’t come as naturally and spend your time on the stuff that brings real value to your business. Here’s a question for you: Would you hire yourself to be your business’s bookkeeper and pay yourself a £100,000 salary? The answer, of course, is no. You’d find a skilled professional who specialises in it, saving your business money and ensuring the job is done right.

What we offer is a fully fledged Outsourced Finance Department that lets business owners handover the important stuff to an experienced, at a fraction of the cost of hiring someone internally. How? Let’s find out.

 

What Does an Outsourced Finance Department do?

At its core, outsourced finance is about us becoming a part of your business and really getting to know how things tick. Instead of building an expensive in-house finance department, you’re tapping into a team of professionals who can manage everything from day-to-day bookkeeping to high-level strategic planning. It’s a scalable, on-demand option designed to provide the same level of expertise as a large corporation’s finance team, but at a cost that makes sense for a small business.

The tangible benefits of this approach are what truly matter for a small business owner. The first, and most obvious, is cost-effectiveness. You get an entire team for a predictable, fixed monthly fee, which is a fraction of the cost of hiring just one full-time employee. This means no salaries, no benefits, no training costs, and no office space to worry about.

Second, you gain expertise on demand. Your financial partner gives you immediate access to a range of skills, from a qualified accountant to a tax advisor and a legal expert—all working together on your behalf. You no longer have to be an expert in everything.

Finally, and perhaps most importantly, this model provides peace of mind. Knowing that your financial records are accurate, your taxes are handled correctly, and your business is legally compliant allows you to let go of the stress and get back to what you love doing: running your business.

Want to find out how much we cost in comparison to a Finance Manager? Read more below and get in touch to find out how much cheaper we are.

What is the Salary of a Financial Manager?

 

What does an Outsourced Finance Department Include?

Outsourced Accountancy and Finance Services

An outsourced finance department isn’t just one service; it’s a comprehensive level of support designed to manage your business’s financial health. We take the three most critical, and often most stressful, areas and provide an all-encompassing alternative for business owners.

First, there’s Accountancy and Bookkeeping, which is way more than just data entry. It’s about turning your financial transactions into useful, up-to-date data that can be used to inform your business decisions.

Our team provides professional bookkeeping services that give you clean data, accurate reports, and real-time insights so you know exactly where you stand, not just once a year but every single day. This is the very foundation for all smart business decisions. Forget spreadsheets that go out of date, regular bookkeeping combined with cloud-based apps like Xero means your numbers will be up to date for you whenever and wherever you need them.

Outsourced Tax Planning and Advice

Then there’s Tax Planning & Compliance. For most business owners, tax season is a yearly nightmare of stress and confusion. Our approach is to make sure you’re prepared way in advance, so you don’t have any surprise tax bills and you’ve had time to put the money aside. We don’t just file your returns; we work with you year-round on proactive tax strategies. This means finding every legitimate way to save money and ensuring you’re always compliant, so you avoid penalties and keep more of your hard-earned revenue.

Outsourced Legal Services

Finally, we offer Legal support that goes further and is commercially minded. Setting up and running a business comes with a host of legal requirements, from contracts to business structures and everything in between. Too often, legal work exists separately from the commercial goals of a business. However, by having both our teams in tandem, we ensure all the legal insights we offer go hand in hand with your business goals. Our team can assist with the financial aspects of these legal needs, helping you set a secure foundation from the very beginning.

From drafting contracts and terms and conditions, making sure you’re structured correctly, assisting with any employment issues or even if you’re looking to buy or sell; our legal team can assist. This crucial support protects your business from potential risks and gives you the confidence to grow, knowing every part of your legal and financial department are working in the same direction.

The Power of an Integrated Approach

Managing your business’s finances with multiple providers is like trying to build a house with three different architects who don’t communicate. This often results in conflicting advice and wasted time. The true strength of an outsourced finance department lies in our integrated approach. We offer a combined solution where accounting, tax, and legal services work seamlessly together. This provides you with a single point of contact, ensuring clear communication.

This streamlined process enables smooth data flow between our team’s functions. When your bookkeeping is accurate, tax planning becomes straightforward, and our legal team can give you solid financial advice. No longer do you need to chase reports from one provider to another. Everything is interconnected, saving you hours and reducing the risk of costly mistakes. Ultimately, this approach goes beyond efficiency; it lays a foundation for strategic growth. We equip you with clarity and control to make smart, long-term decisions that will help your business succeed.

When you work with multiple providers, you rely on each of them to understand your goals. Accountants have a better understanding of your commercial goals than a solicitor does, and accountants tend to have little knowledge about the legalities of running a business. This creates a knowledge gap where there is potential for error. However, by having commercially minded legal experts and legally minded accountants, you ensure no opportunity is missed and that your set up in the best way possible.

Small Business Bookkeeping: A Guide

 

Finding the Right Financial Partner in the UK

Choosing a financial partner is one of the most important decisions you’ll make for your business. It’s not just about finding someone who can crunch numbers; it’s about finding a true partner who understands your goals. When looking for the right fit, it’s essential to find a firm with a proven track record of working with small businesses like yours, a team that offers a truly comprehensive suite of services, and a partner who prioritises clear communication and uses modern technology.

Your financial partner should be more than a service provider; they should be a seamless extension of your business. When you’re evaluating a firm, ask yourself: do they have a proven track record of working with small businesses in my industry? Do they offer a truly comprehensive suite of services that includes accounting, tax, and legal support? Is their team accessible and do they use modern technology to make communication and data sharing easy? We are proud to be that firm and have helped hundreds of clients achieve their business goals over the years.

 

Conclusion: Your Partner in Small Business Success

By now, it should be clear that an outsourced finance department is much more than just a cost-saving measure, it’s a strategic partnership that can fundamentally transform how you run your business. It’s about more than handing off tasks; it’s about gaining an integrated team of experts who will help you save money, reduce risk, and find the clarity you need to focus on what truly matters. We believe that when you’re not spending your time on compliance and paperwork, you can unlock your business’s full potential for growth.

If this sounds like something you’d like to embrace, get in touch to find out how we can help!