What Accounting Functions Can Be Outsourced?

What Accounting Functions Can Be Outsourced?

Thinking of getting a helping hand with your business accounting? You’re not alone. Plenty of business owners and entrepreneurs choose to outsource their core accounting to free up time and resources. But, before taking the leap and hiring an external accountant or firm, you’ll want to know exactly what accounting functions can be outsourced. We’re revealing all in our guide.

From SMEs to large corporations, let’s take a look at what accounting services can be outsourced.

Bookkeeping

As well as accounting, you may want to get your bookkeeping taken care of. You can’t have one without the other after all. Making sure all your books are accurate and regularly maintained is important. As well as essential data entry and administration, bookkeeping services that can be outsourced include purchase ledger management, bookkeeping for the self-employed, and sales ledger and credit control.

Tax Planning

With professional tax planning, your business can operate in a way that’s tax efficient. Paying as little tax as possible means your money can be spent more efficiently, in a way that’s going to grow rather than hinder your business development. Tax services also ensure you’re remaining HMRC compliant, never missing an important deadline and always providing accurate information in the right format.

Bear in mind that Making Tax Digital is just around the corner, so you should choose an accountant that is compliant with the latest guidelines.

Cash Flow Analysis

A cash flow analysis will help you see at a glance the amount of money available to run your business operations and complete transactions. An outsourced accountant can regularly break down the accounts receivable and accounts payable, presenting this information in a way that allows you to understand exactly how much money you’re receiving vs spending.

Pension and Payroll

If you hire employees, you’ll be pleased to know that pension and payroll administration can be outsourced. A reliable accounting firm will make sure everyone’s paid the right amount and on time, with weekly or monthly payslips.

Financial Director

Essentially, if you want board-level support and ‘big-picture’ insight into your firm’s finances but don’t want to pay a hefty full-time FD salary, outsourcing your Financial Director services is an ideal solution. A financial director is an important role for a business that’s thinking big. They can keep a close eye on your company’s finances, offer advice on key investment decisions and make recommendations to ensure your business maintains healthy growth.

Key takeaway

When it comes to outsourcing accounting, most of your essential tasks can be completed this way. The accounting services listed above are just a handful of examples – there are plenty more functions that you can outsource. It’s important to find an accountant who is happy to provide a bespoke service that’s tailored to your requirements. Ratiobox can deliver just that. Speak to us today to arrange your initial consultation and find out exactly what services we can outsource for your business.