Have you ever considered outsourcing your business finance function? There are many myths that can deter businesses from considering this as an option, and we explore them below:
Outsourcing Means Losing Control
Myth: Many business owners fear that outsourcing the finance function will mean losing control over their financial operations and decisions.
Reality: Outsourcing allows you to retain control over strategic decision-making while delegating routine tasks to experts. By using various cloud-based platforms and regular communication, you can maintain visibility and oversight into your financial processes. You will still make the major decisions, while experts manage day-to-day tasks efficiently.
Outsourcing is Too Expensive
Myth: Outsourcing is often perceived as an expensive option, especially for smaller businesses, and that it will cost more than maintaining an in-house team.
Reality: When you factor in the costs of salaries, benefits, training, and overheads associated with an in-house finance team, outsourcing can often be more cost-effective. Our team have the expertise and infrastructure already in place, which can reduce the need for expensive software, training, and management.
Outsourcing Means Low Quality or Inaccurate Work
Myth: There’s a common misconception that outsourcing financial functions means sacrificing quality or accuracy.
Reality: Our team are all part/fully qualified AAT/ACCA/ACA with years of experience. We invest in our people, ensuring they are fully compliant with their professional requirements, processes, and technologies to ensure high-quality work, making their services comparable, if not superior, to those of in-house teams.
Outsourcing is Only for Large Companies
Myth: Smaller businesses may think outsourcing is only a viable option for large companies with complex financial needs and significant budgets.
Reality: Outsourcing is a great option for small and medium-sized businesses (SMBs) looking to streamline their operations. With a smaller in-house team, SMBs can benefit from outsourcing to gain access to professional expertise, cutting-edge tools, and scalable solutions at a lower cost than hiring full-time finance staff.
Outsourcing Compromises Data Security
Myth: There is a belief that outsourcing the finance function exposes sensitive financial data to security risks or breaches.
Reality: We take pride in our data security and have the latest technologies to protect sensitive information. We follow strict security protocols, comply with data protection regulations, and invest in secure platforms for managing financial data. By working with us as a trusted outsourcing partner, businesses can enhance their security rather than risk data exposure.
By dispelling these myths, businesses can make more informed decisions about outsourcing their finance function, potentially unlocking efficiencies, reducing costs and focusing on core growth activities.
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Get in touch with our outsourced services team today to find out how we can help you on your outsourcing journey.
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