We know the cost of living is on the up and that consumers are concerned about rising energy and food prices - but what about businesses?
With GDP growth down from 6% last year to 3.8% and CPI inflation now peaking a full 8.7% higher than in October 2021, businesses are bracing for an economic downturn set against a backdrop of rapidly climbing costs.
With Omicron cases cutting productivity and supply issues impacting many businesses, it’s likely that you’ll be considering ways to scale back your outgoings whilst keeping core cogs turning. But where do you begin?
One money-saving method you may not have considered is opting for outsourced financial and accounting services.
If you’ve always had an in-house finance department, you might not be aware of the host of benefits that outsourcing this function can have for your bottom line.
Business needs change and priorities shift over time - a dedicated outsourced finance team allows you to react to real-time changes in your budget, without impacting your workforce or cutting corners. It’s a flexible, affordable solution that allows you to deliver something all businesses hinge on - but with complete control over what you’re spending and when.
Outsourcing your finance function covers many services including data entry, debtor management, expense and, cashflow management, managing your payroll, and paying your employees. It also covers submitting VAT returns, in-depth reports, budgets, and financial forecasts. Outsourcing is a full finance function, backed up by accredited industry expertise and the latest insights to help your business thrive.
With outsourced financing and accountancy services, you control the deliverables. Like a workflow process, it can be scaled up or scaled down exactly as needed, or turned off entirely when you need to pause and reassess.
Unlike maintaining an in-house finance team, there are minimal commitments that would need to continue ticking over day in, day out, just to maintain momentum, even after key deliverables have been met.
With a dedicated outsourced finance team, we manage every aspect of our training and accreditations to ensure that we’re always at the forefront of the financial sphere. This means you can reinvest the money that would have been spent on non-essential staff, including training, maintaining professional qualifications, and, of course, the recruitment process.
An outsourced solution means no more endless interviews, costly false starts, or paying to upskill someone who might leave your organisation for the next opportunity. If you have a particularly high staff turnover, you’ll see a difference in your expenditure almost immediately.
There’s also the added benefit of fewer associated physical costs, such as office space or technology required for working from home, like laptops and VOIP system set-ups. You won’t spend a penny more than you need to and what you do spend will be carefully accounted for.
With the burden of staying on top of your books relieved by an adept finance and accountancy team, you’ll be able to invest your energy in more important endeavours - like running your business. You can focus on the day-to-day tasks which bring in customers and maximise income, while we focus on the ‘as needed’ tasks to cut your expenditure.
You’ll receive regular insights into your business spending and allocation, reinforced by our broad business acumen and independent reporting.
What’s more, as we work alongside your business rather than within it, you'll have the added bonus of knowing that your spend is being carefully considered from an outside perspective. We’re not ‘too close’ to the business to suggest making the difficult decisions and we’re not afraid to put forward new ideas and emerging initiatives that could help you meet targets and exceed expectations.
With Duncan & Toplis, you’ll have the utmost assurance that your business is benefitting from our keen awareness of the most cutting-edge technology and the most relevant and timely trends.
We’ll not only help highlight key areas for improvement with easily actionable recommendations, but we’ll help to underpin your business objectives and add value on a clear and measurable level.
Want to get started making savings? Get in touch with our team.