New to outsourcing accounts? We look at the pros … and cons!
When we talk about outsourcing, we often think of large corporations and public bodies, perhaps deciding to ‘outsource’ facilities management or IT. Why would we recommend this as a model of outsourcing accounts for businesses in Somerset, Devon and the wider South West, particularly those on site at Hinkley Point C? Linda Carrington, Practice Management Director at Wessex Commercial Solutions takes a look.
When you outsource to an accountancy firm from Hinkley Professional Services Group:
- No need to build your own finance team. When you employ additional in-house staff you take on responsibility for their wellbeing at work, as well as training, holidays and desk space. By outsourcing accounts you’ll enjoy year-round support.
- Benefit from a wide-range of expertise in everything from bookkeeping and apps to tax and business strategy.
- We’re Xero experts, with specialist skills in construction / trades including nuclear. That’s particularly important for two reasons. Firstly, we can help you think carefully about how you price work, ensuring your pricing appropriately reflects the risks and opportunities you take. Secondly, we understand the requirements on-site, and can help you ensure your record-keeping and reporting is aligned with these.
- Have you been in your business for a while? Benefit from a fresh approach, and our UK and international business experience. Our team have worked on major infrastructure projects, and will look for ways to deliver the best performance for your business over the long term.
- Focus on what you do best. Spend your time training your operations team, not your accountant! The risks of in-sourcing are magnified when you’re working on a major project. Even when you recruit the best available staff, you miss out on the range of expertise you get when outsourcing accounts to a whole team. Our accountants bring expertise from both practice and industry.
We promised a ‘warts and all’ look. Here are the risks around outsourcing accounts:
- Your office administrator / bookkeeper may not like the change. However we’re a friendly team, and if they’re an asset to your business they’ll likely appreciate the extra support.
- We’ll automate your data entry. That will mean some (easy) changes for you and your staff. Not everyone will like it. But you’ll be spending money on something more meaningful than form filling and filing.
- We will hold you accountable for the performance of your business. We will advise, suggest, recommend, and provide practical support too! However we’ll expect you to stick to what you agree. If that’s not for you, outsourcing to us won’t be the best option.
- Once we’ve looked at your lines of business, we may suggest reducing or even discontinuing one or more business streams. Sometimes your overall profits are affected by loss making activities. We want you to focus on the profitable areas of your business, and those with the most potential.
Who better to tell us about how outsourcing accounts worked than the people who already do it?
Businesses say they value having a commercially-minded accountant on hand. They get both a ‘sounding board’ and practical help. (Perhaps in the past you, like our clients, have felt that consultants just ‘advise’ then leave? It’s important you’ll feel supported).
Make sure your accountant ‘gets it’. They need to talk your language, but mustn’t shy away from difficult issues. You’ll also want someone who has hands on experience in the sector, is up-to-date with technology and is easy to get hold of.
Working at HPC is a significant commitment and investment for businesses in the South West. That’s why you’ll also want an accountant who’ll go above-and-beyond to support you.