What Accounting Functions Do I Really Need For My Business?!

Well firstly, hello!? Have you seen just how good we are with number crunching? We love it! No, really, we do! But, if you’re thinking of embarking on a journey with an outsourced accounting function, then have you thought about why it’s the right choice for your business and where to find the best partner to work with? The level of outsourcing support that you need will depend on the level of in-house support that you already have. We’re here to give you some advice to point you in the right direction and give you the courage to take a leap of faith and work with Backoffice Nationwide if you’re looking to outsource some of your accounting functions. 

When Should I Think About Outsourcing?

Each business has its own individual fingerprint and what is right for one organisation won’t be right for another. But as a general guide, some of these examples might ring true with where you and your business are at right now:

• You want to be able to vary the level of support you receive throughout the year so don’t want to commit to having a full-time in-house accounts department.
• You are trying (and failing) to juggle multiple aspects of your business, like marketing, sales, accounts and HR but you need some support.
• You don’t have the right knowledge and want to be able to focus entirely on running the business instead of all of the administrative tasks that come with crunching numbers.
• You are looking to grow but need accurate and up to date financial information to help inform the vital decisions that are on the horizon.

What Accounting Functions Do I Actually Need and What Can I Outsource?

The level of support you need in your accounts department will depend on the size of your business and your goals for the future. With Backoffice Nationwide you can outsource as much of your accounting function as you need to. Perhaps you have a fully qualified bookkeeper but need some help with PAYE payroll. You’re looking to streamline your business but maintain your level of comprehensive financial data at your fingertips. You need a VAT specialist but you’ve already got a brilliant credit control team. Backoffice Nationwide can fit in with your existing team or become your only team.

If you’re a small business then some of the accounting functions that you might require are:

• Day-to-day Bookkeeping
• End of Year Accounts preparation and submission
• Credit Control
• Cash Flow Forecasting

If you’re a larger business then you might be looking for some help with:

• PAYE Payroll
• Preparing your business for an exit strategy (sale)
• Financial Reporting for Board Meetings/Shareholders
• VAT Returns
• Invoice Discounting
• Pensions
• Preparation for Funding Applications

Guess what – Backoffice Nationwide can do all this AND MORE!

The Latest Tech At Our Disposal

We try all the new programmes so that you don’t have to. There are so many cloud-based accounting apps on the market right now, there’s been a huge boom in the last few years. When you’re an SME (or smaller!) it can feel like a total minefield. But, at Backoffice Nationwide we keep up to date with the latest technology advances and we will know what the right path is for you to take. We’ll take charge of your accounts and use the right software for you – no more forgetting to cancel that free trial!

Will You Be As Passionate About My Business As I Am?

In short, YES! We LOVE working with numbers and pleasing our clients is always our top priority. We will fight your corner at every opportunity and nothing is more satisfying than seeing our clients grow from a small business to smashing it every month. We have clients of all sizes but just because you’re a small business doesn’t mean you’re not a BIG deal! We will give you all the time and advice that you need to help you grow and one day, you’ll still be a big deal but also a big business!

Can’t I Just Find My Own In-House Team?

If you believe that is the right course of action for your business then of course! But sometimes committing to a fully-trained in-house accounting function is costly! Outsourcing means you can save on overheads like office space and IT equipment and also decide exactly what levels of support you need in which areas. It’s usually impossible to find an accounting employee who is fully trained in payroll, cash flow forecasting AND credit control. But with an outsourced team, you can pick and choose how much time you need on which areas and experts will be allocated accordingly.

I’m Not Sure I’m Ready To Commit To A Fully Outsourced Accounts Function

Hey, that’s okay! Some people are scared of commitment and we fully understand that. Some of our clients choose to just outsource small tasks at a time and that’s a great way to dip your toe in the water. We could help you figure out your cash flow issues, prepare your end of year accounts or review your current financial processes and procedures and feedback some recommendations. By embarking on these small tasks with us, it will help bolster your confidence in us when we exceed your expectations each time (and we will!) and enable you to make a better-informed decision when you’re ready to take the plunge.

Okay, You’ve Convinced Me… What’s Next?

If you think outsourced accounting is for you then we’d love to hear from you. Your journey with us will begin with an extensive (and very compelling!) proposal, outlining a bespoke set of services, based on our initial discussions with you. Once you’ve signed on the dotted line (and we know you will), you’ll be working with a top-notch business with a wealth of knowledge across multiple industries (but you already knew that because you came to us in the first place!).

So now that you’ve read this far, you better get in touch – we’re waiting!