Management Accounts – Benefits of Outsourcing Accounting
In the current ever changing business environment, outsourcing accounting functions can be of significant benefit to businesses.
Outsourced services can cover many areas, but most commonly include the preparation of weekly or monthly payroll, completion of bookkeeping and VAT returns and the preparation of management accounts.
Benefits of outsourcing are numerous and include; avoiding the need for employing additional staff and the associated employment costs and entitlements. As a result the business no longer has to worry about cover for sick leave or holiday as this is dealt with as part of the service.
With work outsourced to Garbutt + Elliott, there is the additional benefit of having strong technical expertise in-house to support the outsourcing teams in all areas of accounting, including taxes and VAT to help the business navigate through any difficult areas. As a firm of Chartered Accountants, Garbutt + Elliott are covered PII and a code of ethics and regulations to ensure that if a problem does arise then the business has the comfort of knowing that it will be dealt with in an appropriate manner, which may not be the case if work is completed in-house or by a non qualified accountant.
Another important benefit of outsourcing is one of security. Although fortunately very rare, we do occasionally come across situations where bookkeepers or internal accountants have committed fraud and outsourcing should provide security against this possibility.
Finally, there is the benefit of having an expert and independent individual preparing and reviewing the information, providing objective analysis and feedback.
For further information on this subject please contact Chris Ward or enquiry@garbutt-Elliott.co.uk – 01904 464100