Outsourcing Explained

What is Outsourcing?

Outsourcing is a means to make best use of your or your employees, time by transferring all or some of the functions of bookkeeping, accounting, payroll and financial management to a specialised external provider.

At Enterprise Outsourcing we have a team of specialists who, through their direct involvement in the generation of your accounting records, can gain a far better understanding of your business and so be in a position to give you the advice you need.

By entrusting us with those tasks that we do best, you are able to make far better use of your time by concentrating on what you do best - running your business.

Is it relevant to my business?

The majority, if not all, businesses could derive significant benefits from full or partial outsourcing. We understand that each business has different needs and requirements. Outsourcing is flexible and bespoke and we are able to tailor the service to meet your specific requirements and provide you with as much or as little information as you require. So whether you are a sole trader or a group of companies, need assistance to run your payroll or your entire finance function, then outsourcing has a place in your business.

Benefits of Outsourcing

• Regular and accurate management accounts and financial information.
• Up to date accounting records and returns.
• Access to specialist skills from a bookkeeper to a finance director.
• Time-saving allowing you to concentrate on running your business.
• Peace of mind that your business is fully compliant with tax and other statutory authorities.
• Security and confidentiality.
• An uninterrupted service.
• Reduced employment burden.
• Fixed fees.
• Cost savings in the preparation of management accounts, year end accounts and, if applicable, the audit.

Outsourcing Services

• Payroll Bureau - including payroll preparation, processing of forms, end of year returns and dealing with the Inland Revenue.
• Maintaining ledgers - including cash books, purchase, sales and nominal ledgers.
• Operating bank accounts - including processing payments and being authorised to write cheques to settle accounts.
• Preparing VAT Returns - including submission to H M Customs and Excise and dealing with queries.
• Management Accounts - including the production of key performance indicators and regular meetings with management to interpret and discuss results.
• Annual Accounts - including submission to the Inland Revenue and, where relevant, Companies House.
• Cash Flow Forecasts - including the monitoring of actual cash flow against forecasts.
• Business Plans - including the preparation of financial projections, monitoring actual performance against budgets and providing variance analysis.

What does it cost?

We look at each assignment individually and quote a fixed fee based upon the level of service required and the specific nature and size of your business.

The price we quote can include all related services such as statutory accounts preparation, audit, corporation tax compliance, personal tax compliance etc.
There are no hidden extras, your costs are known at the beginning of the year, ensuring that you are not faced with any surprises. Payment is made by monthly standing order so helping budgeting and cash flow management.

Outsourcing in the real world

In order to give you an idea of how outsourcing actually works in practice we have provided 2 typical examples in the attached Case Studies.