The vaccine your company needs24th March 2021
Most of my friends are now vaccinated against Coronavirus.
It’s such a relief. While I know that the vaccine doesn’t stop us getting COVID, it’s a protection against the worst dangers - like hospitalisation and serious illness.
And while I know it might sound strange, it reminds me of our Outsourced Finance Department :)
Let me explain.
Over the past few weeks, I’ve been talking about how outsourcing some of your auxiliary services - like finance - makes more sense when you have lots of staff working from home.
After a year of COVID, it’s easier to see how a remote team can integrate smoothly with your core business.
An outsourced service like ours gives you lots of advantages - like access to people with a range of skills and expertise you normally wouldn’t be able to afford until your business was far bigger.
But just like the COVID vaccine, using an outsourced service is also about giving you protection…
…In this case, from some of the biggest risks you take upon yourself when you manage your finances in-house.
Here’s a big one. If your in-house accountants make a terrible mistake with your money - for example, they give you awful advice which leads to a huge loss - who’s going to pick up the tab for that?
The answer is usually you.
But when you outsource to a firm like ours, we’re covered by insurance so if anything goes horribly wrong, you have recourse.
Not that I’m suggesting anything will go wrong… quite the opposite!
When you work with 2-3 accountants or bookkeepers in-house, it’s relatively easy for mistakes to occur. Each employee would normally have responsibility for their own work and they wouldn’t routinely cross-check what the other is doing.
But when you outsource to a team like ours, we have extremely strict processes in place so that every transaction is seen and approved by more than one person - sometimes up to four! It’s much more likely that mistakes will be caught and questionable moves will be, well, questioned.
And that gives you much stronger protection against fraud too.
Here’s a different type of protection you get when you outsource…
When you have employees, they will inevitably take time off work.
Sometimes you’ll have a few employees taking time off all together - which will certainly be the case this summer, as everyone rushes to go away after a very stressful year.
Or what if the most trusted member of your finance team - the person with all the passwords, the only one who really knows “how things are done”, the one you completely depend on - is suddenly incapacitated or out-of-action with Coronavirus?
Most small firms would be left very exposed in those scenarios. You might struggle to get basic functions like running payroll or paying bills done. And at worst, your cashflow could be severely compromised.
But that could never happen when you outsource to a team like ours, precisely because you’re hiring a team, not individuals.
It’s up to us to ensure that your work is carried out to the highest standard, continuously - and you never have to worry about who’s doing that work or who’s absent. That’s our headache, not yours.
Finally, employing your own finance team is always a risk, because if you change your mind about any employee or are dissatisfied with their performance, they can be very difficult to dismiss.
But when you outsource, we are contracted to you. If you’re unhappy or if it doesn’t work for any reason, we can simply part ways.
Not, again, that I expect that to happen! The real advantage of outsourcing to us is that you get world-class financial management even when your company is turning over less than £10 million.
But that’s a different email :)
In the meanwhile, inoculate your company against potentially ruinous financial mistakes.
Click here to get in touch with me today, or call us on 01279 647 447 so we can talk about how our Outsourced Finance Department can drive your company forward.
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