Managing your business’s finances in today’s fast-paced environment comes with significant challenges. Whether it’s keeping up with ever-changing regulations, adopting cutting-edge technology, or finding the right talent, businesses often struggle to balance their operational needs with strategic growth. Could outsourcing your finance function be the solution?
In this blog, we’ll explore the key signs it might be time to consider outsourcing and the benefits it can bring to your business.
1. Are gaps in your finance team holding you back?
Building a strong and capable finance team isn’t easy, especially in the current climate. Whether your team is stretched by regulatory updates, struggling to adopt new technologies, or dealing with unfilled roles, these challenges can negatively affect your growth.
How outsourcing helps:
Outsourcing provides access to a team of experienced professionals who specialise in keeping up with industry regulations and advancements. It ensures seamless coverage during staff absences and reduces reliance on any single team member. For SMEs, this approach can also help transform fixed costs into variable ones, giving you the flexibility to only pay for the services you need.
2. Is your business experiencing significant change?
Periods of rapid growth, market expansion, or organisational restructuring often put a huge amount of pressure on internal finance teams. Leaders often find themselves spending a lot of their valuable time on the day-to-day running of the business, leaving less time to focus on future strategy.
How outsourcing helps:
Outsourcing frees up your team to concentrate on achieving strategic objectives. It also provides scalability, enabling you to quickly adapt to changing demands without the delays and costs associated with recruiting or downsizing staff.
3. Are outdated systems slowing you down?
Inefficient accounting systems and manual processes can drain time and resources, while also limiting your ability to gain actionable insights. Cloud-based tools and AI-powered solutions can transform how your business operates.
How outsourcing helps:
Partnering with PM+M’s expert cloud team provides access to advanced financial tools that streamline workflows, improve accuracy, and enhance security. These systems are designed to future-proof your operations, giving your business a competitive edge.
4. Do you need better financial insights?
Robust financial reporting is essential for making informed decisions, yet many businesses struggle to turn raw data into actionable insights. Without a clear understanding of your financial position, it’s easy to overlook opportunities which could support your growth and/or profitability. If your current processes don’t provide the information you need, it may be time to seek external support.
How outsourcing helps:
Our outsourced finance function can deliver tailored reports that go beyond standard metrics – helping you understand market trends, identify growth opportunities, and make confident, data-driven decisions that drive profitability. Beyond that, our experienced advisers can add value by flagging any potential issues early on and help in identifying any potential funding or grant opportunities. Having a current snapshot of the financial position of the business will help when dealing with any potential lenders.
5. Are you confident in your compliance?
Keeping track of constantly evolving financial regulations can be overwhelming. Non-compliance doesn’t just result in financial penalties; it can lead to reputational damage. Breaches in compliance -such as failing to meet supplier terms – can negatively impact your business credit score, limiting access to financing and damaging supplier relationships. External factors, such as economic changes or stricter regulatory requirements, can further amplify these risks, making proactive management essential.
How outsourcing helps:
By outsourcing your finance function, our specialist team manages compliance on your behalf, ensuring your business stays aligned with the latest regulations and avoids costly penalties. Using our team’s range of tools, we can help identify opportunities and potential issues early on and be proactive, rather than reactive.
Through our partnership with Capitalise, and their credit review service, we can help improve your business credit score and/or increase available supplier credit.
Key benefits of outsourcing your finance function
By outsourcing, your business can benefit from several advantages, including:
- Cost savings: reduce overheads by paying only for the services you need
- Access to expertise: gain the insights of highly skilled professionals
- Focus on core activities: spend more time on growth strategies, not administrative tasks
At PM+M, our expert cloud accounting team can help your business streamline operations, enhance compliance, and achieve sustainable growth.
Ready to transform your finance function?
If you’re considering outsourcing your finance function, we’re here to help. Contact our expert cloud accounting team at enquiries@pmm.co.uk and find out how we can help you achieve more.
