Starting up or growing a business can be a challenging task. As a business owner you wear many hats, operations, HR, admin, accountant, handyman, and the list goes on.
When it comes to the accounts and finance of a business, there is a lot to consider from invoice processing, payment and cashflow management, wages, inventory management, etc. not forgetting all the regulatory reporting requirements.
Outsourcing the finance function can allow you to take one hat off with the reassurance that your accounts and finances are in expert hands enabling you to focus on the strategic operations of your business without losing sight of the books.
AAB were approached to assist a small Norwegian oil company who were restructuring their UK operations and during a cost efficiency exercise the decision was made to outsource the finance function. AAB were engaged to provide the full finance function of the company and undertook all tasks from invoice processing, credit control, payroll preparation, inventory management and management reporting. During this challenging time AAB were able to reassure the managing director that the accounts were taken care of and with the use of cloud accounting software the managing director had full visibility of the company’s finances, which reassured him that everything was under control allowing him to focus on the operations of the company and expand the business globally.
Through the initial outsourcing of the day to day bookkeeping, AAB were able to identify further areas where their expertise could support the business. Therefore, what started as processing invoices resulted in identifying ways to improve cashflow, suggesting cost saving initiatives and improvements to internal systems and processes.
This shows how by outsourcing even a small part of your finance function can help improve your internal resources and grow your business.
For more information please contact Lauren Wilson (firstname.lastname@example.org) or your usual AAB contact.
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