Why outsourcing doesn’t mean outspending
Outsourcing is as old as business itself. Adam Smith makes a strong case in his classic tome Wealth of Nations; the division and specialisation of labour means a more productive environment. This is as true today as it was centuries ago. If your roof’s leaking, you get a builder to fix it. If you have a legal dispute, you hire a lawyer. Outsourcing is something we do every day. But when it comes to bookkeeping and accounts, the only thing worse than doing it yourself is outsourcing to the wrong person.
More and more people are having a go at ‘DIY Bookkeeping’. Partly due to the economy, partly due to a can-do attitude. Either way, this means more and more people are wasting unnecessary time and money on their accounts. You probably don’t realise how cost-effective and beneficial it is to outsource to an experienced accountancy firm.
What do you think of when you hear ‘accountancy’? Stuffy offices, long meetings and huge invoices? This is not the case. At GKF we take pride in giving you the service you need for the price you can afford. And with our virtual office technology we need not even be in the same room. Though if you can visit our offices you should. They’re brand new and feature all the latest gadgets and gizmos.
But why should you outsource in the first place?
In a word; specialisation. You’re an entrepreneur; it’s your job to create wealth and breed success. It’s not your job to become a jack of all trades.
Accounting and bookkeeping aren’t for everyone. And if you can’t devote 100% of your energy to it you’re going to make a mess.
Below are the stated legal requirements relating to accountancy for company directors:
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss off the company for that period. In preparing these financial statements, the directors are required to:
Select suitable accounting policies and apply them consistently;
Make judgements and accounting estimates that are reasonable and prudent; and Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Did you get all that? Unfortunately it’s just the tip of the iceberg. We won’t even go into HM Revenue and Customs’ regulations about tax rules.
What it all boils down to is a simple question. Are you going to focus on what you do best; running your company, by letting us do what we do best; managing your finances?
We know how it feels to change how your company operates. Just thinking about outsourcing seems like a waste of time. Or you think the risks involved are too high to bring about a change and as always maintaining the existing system in place is convenient option. But no company grows if it doesn’t learn to evolve. And having a professional handle your bookkeeping is a change every successful company makes.
Below is a list of the benefits of outsourcing to GKF:
- Save 33% compared to having an in-house accounts department.
- Access to a multi-disciplinary team.
- Use of a variety of specialisms and skill levels.
- All the latest technology.
- Decades of experience.
What’s more, you can stop worrying about things like your staff’s investment in training, sick leave and other HR issues that clog up your schedule.
And you won’t have to worry about huge bills or hidden costs. We make sure to agree on a price before doing anything else. Your solution will be tailor made to fit your business.
The Business Centre
There’s a heap of additional opportunities when you do business with GKF. We recently launched GKF Business Centre; a one-stop shop where you can incubate and grow your business with all the financial guidance you need. We’ll provide you with desks in a fully serviced and furnished office. And as a tenant you’ll receive 30 minutes of free financial consultation every month. Alternatively you can use us as a virtual office and hire our board and meeting rooms as and when you need.
We also run a successful business school where you can attend discounted courses on things like computerised payroll and bookkeeping. So you can stop being a jack of all trades and become a master of the important ones.
The next step
All you need to do is come in for a free 45 minute consultation. Worst case scenario; you learn more about bookkeeping and go back to work richer for the experience. Best case scenario; you make a deal that keeps your company’s financial future on track.
Just get in touch and arrange your free meeting. And make sure you bring in a one page business plan stating your reasons for coming to see us. That way we can focus on your exact needs and work out an exact solution.