High profile entrepreneurs like
Richard Branson and Felix Denis, the late publishing billionaire and author, have stressed the
importance of having excellent financial management and accounting routines. I
can't think of any successful business I know that doesn't manage their
finances well, but have come across many that have failed or lurch from crisis
to crisis, who are not in control of their finances.
In my experience, many small businesses deal with some aspects of financial management but focus mainly on compliance. They deal with tax returns and Companies House administration with help from their accountants. Often the parts that get ignored, or are done less well, are monitoring performance on a regular basis and looking forward rather than backwards. I would argue that these aspects are critical for business owners who are serious about building sustainable, profitable businesses.
It is difficult for small businesses to find the resources and skills in-house to put in place comprehensive and effective financial management routines. This is why outsourcing is a sensible option. At Base52 we provide affordable outsourcing solutions to small businesses. As well as providing essential compliance services like year end accounts, payroll and tax returns, our outsourcing service also includes:
* Bookkeeping
* Credit control
* Monthly or quarterly management accounts
* Forecasting
* Financial management advice
* Advice on tax effective drawings for the business owner
Another advantage of outsourcing is that it is scalable. We adapt the level of support your business needs depending on your stage of development. For example, some businesses may require bookkeeping support at the start-up stage. When they are more established they may recruit their own bookkeeper but continue to outsource management accounts which require a higher level of skill and expertise to prepare.
In my experience, many small businesses deal with some aspects of financial management but focus mainly on compliance. They deal with tax returns and Companies House administration with help from their accountants. Often the parts that get ignored, or are done less well, are monitoring performance on a regular basis and looking forward rather than backwards. I would argue that these aspects are critical for business owners who are serious about building sustainable, profitable businesses.
It is difficult for small businesses to find the resources and skills in-house to put in place comprehensive and effective financial management routines. This is why outsourcing is a sensible option. At Base52 we provide affordable outsourcing solutions to small businesses. As well as providing essential compliance services like year end accounts, payroll and tax returns, our outsourcing service also includes:
* Bookkeeping
* Credit control
* Monthly or quarterly management accounts
* Forecasting
* Financial management advice
* Advice on tax effective drawings for the business owner
Another advantage of outsourcing is that it is scalable. We adapt the level of support your business needs depending on your stage of development. For example, some businesses may require bookkeeping support at the start-up stage. When they are more established they may recruit their own bookkeeper but continue to outsource management accounts which require a higher level of skill and expertise to prepare.
Whatever you need, it's important to find a team you can
work with and rely on in what is a vital part of any growing business.
www.Base52.co.uk
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