‘Outside resourcing’, as it was once known, now has a shorter and much more familiar name. Has the image of outsourcing also evolved, or does that image stop growing businesses from seeing the benefits?
How outsourcing has changed
The two enduring myths around outsourcing are:
- It’s all about cutting costs
- Only large companies feel the benefits
When outsourcing first emerged, these were far closer to the truth. Outsourcing of the elements of the finance function was pioneered by larger companies whose main motivation was to seek out more cost-effective alternatives to processing repetitive tasks in-house.
But that has changed. Outsourcing today is about adding value and insight to your business.
Five benefits of outsourcing
Once you’ve accepted the myths around outsourcing, you can begin to appreciate its potential. And BEGIN works as a guide to the five clear benefits:
- Better business decisions. Your business data is an enormously valuable resource. Outsourcing experts can use powerful technology and data analysis techniques to provide real insight into the business, informing business owners as they make key decisions about their future.
- Easy access to outstanding professionals. Outsourcing finance processes enables you to build relationships with highly skilled, experienced specialists: people with technical expertise who know your business as well as you do.
- Growing with your business. An outsourced finance function expands seamlessly as your business grows, adding processes and capacity as your needs develop. The right outsourcing provider can support you and your ambitions whether you grow organically, acquire another company or expand into new markets.
- Independent, expert perspective. The best outsourcing providers act as human business partners, not remote robots. They work side-by-side with clients, using experience and knowledge to help those clients grow into more efficient businesses enjoying greater success.
- New flexibility. If the pandemic caused you to struggle with rapidly changing volumes of custom and shocks to your business model, you weren’t alone. In challenging times, finance staff are essential for keeping businesses compliant and solvent. When you need capacity, whether it’s for the short or long term, outsourcing can take you to new levels of flexibility.
Throughout my international career as an outsourcing specialist, I’ve seen hundreds of businesses experience these five benefits and thrive because of them. Outsourcing of the finance function is something that companies could and should consider at any stage in their growth journey.
How BKL can help
We work closely with ambitious, entrepreneurial businesses who value outsourcing as a way of accessing the strong financial management they need in their early life, as well as making sure that potential investors have access to accurate and detailed financial information. Our support provides owner managers with the space they need to think more strategically, supported by top-quality and timely information.
More and more businesses are realising the wide-ranging benefits of outsourcing the finance function. We are here not just to ease the burden, but to help you succeed by taking the time to really understand your business and your goals.
For more information about how we can help you, contact us today.