What is an outsourced finance team?
An outsourced finance team provides some or all of the finance functions a business would otherwise employ internally. That can range from bookkeeping and payroll through to management accounts, cash forecasting and strategic finance support.
What outsourced finance actually means
An outsourced finance team provides some or all of the finance functions a business would otherwise employ internally. That can range from bookkeeping and payroll through to management accounts, cash forecasting and strategic finance support.
How it is different from traditional year-end accounting
Traditional accounting often centres on statutory accounts and tax. An outsourced finance team works throughout the year, keeping the records current and using them to support operational and strategic decisions.
What it can look like
The business gets access to different levels of finance expertise without having to employ each role full time. The exact mix should reflect the complexity of the business rather than a fixed package.
Who it tends to work well for
It's particularly useful for growing owner-managed businesses that need better finance support but aren't ready for the cost or management burden of building a complete internal team.
Related questions
- How does an outsourced finance team work day to day?
- Who would be my day-to-day contact with an outsourced finance team?
- Can an outsourced finance team replace an internal accounts department?