When should a business outsource its finance function?
If bookkeeping is behind, reporting is inconsistent, the owner is carrying too much finance admin or nobody owns the whole process, outsourcing can provide structure quickly.
When the current setup is no longer enough
If bookkeeping is behind, reporting is inconsistent, the owner is carrying too much finance admin or nobody owns the whole process, outsourcing can provide structure quickly.
When you need better information to make decisions
Growth, recruitment, borrowing, investment or tighter margins increase the value of current reporting and forecasting. That's often the point where basic annual accounting stops being enough.
Before you build an internal finance team
Outsourcing can bridge the gap between a small-business accountant and an internal finance department. It gives access to broader skills while the workload is still too varied or too small for several full-time hires.
Don't wait until there is a problem
The best time to outsource is when the business can still hand over reasonably clean records and processes. Doing it after cash, VAT or bookkeeping has already gone wrong makes the transition harder.
Related questions
Outsourced Finance & Bookkeeping
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