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Outsourcing – working smarter

Whether you are considering starting a new venture in the UK or establishing a UK subsidiary of an already established group there are a myriad of commercial, operational, legal and financial issues to consider. A key decision to be made from the outset is whether or not to outsource some or all of the ‘back-office’ functions that will be required in order to support the running of the business.

Many companies are keen to minimise the burden of the red tape and bureaucracy that comes with establishing a presence in an overseas territory. Despite attempts by the UK government to simplify the rules for new businesses, the regulations are still rather complex. Staying on top of developments can be time consuming and distracting when running the business should be of paramount importance.

Outsourcing provides clients with as much or as little support as required, avoiding the need to hire employees on permanent contracts, investing in infrastructure such as finance systems and of course paying for office space in which to house them.

Advances in technology mean that businesses now regularly operate with a ‘virtual’ finance team using cloud accounting solutions such as Quickbooks Online or Xero to provide real time financial information to clients. This enables commercial decisions to be taken on a timely basis whilst ensuring that routine compliance matters such as filing annual accounts and tax returns can be dealt with quickly and efficiently.

The types of services which can be outsourced include:

  • Payroll (including RTI compliance, year end submissions and BACS bureau);
  • Book-keeping, including invoice payment;
  • Preparation of management accounts;
  • VAT return preparation, with EC sales listings and Intrastat returns;
  • Assisting with group or bank reporting requirements; and
  • Preparation of cash flow forecasts and budgeting.

Those who choose to outsource operate in a wide variety of sectors and a significant number are UK subsidiaries of overseas parent companies.

At Mercer & Hole, we have a highly trained team of outsourcing specialists on hand to fulfil client requirements. If you would like to discuss how you or your clients could benefit from outsourcing, please speak to Ross Lane or your usual contact at Mercer & Hole.

 

 

Date: 12th October, 2017
Author: Ross Lane

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