Financial outsourcing services

Many businesses struggle with inefficient financial processes, outdated systems, and a lack of visibility into performance, making strategic decision-making more challenging. Poor financial controls can create operational distractions, while the complexity of compliance, audits, and rising technology costs adds further strain.

How our Financial outsourcing team can support

Our cost-effective outsourcing solutions bring together skilled finance professionals, with market-leading accounting software and technology and expert advisory services, to provide an effective and integrated finance function that’s fit for the future.

By leveraging advanced tools for data collection, capture, and approval workflows, we help clients drive efficiency, reduce financial management costs, and streamline processes.

Our dedicated teams work closely with top cloud ERP solutions providers, allowing us to deliver a complete back-office finance function on platforms like Xero, Iplicit, NetSuite, and SAP. We also offer hybrid solutions that seamlessly integrate with your chosen platform, ensuring alignment with your operational needs.

With extensive experience across multiple cloud software and ERP systems, we tailor solutions to your unique needs, ensuring better financial oversight, improved compliance, and timely management information for confident business decision-making.

Whether you are an owner-managed business, a large corporate, a complex group or anything in between, you can choose the level of outsourced finance and accounting service that fits your needs and we will collaborate closely with you to achieve your financial objectives through our outsourced finance and accounting solutions.

Our financial outsourcing services

Day-to-day accounting
Payables management
Management reporting – including KPI’s analysis
Benchmarking & analytics
VAT compliance
Interim support to in-house finance teams
FC or FD on demand
Financial modelling
Coordination of international compliance

Our financial outsourcing solutions

SME – an end-to-end digital solution, with a single, dedicated point of contact
Hybrid or full outsourced – workingon your platform, or on a scalable BPO solution, utilising best in class technology
International – you can choose from a localised in-country or centralised solution, for multi-entity and global compliance

By leveraging our financial outsourcing services, clients can improve their domestic and international finance, accounting, compliance, and other critical functions, resulting in greater value and enhanced control over their back-office operations. Our outsourced finance and accounting services ensure you receive the support necessary to excel in today's competitive environment.

We provide a full back office or part-outsourced solution, as well as an interim resource to support during busy periods. Additionally, our on-demand Finance Director service provides expertise as needed, ensuring that your financial operations remain efficient and effective.

Advanced accounting technology solutions

Is your finance function fit for the future? It is a question you may ask yourself if you are facing issues with your current accounting system and processes.

You may have introduced digital technology, but its full potential might not be realised, or applications may lack integration, leading to manual and inefficient workflows.

It is crucial to review your finance function to ensure continuous improvement over time. Technology has evolved, and so should your systems and processes.

We have a specialist team who specialise in finance function optimisation, helping you to increase automation and drive efficiencies.

Our accounting technology services include

Accounting System (Cloud & ERP)
- Specification
- Selection
- Procurement
- Implementation
- Integration
- Project management
- Health checks
- Optimisation
- Training
Finance Function Review
Finance business process review and mapping

Other sector specialisms

Financial services
Our dedicated financial outsourcing team supports insurance, asset management, and other financial services sector clients with part or full finance function outsourcing, accounting compliance, and FCA returns, as well as technical accounting advice. We also assist with interim or project assignments, including preparation for audits, reconciliation, and year-end support, as well as the provision of interim resources to bolster or add specific expertise to an existing in-house finance team. Find out more about our financial services expertise here.
Healthcare
As specialist medical accountants, we apply sector expertise to deliver accurate reporting and informed financial advice.We support medical professionals by easing the burden of financial management. From fully outsourced solutions, including data entry, reporting, and cash management, to tailored services such as budgeting, forecasting, and management reporting, we provide flexible support.Find out more about our medical accounting services here.

Get in touch with our financial outsourcing specialists

Financial outsourcing FAQs

What is financial outsourcing?

Financial outsourcing is the practice of hiring a third-party provider to manage finance and accounting tasks, such as bookkeeping, payroll, and financial reporting.

What finance and accounting functions can be outsourced?

Most outsourced functions include bookkeeping, payroll processing, tax preparation, accounts payable, financial reporting, budgeting and forecasting, audit preparation support, and compliance with regulatory requirements.

What are the benefits of outsourcing financial functions?

Outsourcing your finance function can lead to cost savings, access to specialised expertise, improved efficiency, reduced risk of errors, enhanced compliance, and scalability.

How do I choose the right outsourcing partner?

When selecting an outsourcing partner, it’s important to consider factors such as the provider's experience, reputation, range of services offered, technology and security measures, compliance knowledge, flexibility, and the quality of customer support.

How does outsourcing ensure data security?

Financial outsourcing providers implement robust security measures, including data encryption, secure servers, access controls, regular security audits, and compliance with data protection regulations to safeguard sensitive financial information.

If I outsource my accounts, will I lose control?

Quite the opposite, depending on your current position, it is likely that you will gain more control over your finance function. This could be through improved control account work, better quality MI, improved processes, and improved use of technology.

Can outsourcing help with regulatory compliance?

Yes, outsourcing can help ensure regulatory compliance. Outsourcing providers are often well-versed in the latest regulations and standards, helping you remain compliant with tax laws, financial reporting requirements, and other legal obligations.

How does financial outsourcing impact cost savings?

Outsourcing financial functions can lead to cost savings by reducing the need for in-house staff, minimising overhead expenses, and leveraging the provider's expertise to improve efficiency and accuracy.

What is the process for transitioning to an outsourcing partner?

The transition process typically involves assessing your current processes, selecting the right provider, planning and managing the handover of responsibilities, data migration, system integration, and ongoing communication and monitoring to ensure a smooth transition.

How do I assess the performance of my outsourcing partner?

You can do this by setting and measuring KPIs including accuracy, timeliness, compliance, cost savings, and quality of support. Regular reviews and feedback sessions can help ensure continuous improvement.

Will outsourcing reduce control over my financial operations?

While outsourcing involves handing over certain functions to a third party, you can retain control through regular communication, monitoring KPIs, and setting clear expectations. A reputable provider will work closely with you to ensure your business objectives are met.

Other outsourcing services

Lots of commuters in business clothes walking to work with steps in the background.

Outsourced payroll services

Payroll is a core function of any business - ensuring employees are paid on time, every time and in a compliant, secure, and efficient manner. However, managing your payroll can be complex and time-consuming, with many businesses opting to outsource it to payroll experts. This saves time, provides peace of mind, and is more cost-effective.

Accounting compliance

Businesses must provide high-quality financial information to a variety of internal and external stakeholders to maintain a high level of performance, make informed decisions and ensure confidence in your business.

Prestonfield House – A tale of resilience

Prestonfield House and The Witchery are iconic hospitality institutions in Edinburgh. For over a decade we’ve shared absolute trust with their business leaders, that’s seen total financial outsourcing to our team. In that time, we’ve managed improved profitability and top line revenue, while our teamwork enables owner and MD, James Thomson, to focus on people, ideas and growth.

Lara Brennan Partner - Outsourcing

Detailed profile