What is it?
Outsourcing is contracting out some or all of some business process or activity which you previously did in-house. It's become increasing popular as a means of cutting costs and focusing management on the business. Finance and accounting is a great area to outsource, typically we save clients around 30% of the cost of in-house finance staff, as well as saving associated employee (e.g. holiday cover) and office costs.
What are the benefits?
Outsourcing has two main benefits;
- it can help businesses to perform well in their core competencies - the skills and products which give them competitive edge and
- it can help to address a potential shortage of skill or expertise in the areas where you want to outsource.
There are other benefits for smaller companies; no need to worry about holiday cover, keeping skills current or recruiting new staff to replace those leaving the company. But the main benefit our clients say is the ability to focus on what they do best.
How it works
If you decide to outsource your finance function to us, we'll come in early to assess the systems and staffing you currently have in place, making sure there's a smooth transition from in house to Whitehill. We'll come back to you with a price for the scope of the outsource work, adn then once we've agreed the cost and scope of the work, we can get started! We generally expect to see 3 "phases" for outsource work;
- handover - when we're finding out "how we do it around here" from your existing staff, and making sure we can deliver the same
- reshaping - when we start to spend time working remotely or on site, delivering your existing reports and processes but at the same time seeking to improve and streamline processes and reporting.
- ongoing delivery and review - when we deliver to you, the customer, and continue to review with you how and where we can add value to your business.
We realise outsourcing is a major decision - call us on 01793 677899 to talk through the issues or arrange for us to meet and discuss your needs and options.
More general background information
If you'd like to find out more about outsourcing generally, there are a lot of useful articles on the internet. Have a look at;
What outsourcing activities can we offer?
Whitehill specialises in the financial business services most commonly outsourced and which add most value to your business. These are;
- management accounting
- financial accounting
We can also help you to find the right people to outsource other functions such as your office admin., network and computers, human resources and health and safety.
For every type of outsource service we offer, our promise to you is this; we'll make a real difference to your work and business. We'll bring to your business;
(People tell us we're helpful and nice to work with, too.) Our aim is always to make your business better. So to discuss your options, just get in touch!
Factors to consider
Here's a few questions you may find it helpful to ask yourself before you outsource:
- Will outsourcing free up your business to focus on its strengths? Could it benefit your business by allowing your staff to concentrate on their main tasks, and on the future strategy?
- Will it improve efficiency or customer service in your business?
- Will it help your business to gain a competitive advantage? For example, will it increase the flexibility and ability to change of your business? Could you use outsourcing to turn fixed costs into variable costs, or free up capital?
- Will it give your business the edge when adapting to changing market conditions?
- Could you find someone who fits your culture and aspirations? Are they commercial in their outlook (like Whitehill)? Could they contribute as partners in your business?
Don't forget to consider your options
Before you leap into an outsourcing arrangement, you may want to make sure you know:
- Your core strengths and what makes your business successful. You'll probably want to keep these in house
- What the costs of continuing to do it in-house are. Make sure you include hidden costs such as office space and staff costs. Develop a target for cost savings arising from outsourcing. We typically find our outsourcing clients save 20-30% of costs of keeping the work in house.
For more information on what other services Whitehill has to offer, visit our full site: