Clear advice, Creative thinking
OUTSOURCED | FD
NAVIGATING SUCCESS TOGETHER
OUTSOURCED | FD
What is Outsourced | FD
Outsourced | FD is a flexible service which is completely customisable to the specific needs of your business.
Outsourcing functions normally comprise of discrete tasks without any consideration as to how these impact on the organisation as a whole. At RG we’re different. In fact, many of our clients refer to our service as “insourcing” because they consider us part of their in- house finance function, and a member of their team. We will be in constant contact with you and your team and work in partnership with you.
Over the past few years, the use of outsourced finance and advisory functions has increased steadily for businesses of all sizes and industries, with a key focus on business performance and support to enable the business to achieve its goals. This effectively means delegating financial tasks and responsibilities to a third-party service provider.
We can act as your entire finance function, tailoring our service to your financial requirements or just provide support to your finance staff in certain key areas. For example, we are able to sit in the seat of the Finance Director, offering assistance and guidance where it is needed.
Our overall aim is to ease the burden of financial administration, save you time and money, and ensure the business achieves its goals and strategic plans.
There are numerous benefits to outsourcing the finance function of your business, including:
You can save your business a significant amount of money. Hiring and training in-house finance staff can be expensive, not to mention the cost of salaries, benefits, and overhead expenses.
Access to specialist expertise and reduce risk
Gain specialist knowledge and experience in financial management, accounting, and tax compliance, which can help your business make better strategic informed financial decisions, reduce risk, and comply with regulations.
We use the latest technology and software to manage financial tasks efficiently. This can help your business streamline its financial processes and reduce errors, freeing up time and resources to focus on core business activities.
As your business grows, so will your financial needs. Outsourcing the finance function can provide the scalability you need to adapt to changing circumstances. You can quickly and easily adjust the scope of services to match your business requirements, without the hassle of hiring and training additional staff.
We believe we stand out from our peers by taking a carefully planned, strategic approach that ensures our clients have clear, accurate and real-time financial data, allowing business owners and stakeholders, with our guidance, to make the right strategic business decisions, and achieve their growth objectives.
We take a long-term approach and, as a consequence, provide a very different type of client service. We are:
- Trusted by our clients to get it right first time;
- Clear in the way we deliver our advice;
- Strategic in helping our clients build valuable businesses over the long term;
- Conscientious and will go the extra mile for our clients and their businesses; and
- Collaborative with each other, our clients and our professional friends
The RG Outsourced | FD team has many years of experience of providing specialist advice. Our goal is to help our clients achieve their objectives and to maximise their potential. We are looking to advise beyond the everyday requirements. Our services fall into two categories.
An (outsourced) finance director is a financial expert who provides support and direction to companies. In our role as the Outsourced Finance Director we will carry out all the responsibilities of a typical finance director while working remotely, but in partnership with you. We will provide your business with trustworthy, real-time financial data to assist you in making the best decisions as opposed to relying solely on intuition. We use a wide variety of tools and reports to deliver this bespoke service to you, such as:
- Taking responsibility for all areas of financial management;
- Management reporting;
- Analysing monthly financials, preparing financial projections and cash flow analysis; and
- Interfacing with management, investors, board (and attendance), bankers.
Our role and delivery provides visual aids, advice and support, that will assist you in understanding the concepts you are addressing and in making the right business decisions.
What are the benefits of outsourcing your FD role?
Access to experienced financial leadership and expertise without the commitment of a full-time employee.
Assistance in navigating complex financial challenges, strategic financial planning, and making informed decisions.
Cost savings by avoiding the salary and benefits associated with a full-time role.
Scalability and flexibility to customise services
based on the fluctuating financial needs of the business as it grows or faces challenges.
Access to specialist skills and expertise without
the need for in-house training.
Enhanced financial management, including identifying growth opportunities, mitigating risks, and managing cash flow.
Opportunity to focus on core business activities while leaving financial responsibilities to the experts.
Access to up-to-date knowledge and industry best practices.
Your Finance Team
We can provide support to an existing finance team in certain key areas, or we can deliver a fully outsourced finance arrangement that can include the following services:
Raising and sending of sales invoices [and managing client relations]
Credit control and full management of the receivables ledger
Processing of purchase invoices and full management of the payables ledger [and managing supplier relations]
Bank and credit account reconciliations
Cash flow management, including supplier and employee payments
Full balance sheet reconciliation processes
Monthly financial reporting to management
What are the benefits of outsourcing your finance team?
Cost savings: by eliminating the need for hiring and training in-house finance staff, as well as reducing overhead expenses.
Expertise: ability to tap into the specialist knowledge of finance professionals who are well-versed in handling complex financial tasks.
Increased efficiency: leverage advanced technologies and streamlined processes to enhance efficiency, leading to faster turnaround times and improved productivity.
Scalability: giving businesses the flexibility to scale their finance operations up or down based on their needs, allowing for greater agility in a changing business environment.
Access to advanced technology: without the need for substantial upfront investments.
Risk management and compliance: helping businesses navigate complex regulatory requirements and ensure compliance with accounting standards.
Focus on core competencies: businesses can redirect their resources and focus on core competencies, such as strategic planning, product development, and customer service.
Improved accuracy and quality: of financial reporting and analysis.
Timely and actionable insights: through regular financial reports, analysis, and recommendations, aiding better decision-making.
Enhanced data security: reducing the risk of data breaches or unauthorised access.
What’s an App stack?
Managing finances can be a daunting task, especially for small and medium-sized businesses. However, with the right tools and technology, the process can be streamlined and made more efficient. An “app stack”, which is a combination of applications that work together to perform specific tasks, helps businesses improve their finance function. Each application in the stack is carefully selected to fulfil a specific need or task, and when integrated, they create a cohesive ecosystem that enhances productivity and efficiency.
The power of an app stack lies in its ability to automate tasks, improve data accuracy, and provide seamless information flow across different departments. By leveraging the strengths of various applications, businesses can unlock a wide range of benefits.
A typical finance function app stack may include accounting software (Xero), expense management tools (Pleo), invoicing platforms (Dext), cash flow forecasting (Float), and reporting systems (Fathom). By integrating these applications, businesses can automate financial processes, reduce manual errors, and gain real-time visibility into their financial health.
Implementing an app stack is not just about selecting random applications. It requires a thoughtful approach that considers the specific needs and goals of the business. Each application should integrate seamlessly with others in the stack, allowing for smooth data transfer and minimising duplication of effort.
Optimising an app stack within your finance function can bring numerous benefits to your business, such as:
By integrating and automating various financial processes, an optimised app stack can significantly improve efficiency within your finance function. Tasks like data entry, invoice processing, and expense management can be streamlined, reducing manual effort and saving valuable time. This increased efficiency allows your finance team to focus more on strategic activities and value-added tasks.
Manual data entry is prone to errors, which can have significant implications for your financial records. An optimised app stack minimises human error by automating data transfer between applications. This ensures data consistency and accuracy throughout your financial processes. With accurate financial information, you can make informed decisions and maintain reliable financial records.
One of the key advantages of having a clearly implemented app stack is the ability to access real- time financial insights. Integrating applications that provide instant access to financial data, such as cash flow forecasting and reporting tools, allows you to stay informed about your business’s financial health. Real-time insights enable proactive decision-making, enabling you to address challenges promptly and seize opportunities.
An app stack promotes seamless collaboration among teams within your finance function. When applications are integrated, data flows smoothly between them, eliminating silos and facilitating cross-functional collaboration. For example, the finance team can easily share data with other departments, such as sales or operations, fostering a collaborative environment and promoting a holistic view of your business’s financial performance.
Scalability and Adaptability
As your business evolves, your financial needs may change. Having a structured app stack provides the flexibility to scale and adapt to your requirements. New applications can be seamlessly integrated, enabling you to add functionalities and meet evolving business demands. This scalability ensures that your finance function can keep up with growth and technological advancements without disrupting operations.
Example App Stack
This is a visual map of the apps we’re recommending, sharing how they work together.
For over 30 years Ryecroft Glenton have looked after the audit and tax compliance requirements of J Barbour & Sons Limited and all financial aspects of the Barbour Foundation and family trusts. Their hallmark throughout has been outstanding levels of personal service coupled with deep and highly impressive knowledge of whatever subject is at hand. Their support to every aspect of our family business is outstanding and I would strongly recommend the firm to prospective clients.
Ryecroft Glenton isn’t part of the ‘blandscape’ of today’s overly corporate service firms. They will give a clear opinion to help you steer your business decisions. The team are smart, street-wise and some are even charming! (But obviously I don’t say that to their face!) They know their stuff and offer that guiding hand through all the reg and compliance red tape that fries an entrepreneur’s brain.
The Solicitors Team led by Ian are very knowledgeable and their annual visit always gives us peace of mind that we’re complying with the rules to the best of our ability. We find the annual process quick, clear and much more detailed than our previous advisors. Whenever I have a problem or query, I just call them and always get the support I need. I also find Ian’s experience of other firms very useful when discussing future plans or current performance. When we asked Ryecroft Glenton to quote for our compliance work, we were pleasantly surprised…they charged less than our old advisors and yet their work was more detailed. A win win for everyone!