Financial controls are an important part of the governance of any organisation. But they also play an essential role in planning for and steering a steady course towards growth and achieving business goals.
Covering a range of processes and protocols such as financial reporting and monitoring, risk management, access control and authorisation, issue detection, forecasting and budgeting and more, financial controls are put in place to keep a business compliant with relevant rules and regulations, mitigate against theft and fraud, and manage financial resources as efficiently as possible.
All of this can be done by an organisation’s in-house finance team. But tying together the different strands of financial control is not a straightforward task. Many of the processes involved require specialist skills and expertise. Not to mention the burden of time it all takes.
That’s why outsourcing to an external service provider is a great option for any business. As an accountancy and financial management specialist, implementing robust and effective financial controls is one of the services that Xeinadin offers to clients.
Here are the benefits of financial control outsourcing.
Access to expertise
Outsourcing financial control gives you access to expertise that will make implementation more efficient, ensure protocols are robust and fit for purpose, and deliver added value in the form of insights that will help to drive business growth. With areas of expertise covering accounting, auditing, tax planning, financial investigation and more, the Xeinadin Group offers a rounded approach that will raise the bar on the reliability of your financial management and better protect your business.
Cost savings
The classic argument against outsourcing is that it is another cost added to your expenditure. But what really matters is the value you get in return for that outgoing. With financial controls, the key question you have to ask is whether you have the skills and expertise in-house to do it effectively. If not, you will not have the financial resilience and efficiency that robust controls bring. Both of those things will save your business money in the long term. And it it is cheaper to outsource than to employ a suitably qualified person directly, or train existing members of your team.
Free up resources
Keeping on top of financial controls comes with its own administrative burden. As important as these tasks are, they can become a distraction from the core competencies that your team has, especially if you don’t have someone with specific expertise and experience. Outsourcing frees up your people to focus on what they do best. And brings in someone with a level of expertise that will take care of the financial control side much more efficiently.
Flexibility
You might look at the costs involved in hiring someone to take care of financial controls and struggle to see the value in it. Especially if you’re a relatively small business, is there that much work to do to justify taking someone on? By outsourcing, you have the flexibility to get the level of support your business needs. And scale up or down as required.
