“We need to take our accounting work by the scruff of the neck and bring it in-house, away from our accountants!”
The situation above was a little extreme but it’s the right direction of travel for many businesses as they grow.
Bookkeeping and accounting is a role that lends itself well to outsourcing (it’s a service we offer) but sooner or later, largely as a function of business growth, the time comes to bring your finance function in-house.
You need to give some thought to:
Building an in-house accounting team begins with choosing the right people.
I’d look for someone with experience of running a finance team who knows what it takes to establish a financial footprint within a business where there hasn’t been one previously. It’s a great opportunity for someone.
➡️ Hold out for the right person. And take good care of them, they’ll need a lot of support.
If you’re no longer outsourcing then your workflows, systems and process are going to change.
Expect a feeding-frenzy of getting hold of passwords for software and for your HMRC portal but take some time to figure out the best way of gathering the transactional data that needs to be entered into your accounts.
Everything can be done sooner than it was before and you now have the opportunity to share financial information with non-finance colleagues as it’s being generated.
➡️ Seize that opportunity – sunlight is the best disinfectant!
This is the game-changer!
When you bring your accounting in-house you can mould it to fit your business as it grows.
Bear in mind that your accountants who have been doing the work for a long time will have their own, internal ways of doing their work. They’ll be doing it in a way that fits their business and this might not suit you.
There are four areas to take a good look at:
➡️ Take your time and build a framework that will evolve with your business
If switching to in-house is the right move then you need to get it right.
All of our people have worked in or run in-house finance teams so we know very well what they look like, how they work and what it takes to create a finance function that’s a well-oiled machine!
Our part-time / fractional CFO service might also offer some higher-level guidance and give you extra peace of mind as you navigate the transition.
So, if you know you’re in the wrong place at the moment, know you need to make a change and just need someone to show you the way then let’s meet and talk about what you want to do.
It’s free, it’s confidential and it’s a fresh pair of eyes and ears.
Give Michael Austin a call on 020 7125 0270 or email info@bluedotconsulting.co.uk
Michael
Related links:
Overhaul and rebuild your finance function
Build a useful Xero chart of accounts
Blue Dot Consulting provides accounting and business advisory services to clients across Central London, West London and South West London, with particular focus on Fulham, Hammersmith, Richmond, Wandsworth, Kensington and Chelsea. We help local business owners make better financial decisions and plan confidently for the future.
© Blue Dot Consulting Limited, Chartered Accountants, Bedford House, Fulham Green, London, SW6 3JW
We don’t believe in forms, we believe in talking to people, finding out your needs and tailor-making a solution just for you.
Give us a ring on 020 7125 0270 or email us at info@bluedotconsulting.co.uk
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Michael was fantastic. He quizzed me on how my business worked financially and was super patient with me. Explaining everything in a non-accountancy manner. He then showed me how to utilise all the less obvious tools in the program, which he continues to do, so that I can see immediately what monies held belonged to my company and what is held for clients. I now do my own VAT returns and payroll because of his help and continued support.”
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