Outsourced Finance Department
All of your bookkeeping, payroll and accounts handled in one place for a fixed monthly price. You don’t need to be an expert in all things finance to run your business. An outsourced finance department gives you the same resource that multinational companies have, but affordable for SMEs and growing businesses. We do the leg work of your admin and you get to focus on running your business with KPIs, P&L and Balance sheets sent to you regularly.
Why outsource your accountancy services?
- Cheaper than paying an in-house bookkeeper and accountant separately
- As your business expands, so does the service. No hiring extra office staff
- You are kept up to date with changes to business and tax laws
- Monthly management accounts provide regular KPIs, P&L and balance sheets to keep you informed
- No need to be good at bookkeeping or accountancy, just be good at building a business. Spend time focusing on fixing problems or growing sales instead.
- With regularly updated and accurate accounts it is simpler to raise finance
- You get the benefits of a CFO on the other end of the phone, who understands your business and can advise you when you need help
Are you interested but want to know more?
You can give us a call for a no-nonsense chat about your business. We can talk you through what is involved in on-boarding and come back to you with a quote
How do I get started with an Outsourced Finance Department?
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Get set up with Baxterworld
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Delegate your bookkeeping, accounts and related administration to Baxterworld and decide which parts you would like to keep in house e.g. sales invoice.
This can vary from business to business and we will fit to suit your needs. If you have accountancy systems already in place we can integrate or advise you on alternatives. We also provide training where required.
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Buying
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Purchase invoice are sent to us directly by suppliers in digital form. Any others can be scanned by a phone app and uploaded to our software. All managers can approve bills online so nothing is paid for without authorisation.
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Selling
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Sales invoices are generated in cloud by any device and then emailed to customers. When you sell to the public we can pull figures directly from your EPOS system and match cash, cards and BACs to the bills.
We can advise on EPOS systems and the required integration with accountancy software. You can check sales in real time whenever, wherever.
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Staff
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We input your staff details into cloud payroll software, taking hours from your time recording system. This gives you access to all of your staff’s details in a browser, including right-to-work and disciplinary documents.
Staff can print their payslips and update health and safety records that are kept there too.
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Fine tune your business
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We send a regular summary of KPIs relevant to your business as well as accurate monthly P+L accounts and balance sheets for each of your venues.
You’re now better informed than ever before to try out new strategies in marketing, products and services with near-instant feedback. Cut needless expenditure or invest more heavily in the most successful sides of the company.
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Compliance
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We prepare and file VAT, payroll compliance and companies annual returns whilst also making sure that your tax is kept to a minimum.
Your annual accounts are integrated with monthly accounts, creating a much more accurate review of the year.
Sounds good, how much does it cost?
Every business is different and we quote based on factors like if you are VAT registered, how many employees you have and what your annual turnover is. But we can always supply this service for less than the equivalent in-house salary.
What if I pay staff?
- We can run your payroll, from 1 to 1,000 employees
- We can pick up your hourly staff time details from your Time Recording system
- Hours or salaries are input into a cloud payroll system
- You have full access to all employee details from a browser
- Staff can log in to their own area, view/print their payslip (up to 3 years back)
- Staff can change their own personal details when they move house or get a new phone number
- We can maintain disciplinary and attendance records and “right to work” documentation
- We can maintain Health and Safety documentation with paperless verification of staff safety training
Keeping the Government happy
- Preparing and filing VAT
- Looking after payroll RTI compliance
- Completing the Company’s Annual return
- Filing your accounts annually with the Companies Registry
- Preparing and filing the Corporation Tax return
- Preparing your personal income tax returns.
- We have access to a wide resource of tax expertise to keep you tax payments to the minimum.
Outsourcing your accounts and bookkeeping gives you more control
You receive regular KPIs, profit & loss and balance sheets. This helps you test promotions, recipes or product ideas and see the feedback in your performance very quickly. Plus, you haven’t had to spend the time figuring out the paper-work yourself.