Virtual Finance Department

A completely outsourced Finance Department tailored around your business needs.

Is A Virtual Finance Department for You?

This service particularly suits businesses that:

Want to take a pro-active approach to their business finances
Want all financial processes taken care of
Appreciate the benefits of outsourcing
Want to extend staffing resource but not employ a person or team.

Clients we have that use this service include a software company, engineering company and an online retailer.

How Can We Help?

Our Virtual Finance Department allows us to give you back time to spend on your business as we look after the financial needs of the business

The services provided include the traditional bookkeeping you would expect but also a range of additional financial services tailored to your business needs including annual budget setting, cash flow forecasting, monthly review meetings, credit control, payroll, supplier payments and more.

Let us tell you a bit more…

Firstly

Annual Budget Setting

If you want to achieve more profit in your business, we encourage you to set a budget for your business and to put this into your accounting software.

There are two options for how we can help you with this:

1. We give you the tools and template to create your own budget and we can then just import this into your accounting software for you

Or

2. We can spend time working with you to create your budget for your business – combining our objective perspective and practical skills with your in-depth knowledge of your own business.

Cash Flow Forecasting

So many businesses go out of business because they run out of cash so, as a business, it is important to project forward to see what the cash flow will be and have visibility on the impact changes to, or investments in, your business will have.

If you are expecting a dip in sales or an increase in expenditure, you need to plan ahead for this. We help our clients forecast their anticipated sales and expenditure so they can see what effect this is going to have on their cash flow to help ensure they don’t run out of money and can continue to pay staff and suppliers.

We will work with you to ensure you always have sight of what money you will have coming in and can work with you to plan around challenging times.

Secondly

Monthly Review Meeting

As busy business owners, having the formal structure in place for monthly finance meetings can make a huge difference to how we operate and our profitability.

Whether you are working independently or part of a management team, taking the time to review and interrogate the numbers to ensure they reflect what you expect and to look at actions you can take to improve your business profitability is really important.

We agree a standard agenda with you that we follow each month to make sure we focus on the important financial elements of your business.

Credit Control

Outsourcing your credit control means you don’t have to worry about who has paid and who has not as we stay on top of this for you. There’s also no need for you to have any difficult conversations with your clients about money as we do that on your behalf.

Before we start doing your credit control, we take time to understand what your payment terms are, what you expect and agree a timeframe and process that we will follow. We will then send out reminders and call your clients to chase in payment for the goods or services you have provided them with when necessary and rest-assured we are always polite, professional and consistent and it gets results!

We’ll also keep a record of all our activity and keep you fully informed and check back with you before escalating through the process. Most importantly, this credit control process will ensure that your invoices are being paid and you have cash in the bank.

There’s More

Payroll

We have a fantastic payroll company we work with who provide payroll services to our clients. You can be safe in the knowledge that your payroll is being done properly and all the HMRC’s requirements are being fulfilled.

Staff payslips are provided for your staff either in a version which you can print for them or they can be provided with online access to download their own payslips directly.

We will work with you to understand your payroll needs and can manage the relationship with our payroll company or leave this to you if you prefer.

Paying Suppliers

As much as you want to keep on top of the money coming in, you also need to be aware of the money that’s going out and pay these invoices in a timely manner.

We can either pay your suppliers for you using your online banking facilities or we can provide you with a payment list containing details of all the invoices which you are due to pay and you can make the payments.

This service is a great way to help you keep on top of paying your suppliers and saves you time as the information is provided to you with no need to go through systems and run reports yourself.

Finally

Other Financial Administration

We are often asked to help with other financial administration – this may be helping to set up a childcare voucher scheme, administering your pension scheme or dealing with customer and supplier account enquiries. Let us know what you are thinking about and we’ll talk you through how we can help.

We provide a complete Virtual Finance Department solution so that our clients do not have to worry about the financial aspects of their business, freeing up their time to focus on other important parts of their business, knowing that the finances are in safe hands.

Our clients simply choose which elements of financial support they need from us and we will provide a designated member of staff within our team to work with you to provide this on a regular basis.