Outsourcing & Virtual CFO
Rather not run an in-house finance team
“We would rather not run an in-house finance team at all.”What owners tell us
The situation
Signs you are facing this
- Hiring and keeping good accountants is hard
- Filing dates are met at the last minute
- Staff turnover resets the books every year
- The owner checks every entry personally
The situation
Rather not run an in-house finance team
Driver 1
Small team, wide scope
One or two people cover bookkeeping, tax, payroll and reporting.
Driver 2
No review layer
Nobody senior checks the work before it is filed.
Driver 3
Key-person risk
When one person leaves, knowledge leaves too.
- 1
Diagnose
Scope the work
List every recurring task, deadline and report.
- 2
Design
Hand over cleanly
Opening balances, documents and access transferred with checks.
- 3
Embed
Run monthly
Books, filings and a management report on a fixed calendar.
- Scope and service levels
- Transition plan for books and processes
- Monthly close and reporting
- Controls and review calendar
Common questions
What finance work can be outsourced?
Bookkeeping, VAT and TDS filing, payroll, management reporting and year-end preparation. Approvals and bank signing stay with you.
Will I lose control of my accounts?
No. You keep ownership of the software and data, and receive regular reports; the outsourced team does the work within the approvals you set.
Related situations
- “Our finance team records numbers but gives us little insight.”Finance records the numbers but gives no insight
- “There are too many reports and I still do not know which numbers matter.”Too many reports, and still unclear which numbers matter
- “Our business has grown faster than our systems.”The business has outgrown its systems