More and more companies are re-thinking their executive teams and outsourcing the financial aspect of their operations. In this modern age of dynamic and complex business markets replete with endless streams of new technology, automation and digitalisation, it is nearly impossible to stay abreast. Mounting operating expenses and inefficient labour in this financial climate are also not helping businesses achieve their envisaged growth.
Addressing these challenges from an operational and strategic perspective should not be taken lightly and certainly requires expert input. Considering an outsourced option for the financial operations of your company can be suitably beneficial. Handre Lourens, business rescue practitioner and consultant at Hobbs Sinclair says, “The question you have to ask yourself is, does your business merit a full-time financial manager or financial director, or are you best placed to outsource this crucial function?”
The trend is with outsourcing, and here’s why:
Outsourcing your financial function and operations brings the advantage of securing a practised professional tailored to the requirements of your business – when you need it, how you need it – without the burden of employing someone full-time at the high cost of a permanent, qualified professional.
Strategic decision-making and up-scaling
An outsourced financial go-to person will assist with business growth by managing your working capital cycle, cash flow, strategic decision-making and mitigation of risks, critical in the scale-up phase of any business.
Monitoring your business
Experts in financial management, with diversified skill-sets and knowledge, will implement systems to mitigate risk and devise management accounts to monitor your business. This will enable better strategic decisions for growing revenue and customer base, cutting costs while increasing productivity and efficiency.
Growing your business requires financial backing. If you need bank finance to develop your business, a bank will be expecting an in-depth forecast and detailed business plan. Expert input in this regard is extremely valuable to your application.
If your business is booming and you have secured a sustainable market share, your customers are happy and your bottom line is smiling, the next phase of efficient tax planning is critical. Lourens suggests, “Before the taxman comes knocking on your door, get the experts in to ensure your tax planning is as efficient as possible and, most importantly, to make sure you have made sufficient cash flow provisions.”
At the end of an era, when it’s time to sell your business, outsourced tax professionals will efficiently evaluate your business to ensure you receive the capital you deserve for all your hard work, sweat and tears…
Hobbs Sinclair Chartered Accountants, a medium-sized financial services firm situated in Claremont, Cape Town, has over 20 years’ experience. It is owned, managed and directed by two highly qualified and experienced partners in the business and financial services sectors.
- Without children we have no future – Protect them! |#LTC |#KevinBritz | Edith Kriel | Jelly Beanz |#ebizradio - October 28, 2020
- A Paradigm Shift In Events Marketing |#Letstalkdigital |#Digital | Audrey Naidoo | Neo Matsau - October 28, 2020
- Are you a narcissist? |#LTC |#KevinBritz |#LTS |Natasha Williams - October 27, 2020
- The Boomer Economy: Marketing to the Amortalists| #eBizTrends | Dion Chang| Podcast - October 27, 2020
- CORONAVIRUS: COMPLACENCY IS SOUTH AFRICA’S BIGGEST CHALLENGE | #eBizInsights | Prevan Naidoo | Podcast - October 27, 2020
- How to innovate in publishing – Pivoting the publishing industry toward purpose |#OneEyedMan |#MikeStopforth |Arthur Attwell - October 26, 2020
- Load shedding wrecks work from home strategies | #eBizInsights| Richard Firth - October 26, 2020
- Are you keeping up with the latest Leadership trends? |#LTL |#Leadership |#Podcast |#KevinBritz | Naomi Basson | Ian Dawson - October 26, 2020
- It is all about the money, or is it? |#LTS |#KevinBritz | Lauren Britz | #Podcast | #CandidConversations |#Business |#ebizradio - October 23, 2020
- The marketing story behind The Good Things Guy |#KevinBritz |#Brent Lindeque |#BjornSalsone |#Marketing | #Podcast |#ebizradio - October 22, 2020