Outsourced Accounting Solutions and Services
Here we outline how the accountancy and financial management services that Insight Associates provides differs from that of standard accounting practices; how good financial management can help your business; plus a list of the accounting and financial management products that Insight Associates provides.
Why is good Accounting and Financial Management Vital?
If you’re looking for an accountant you need to understand the difference between a book-keeper, an accountant and a Finance Director because they are not the same thing.
With The Outsourced Finance Department our clients receive timely and relevant quality financial data to make informed and effective business decisions and manage your money well.
This provides a strong and vital foundation to accelerate the profitable growth of your company. All successful businesses have one very important thing in common; the common bond they share is good financial management.
Our aim is to become an integral part of your business rather than just an ‘advisor’ with the goal of providing tailored commercial accounting solutions that add value and assist the decision making process.
What’s the difference between a Book-keeper an Accountant and a Finance Director?
- A Book-Keeper takes care of basic data input processing to produce your annual Financial Accounts for the Tax Man in a set format. They do not help you run your business.
- An Accountant produces regular (usually monthly) reports and figures from the basic data processed by the book-keeper. These reports can help you interpret trends and projected future outcomes.
- A Finance Director interprets your business finances, makes recommendations , helps formulate strategy and implement improvements and guides both the business owner and the business towards the financial goals they wish to achieve. They ensure you have the foundation for the future through good systems, processes and appropriate funding.
The beauty of outsourcing your accounts to Insight Associates is that you receive all three elements packaged conveniently for you in a tailored solution depending on the needs of your business, ranging from a completely outsourced financial service to supporting your existing in-house team.
Most businesses fit into one of three stages:
- Infancy - the business is very dependent on the owners and founders 'doing' everything. Nothing much happens without their input and if they retire, the business will usually cease. Many businesses, through choice, never move from this phase.
- Adolescence - often a difficult phase for the business owner as they step back from the daily 'doing' tasks and concentrate their efforts on building and managing a team to take on the responsibility for the 'detail'.
- Maturity - the business is very self-sufficient and has robust systems and processes for its smooth running without the need for input from the business owner. The business owner may, if they wish, withdraw from the business.
Insight Associates are instrumental in helping business owners achieve a successful transition through the adolescence phase. The business owners must have an open mind-set, be driven by a burning ambition for growth and development and have great ambition for their business.
By building long term relationships founded on trust; clients benefit from our independent advice and support as their company grows and develops.
Insight Associates helps their clients to manage change more effectively, from managing growth, to restructuring, to turnaround, to acquisition, or even the loss of key staff. We do this by providing commercially oriented financial support and information, which projects into the future as well as makes sense of the past.
You gain immediate access to a reliable tried and tested product implemented by friendly, skilled and responsive staff for the best possible advice and assistance as soon as it is required. Insights deep understanding of the commercial complexities of your unique business provides you with certainty and confidence in that advice.
Our relationships with our clients often follow the pattern shown in the chart ...
Our initial involvement (the red area) is in building the base, the systems processes and controls, to produce good quality information and ensure best practice financial management and control. With this foundation we can add value (the green area) through working with the management team in developing the business often in a “quasi finance director” role.
If you would like to learn more please complete our enquiry form or call us on 0800 180 4265
Every week, Garry Mumford of Insight Associates chats to Mark at the Business Hub – listen to the podcasts here.