Tag: FD

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Business tips Finance Function

8 things to outsource in your business

Top 8 things to outsource in your business 

Are you looking to scale your business? Then you will need to work more “on it” and less “in it”. Thanks Michael E.Gerber for that snippet of advice! But how can you do that if there are only 24 hours in a day? You need to find a way to leverage your time and outsourcing your least favourite tasks or the least time efficient tasks could be the way forward.  

What type of tasks could you outsource? 

  • Repetitive tasks: Data entry is a good example of a highly repetitive task. You or your in-house employees can then concentrate on the tasks which have a greater impact. 

  • Specialised tasks: IT support could be a good example. You need specialised support for your network and software, but you do not need a full-time employee. Plus it could be a good cost saving as employees can be expensive once you include national insurance, pension, holidays, sick pay etc.  

  • Expert tasks: An accountant or Finance Director is a good example of a position requiring a high level of expertise, but that you can still easily outsource. An FD may be a luxury for a smaller business that it simply cannot afford or justify, however they would really benefit from the expertise. Therefore, outsourcing this as a part-time position solves this issue. 

Things you should consider outsourcing in your business: 

  1. Digital marketing. 
    I think at this point having a social media presence, however small, is almost imperative to any business. If this is not a strength of yours then consider outsourcing it, there are many small businesses out there and freelancers who are very knowledgeable and will be much more efficient. The other option is to use a scheduling app such as buffer. 

  1. Graphic design. 
    Your brand is a key reflection of your product offering. If you don’t have the skill, software and time to do this well, you’ll potentially damage your brand. 

  1. Scheduling and administrative tasks. 
    A Virtual Assistant can be a great asset and will help you manage anything from your appointments to flights, emails and beyond (virtually anything admin). At a lower level, consider adopting software that’ll automate or minimise processes, such as self-booking appointment apps where your clients can schedule a meeting with you, e.g. Calendly. 

  1. Website development 

  2. Services such as WordPress, Wix and others make it quite easy to create your own site, but usually it’s better to go to the professionals to create a great site that looks good while also moving fast. They will understand how to make a website which google likes and ensure it is suitable for all formats such as computer or mobile. 


  1. Payroll. 
    This task is best left to the professionals, there is a lot of changes to keep up with. Outsourcing payroll will minimise the risk of inadvertently getting it wrong, while saving you time and, most likely, reducing the cost of this task. Utilising a payroll product is another great option. 

  1. Bookkeeping. 
    Do you spend your evenings or weekends completing bookkeeping? Spending your precious time googling, “how to account for selling a fixed asset?” Does the stress of these tasks piling up occupy your mind? Outsourcing these tasks (and the stress) to someone else can be liberating and cost-effective. 

  1. Virtual Finance Director 
    A Virtual FD can provide an outsider’s perspective that can breathe new life into your business, they can provide a unique perspective and be a sounding board for ideas.  Sometimes employees may be too close to the business and not see the wider picture. They will help you get to grips with the health of your business.  

Tempted to start outsourcing some of your tasks to free up your time? We can help by taking the last three roles off your hands! We work

with a number of our clients in this way, allowing them to focus on what they do best. 

While outsourcing takes a little bit of setting up, it’s worth the short-lived pain for massive gain. Concentrate on what you are good at and where you can have the most impact on the success of your business.  

Work to your strengths, outsource the rest! Need help? Get in touch. 

Do you need perspective on how you can work smarter? We can help!  

2. Download our free guide on “stopping your fitness business running out of cash”  https://debbiebaileymoney.co.uk//fitness-ebook/ 

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Business tips Cash Finance Function

Virtual Finance Director – what is one and do you need one?

Virtual Finance Director, VFD, outsourced advisor, management accountant, finance business partner – there are so many names and descriptions to contend with in the finance world, so what is a Virtual Finance Director?

Smaller businesses often face the same challenges as larger businesses, but they cannot always afford a full-time Finance Director.  A Virtual Finance Director is a business advisor, a sounding board and provides financial insight at a smaller cost than a Full-time FD.  

Having someone with financial expertise, together with commercial and business experience, can be vital to the success of your business. Finance Directors are vital for all types of businesses and unlike an accountant, who focuses on the past, they look to the future. They assess the past and financial performance of a business but with the major bonus of looking forward and using the information to plan for the future.   

In this short blog we will outline the benefits of having a Virtual Finance Director: 

Saves money 

A Finance director is sometimes considered a luxury that smaller business simply cannot afford or justify, however would really benefit from. A Virtual FD solves these issues as they work part-time and do not have the additional employee costs such as benefits, pension and recruitment fees!   

A new way of looking at things 

A Virtual FD can provide an outsider’s perspective that can breathe new life into your business, they can provide a unique perspective and be a sounding board for ideas.  Sometimes employees may be too close to the business and not see the wider picture.  

Commerical insight 

Having worked in and with businesses we are able to provide commercial knowledge that other accountants may not be able to provide, if they haven’t worked within a commercial business. 

Allow you to work on the business not in the business 

Do you find yourself worrying about the small things, the day-to-day running of the business, looking at reconciliations or chasing invoices? You should be concentrating on the wider business strategy; you should have the freedom to have a day off if you want. A VFD will give you the time and freedom to do this. You can concentrate on your area of expertise and your reasons for starting the business. 

Process and systems  

It is important to have right systems in place to support business growth; you cannot successfully continue to grow if you do not have a handle of your numbers. By having the right systems in place, you will be able to have a real time view of your financials and we will be able to provide forecasts, cashflow and management accounts. This will enable you to see the bigger picture and make smarter decisions for the future of your business.  

Just having Xero in place will not provide all the answers, are you using it correctly and maximising its benefits. Do you have the right apps connected to really benefit your business? 

Cashflow  

Identify any shortages and excesses so you can invest and expand at the right time.  

Financing advice 

Sometimes business require extra capital investment and it is important to identify best type of finance dependent on your business’s requirements. That is why it is important to work with a broker to get the most suitable deal; most businesses will simply speak to their bank which may not provide the best rates or most suitable finance options.  

Signs that your business is ready for a Virtual Finance Director 

Growth 

Your business is growing, customers numbers and increasing steadily but do you have the right foundations for growth? At the beginning it makes financial sense to do everything yourself but as the business grows, things start to slip through the net, now is the time to seek outside help.  

Cashflow 

Do you know your business’ cash position, or do you simply check the bank each morning (ok each week) with a squint and hope it’s positive? Most businesses fail due to poor cash management, so now is the time to concentrate on your cash position. You will need to look at the future ups and downs so you can make smart decisions with regards to your business.  

Not getting the right financial information 

Can you trust your data? You may have an accounting system in place but is it providing accurate, up-to-date information that you can make sound business decisions on? Are you able to use the data for scenario planning (what-if analysis), to help you decide if to take on that extra member of staff? 

Future plans  

Do you have a business plan or is in hidden away in a drawer never to be seen again? A VFD will help you to make the most of a business, looking at real numbers which you can track you process against. A business plan will give you focus and direction for the business.  

Too much time spent working in the business not on the business 

Strong processes and controls, getting the right systems in place, reducing admin, giving peace of mind, freeing you up to work on the business strategy 

Key aspects of the role: 

  • Handling of all the usual FD duties but work remotely and on a part-time basis 
  • Cashflow management including a rolling cash flow forecast 
  • Preparation of an annual budget 
  • Attendance at board meetings  
  • Preparation of monthly management accounts and analysis 
  • Discussion of business performance and offer financial insight  

A Virtual Finance Director is particularly suited to forward-thinking start-ups and established businesses where financial expertise is the best way to assist its continued growth. 

Is the time right you for to get a VFD and get focussed on your business? Book a discovery call today and find out how Southbourne Accountancy & Business Services can help you. Our service ranges from monthly or quarterly board views to management reports, our aim is to match the level of support with your business needs. This support can be flexed as an when needed.