Why Should a Business Outsource Cash and Payment Management?

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The primary focus of any business manager is always how to take operations to the next level and beyond, securing a stable and prosperous future of growth for the business as a whole. As such, it would probably be fair to say that essential tasks like bookkeeping services or cash and payment management don’t exactly take priority. The situation is therefore one wherein these important, if entirely moribund duties are either dangerously neglected and cause problems in their own right, or swallow up far too large a proportion of the limited time and resources the business has to spare.

This is where the idea of outsourcing comes into the equation for the sensible business owner.

By passing on these duties to a third-party professional, business owners and employees across the ranks are immediately freed up to focus on the most important areas to generate growth and prosperity. What’s more, an elite bookkeeping and accounts service will always double-up as a trusted advisor to help steer the business in the right direction while overseeing the efficiency of day to day cash flow and transactions.

Why is Payment Management Outsourcing Beneficial?

The main job of the business owner is to devise ways and means to sell a product or services and implement those means as quickly and effectively as possible. When it comes to SMEs in particular, the amount of time and resources on hand to go about this are finite to say the least, which means that any time spent on controlling and handling disbursements and receivables is in essence as good as wasted. When these jobs are outsourced to a professional with the kind of expertise and cutting-edge tools and assets needed, the job immediately becomes child’s play and of no concern to the business.

Investing in the equipment and provisions to take care of treasury management in-house can be hugely expensive to say the least, as even the most remedial direct debit softwarecan pack a financial wallop. Opt for an outsourced solution on the other hand and the business can benefit from the kind of bulk processing technology entirely out of reach for the in-house solution, which offers not only greater speed of processing, but lower costs and an entirely optimised process.

In addition, SMEs experience that kind of growth, expansion and evolution that even the biggest companies in the world cannot rival, though in so many instances the infrastructure a small business has in place cannot keep up with the demands of the growth. Outsourcing in the early stages of the business guarantees infinite room to grow and expand without having to build new, expensive and time-consuming solutions in advance.

And What Can be Outsourced?

This all depends on the size and type of business in question, but typical outsourcing agreements pass on everything from the simplest printing and mailing of invoices right through to international transfers and regular direct debit payments. What’s more, each and every process is carefully monitored by those taking the reins in order to ensure 100% efficiency and the lowest possible costs.

Sally Cooper is a self-confessed finance geek who despite working primarily in corporate administration has a life-long passion for accountancy. She is currently studying part-time in her native Newcastle and intends to pursue her passion in the future. 

Comments: 7

  1. Iva January 24, 2013 at 10:07 pm Reply

    hi all, I’ve 15 several weeks experience as accounts assistant, doing Purchase Ledger, keeping the money book, depreciation, fixed resource register. I’ve been made redundant and i’m considering being a accountant. I’ve two CIMA papers removed (financial accounts and management accounts) and AAT level 3. Now I don’t know by what you need to do like a accountant..

    would you keep your sales and buy ledger? would you keep your bank and reconcile it? would you raise cheques? would you ring and chase providers? would you create a Profit and Loss Statement? Would you keep track of fixed assets? would you calculate depreciation? I know I’ve the understanding but I don’t know things i do and just what I do not like a accountant, if your accountant could please describe your daily activities as well as what program would you use? (I’m able to use sage however i think businesses wouldn’t have the ability to afford this kind of costly program). help

  2. Bertha February 27, 2013 at 4:26 am Reply

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  3. Grady May 7, 2013 at 5:01 pm Reply

    I’m beginning a little bookkeeping business and wish to know must i charge a upfront fee for service. It’ll include written/signed invoice of satisfaction or money-back guaranteed.

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    Exactly why I do happens because I’d rather not cope with the problems of “running people lower” to cover services.

  4. Luigi May 24, 2013 at 12:16 pm Reply

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    All CPA’s, Bookkeepers, and An accounting firm thanks for visiting answer please.

  5. Emmie August 13, 2013 at 1:30 pm Reply

    Describe 2 to 3 risks connected with bookkeeping within the medical office. What exactly are some common errors that occur? Just how can these errors be avoided?

  6. Andrew August 13, 2013 at 1:57 pm Reply

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  7. Sandee March 9, 2014 at 4:38 pm Reply

    I’ve a web-based retail business, and as much as this time I’ve been doing the bookkeeping and quarterly tax reviews myself. I Personally Don’t Like doing the work, which is getting really boring in my experience–as well as the truth that tax laws and regulations change daily it appears like.

    Anyways, my real question is this: Just how much will it typically set you back other business proprietors with an accountant/cpa/bookeeper each year to deal with your financials.

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    -Have a Resumes file that contains our sales and kind it and pay Quarterly sales taxes for that sales produced in my condition.

    -Prepare yearly business tax license sales confirming (again from the Resumes file)

    -Do yearly IRS tax forms

    I’ve no employees at this time (just me operating), which is a sole proprietorship. Also My home is TN in the event that helps.

    Thanks a lot for just about any that answer!

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