The importance of knowing and continuously monitoring the financial performance of a business cannot be overemphasised. There is therefore need for every business to engage a finance person to keep the books of account and prepare financial reports. The nature and frequency of these financial reports will vary from business to business. Some could be weekly such as cash flow status, receivables and sales reports. Others could be monthly or quarterly such as the profit and loss account, balance sheet, aged receivables, inventory etc.
This can be done in-house or outsourced to accounting professionals. We highlight below the key benefits of outsourcing.
Requisite skill sets
Unless you are a finance professional, you run the risk of skill deficiency. If the finance person hired does not have the necessary knowledge and skills to keep proper books of accounts and generate accurate and useful financial reports, you may not be well placed to supervise and properly assess their performance.
Lower costs
Building in-house finance staff who are experienced requires the businesses to dedicate resources to hiring, training and coaching. Training the team about the accounting systems and procedures can be time-consuming and there is no guarantee they staff will stay with your company for the long haul.
With an outsourced service, you are able to bypass all these extraneous costs. You only pay for the expertise that you require and will not incur any additional costs.
Focus on crucial business functions
Outsourcing your financial function frees your time to focus on the core function of the business i.e. providing great products and services to your customers; with the assurance that you will get the right financial information to help you make better business decisions.
Compliance
Often times it is difficult for businesses to keep up to date with the ever changing tax landscape and compliance issues. Outsourcing comes with the added benefit of being kept abreast of these changes. Day to day compliance also helps your business avoid punitive penalties and fines.
Reporting to your stakeholders
Your stakeholders such as banks, investors and shareholders require regular financial reports about the business operations so that they can track their returns and the security of their investments. The type, frequency and formats of these reports vary depending on the recipient.
Conclusion
At MGK, we provide you with a team of dedicated experts with specialisations ranging from accountancy to payroll, tax and internal audit. Our team is well versed in the use of technology tools and various accounting software and possesses the technical knowhow that ensures that we offer you quality services.
We have over 20 years of experience in handling clients’ finance functions and delivering outstanding results.
Beatrice Kamau
Outsourced Services Manager
t +254 715 248882 | +254 733 533449
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