Our outsourcing department is a growing service we are delighted to be able to provide to our clients. Whilst outsourcing for some will mean a fully outsourced finance department, meaning we process all invoices, reconcile the bank, produce management accounts, and run payroll amongst other things, for others it may be us stepping in to fulfil a staffing shortage within your finance department, or simply being on hand to answer any bookkeeping queries you may have.
We spoke to Christina, Catherine and Sophie from our Oxford outsourcing department, and Andrea and Charlotte from Abingdon about their jobs within the team and why they feel outsourcing is of benefit to many different businesses.
1. What is your favourite part of working in outsourcing?
Sophie: Since joining Wenn Townsend, being involved in outsourcing has given me an invaluable grounding in the fundamentals of accounting as you really get to see the process in its entirety – from the input of the raw data to the final output of the accounts. It has also been very interesting to gain an insight into the financial operations of different businesses – working with the same clients regularly means that I can become really familiar with their business and the wider context in which they operate. In addition, it is satisfying to know that I am contributing to the success of the clients we work with.
Catherine: I love having the opportunity to really get to know a client and their accounts. When you are regularly working with one client you can really appreciate the ‘ups and downs’ and how certain decisions effect their business.
Christina: Same as Catherine for me, outsourcing means I can work closely with my clients and get a deeper knowledge of their business, as I become really involved in the day to day operations and concerns, being able to help improve processes to ultimately benefit the client.
2. What is your preferred accounts software and why?
Sophie: My personal preference is Xero – it’s very user friendly and intuitive to use, which means that it is very accessible to all clients whatever their accounting knowledge. Xero makes it very straightforward to manage customer invoices and supplier bills, generate useful custom reports and also integrates well with other software we use, such as Dext and Pleo.
Christina: I agree Sophie, Xero is my favourite.
Andrea: My preferred accounts software is Sage because it is the software I have the most knowledge and experience of using.
Charlotte: Sage for me as well.
Catherine: I think both Xero and Sage have their merits, but I have been using a lot of Quickbooks desktop recently and the reporting out of Quickbooks is possibly even more intuitive than Xero.
3. Which client sectors do you work with?
Charlotte: Client sectors are varied for us in Abingdon.
Christina: Very varied for us in Oxford as well, at the moment focus on charities, a museum and an organisation that provides tennis courses and tennis courts.
Sophie: For me I work with a variety – education, media, legal, retail and many more!
Catherine: Same variety of sectors from my clients, including clients in property, consultancy and even a car mechanic.
4. In your opinion why does outsourcing your finance department to us work well?
Sophie: One of the main advantages of outsourcing to us is continuity of service. Rather than paying for an employee you may not need most of the week, it will likely be more cost effective to use us as we can provide a service as and when needed. What’s more, you won’t need to worry about sickness or holiday absence as there will always be team members on hand to look after things. You will also benefit from the range of skills from a wide range of staff, all the way up to partner level.
Catherine: As well we are qualified, expert members of staff who can dedicate the right amount of time to your job meaning you can have your bookkeeping or management accounts done just when you need them.
Charlotte: It also means clients ensure they adhere to government legislation and save themselves time, so rather than trying to do the bookkeeping they can concentrate on growing the business.
Christina: For me it works well because we know a lot about bookkeeping and accounts and tax in general, and therefore know how to set up processes well to make them more efficient and capture the transactions well to create meaningful management financial data.
5. What is the one piece of advice you would give to clients to make the most out of their outsourcing relationship?
Sophie: An outsourcing relationship is a two-way process, so communication is key. No question or concern is too small or trivial – we are always here to help.
Andrea: I would say always get your records to us in good time – this enables us to get their information to you quickly so you can schedule any payments on time and minimise stress levels.
Catherine: I would reiterate ask plenty of questions – if you’re unsure about anything finance – we will have an expert here who can help.
If you would like to find out more about outsourcing and how we could help you and your business email hello@wenntownsend.co.uk to discuss further.