6 Tips for Getting Your Outsourced Finance Right

Choosing the right partner to outsource your finance, can feel like a complicated decision. Our experts have put together their top tips to guide you through the process.

1. Pick the Right Partner

If you’re thinking about outsourcing your finances, picking the right partner is essential. There are a few important things you should consider when choosing an outsourced finance partner. We recommend selecting a partner you see as being an extension of your organisation, rather than a separate entity. Partner with a firm that can add value to your management reporting so that you get better quality insight from your financial information. Finally, if you expect your business to grow, make sure you choose an outsourcing partner that will support that growth.

2. Research Testimonials

A great way to see if a potential outsourcing partner is a good fit is to look at the testimonials received from other clients. These often provide great insight into how a firm deals with its clients. Look for businesses similar in size, location and industry to yours- a potential partner should be able to guide you in the right direction if you’re unsure where to look.

3. Do the Planning

So you’ve picked your outsourcing partner. What next?

Now’s the time to investigate exactly what your partnership means- and requires. Make sure you understand what level of flexibility your new partner can offer in relation to services. Are there set-up fees or hidden charges you should be aware of? Work with your new outsourcing partner to put a service level agreement in place so each party is aware of what’s required of them.

4. Meet the Team

We always recommend a meeting in person. You would always interview someone you were considering hiring for your company – so why should an outsourcing partner be any different? The best partners feel like part of your organisation rather than a separate entity, so a face-to-face helps you decide whether they are a good fit for you and your business. A meeting also gives you the opportunity in person to work out the deliverables, so there are no surprises.

5. Check the Timings

Whether you’re switching from an internal finance department to an outsourced one, or setting up from scratch, it’s important to understand the timescales involved. Who will do what, and when, is important to understand to get the relationship right from the start. Key deliverables and timing dates need to be met and should not be overlooked.

6. Arrange Regular Meetings

It’s all about maintaining relationships. Make sure your outsourcing partnership stays on track by arranging regular service review meetings. These are essential for dealing with any upcoming issues before they become problems for your business. As a client, you should expect to be challenged on how you currently do things- outsourcing is an opportunity to improve the way you do things- not to replace inefficient processes with more inefficient processes.

At Wilson Partners, we guide our clients through the outsourcing process, creating a step-by-step guide of what needs to be done, when and by who. It’s about really understanding your business and what you need. What are you waiting for? Give our team a call and set up your outsourced finance partnership today.

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