Since Charter Tax was launched ten years ago, one of the key services the firm has offered is outsourced finance department (FD) support, as most businesspeople would rather focus on running their business than get tied up in its finances. After all, many businesses think nothing of outsourcing their IT requirements – Charter Tax certainly does. The team understands accountancy software packages but couldn’t fix a faulty server!
The outsourced FD service has proved to be useful to businesses large and small and the service which the client receives from Charter Tax is always tailored to its particular circumstances.
“For smaller clients it is nearly always cheaper and more efficient for them to use our services than to do it themselves and the service we can offer them is much more comprehensive; they can have access to a wide range of expertise” says Chris Page, Associate at Charter Tax. “Clients can utilise as much or as little of our services as they need, as well as dipping into ad hoc advice as and when they need it.”
For a small business, this can take the pressure off a one-person finance department or in-house accountant.
Chris continues: “It’s also beneficial to larger firms too, as we can supplement the in-house finance department, particularly if there’s an area in which they are not as knowledgeable, such as VAT or pay-roll, or they’ve got a question on a specific area of tax.”
Charter Tax can also offer larger businesses not just an outsourced finance department but somebody to join the board as a finance director.
“Our extensive experience in working with other clients to help them run their business – as well as running our own business – means that we can provide a complete outsourced package,” Chris explains, who came to accountancy after working within the finance department of a large company.
Currently, Charter Tax offers its outsourced FD service not just to clients of all sizes, but in a variety of industries as well.
The range of outsourced FD services which the firm can offer includes:
- Formation and administration.
- Business plans.
- Budgets and forecasts.
- Bookkeeping and management accounts.
- Performance indicators.
- Cash flow management.
- Profit improvement.
- International scope.
- VAT.
- Payroll.
Charter Tax has a particular expertise in bespoke tax planning advice, particularly around international tax issues. This means it is well placed to provide its outsourced FD service to overseas businesses.
“We are experienced in working with international clients that want to set up a UK entity but are not familiar with UK VAT, perhaps, or corporation tax,” Chris explains. “We can set up companies for them and even run their bank accounts, acting as their UK finance department.”
Whether you want to outsource all or part of your finance department, Charter Tax can help.
“We will build you a bespoke package so that you do in-house what suits you and you outsource the rest to us,” says Chris. “No matter where that balance sits, the important thing is that we’re on your team and can help you get it right.”
To find out more: https://www.charter-tax.com/our-services/fd-services/
