Outsourcing for the first time

Introducing the outsourcing model to a business is attractive on paper – but what are the practicalities of making it happen?

Our client – an international hedge fund management group – had made the initial decision that outsourcing was the way forward for its business. It wished to reduce overhead expenditure and reallocate the resources of key staff.  It had realised that outsourcing the day-to-day finance role would achieve cost savings without weakening internal controls.

Our very first task was to carry out a comprehensive review of the company’s financial management processes, including its accounting software, and to present a detailed written plan to the client. Our ideas, insight, and practical suggestions gave the client confidence – and provided a sound foundation upon which we could start work.

Working hard to ensure a smooth transition, we took on the maintenance of the accounting records, preparation of group management accounts, on-line banking and the settlement of supplier invoices, preparation of the monthly payroll (with related HR matters), VAT return preparation and FCA compliance matters. Remote access provided us with the facility 
to work on the client’s system from our own offices.

Having found its faith in our abilities well-justified, the client was able to reallocate staff resources to marketing and operational matters – leaving the backbone of the finance role in capable hands.

 
 
Ranjan Kumar, Business Unit Director, Throgmorton: “In this case, the feedback from the client was that they were impressed with the sheer thoroughness with which we’d approached the task. Trust and confidence is hugely important to our business – and it’s something that has to be well-earned.”
 
To contact Ranjan, click here
                                                                                                                   next >

"..More importantly, their team is knowledgeable, efficient and extremely committed to excellent client service.."