Ensuring you have a handle on your finances is vital for every business. Not only does it do the obvious (let you know the current state of your finances!), but it can also serve as a guide for business goals and development.
The problem we find though with how many businesses carry out their financial checks is that once they have that data, they tend to sit on it. To us, that’s an opportunity that is being wasted.
So, how is the way we handle finances different? Stick around and we’ll tell you!
What is outsourced finance?
Before we dive into how we do things here at Oakwood, let’s take a second to define what we mean by the term outsourced finance.
Simply put, outsourced finance, is the practice of delegating financial management responsibilities to specialised external experts – that’s us! This allows your business to focus on core operations while leaving your financial affairs in the capable hands of our professionals who have the knowledge and experience to steer finances, spot opportunities, and suggest actionable insights.
Why is keeping a regular handle on your finances important?
More than ever business moves at a rapid pace. Checking your finances every so often is no longer viable, they need to be assessed regularly.
Key benefits of this include:
Early detection of issues: Financial monitoring allows you to spot potential problems early on, minimising their impact on your business, and even allowing you to bypass them altogether.
Improved decision-making: With real-time financial data at your disposal, you can make informed decisions swiftly.
Adaptability to market changes: Financial analysis equips you to adapt quickly to market fluctuations and capitalise on emerging opportunities fast.
Goal tracking and accountability: Monitoring your finances helps track progress toward financial goals and keeps your team accountable.
We understand that many busy professionals don’t have time to monitor their finances regularly, or they can find it very overwhelming, which is why we’re on hand to offer external financial support. By partnering with Oakwood, you gain access to a team of financial experts who will work closely with you to analyse your financial data, identify opportunities for improvement, and implement strategies for long-term success.
How can Oakwood help you get a handle on your finances?
Now we’ve established what outsourced finance is and the benefits of regularly reviewing your finances, let’s address the reason you clicked on this blog – how we can help your business!
At Oakwood, we understand that every business is unique. That’s why we tailor our services to work closely with you, providing regular financial reports, meticulously analysing the data, and delivering insights you can actually action.
Any financial services can gather data, but our approach goes beyond merely presenting the facts; we actively collaborate with you to determine the best course of action. Taking into account your strategy, goals, assumptions, risks, and potential rewards, we assist you in devising effective solutions.
There’s little point in gathering data if you’re not going to use it to benefit your business, which is where we come in.
Our key financial services include:
Financial processing and compliance
Accurate financial processing lays the foundation for reliable financial reporting and decision-making. By handling this, we can ensure that the data you receive and take action on is completely accurate. There are no fudged figures or estimates here!
On the other hand, compliance involves adhering to the relevant financial regulations and laws governing your industry and location. This includes tax compliance, financial reporting standards, and industry-specific regulations. Non-compliance can lead to severe consequences, including financial penalties and reputational damage. Those are the last things you need when you’re looking to grow your business.
We can handle these critical tasks efficiently, ensuring accuracy and compliance which in turn allows you to focus on the day-to-day operations within your business.
Management accounts
Management accounts are a vital tool for businesses to gain a complete understanding of their financial performance and make informed decisions based on this information. They play a crucial role in helping businesses adjust their strategies promptly, optimise resources, and respond to changing market conditions. By taking advantage of our expertise in preparing accurate and up-to-date management accounts, businesses can stay agile, make data-driven decisions, and drive sustainable growth.
Cash flow forecasting
Having a clear picture of cash flow helps businesses plan for capital investments, manage working capital effectively, and navigate cash flow fluctuations. Our specialised support in cash flow forecasting empowers businesses to maintain financial stability, seize opportunities for expansion, and make strategic decisions based on their cash position. We can even help you with funding opportunities.
Board reporting
Board reporting is an essential process that keeps key stakeholders informed about a company’s financial performance and overall health. These reports provide concise and relevant financial data to the board of directors, helping them assess the business’s progress and make decisions on the back of these reports.
Timely and accurate board reporting is crucial to support effective corporate governance and strategic planning. We have a wealth of experience in preparing board reports, presenting key financial metrics, risks, and opportunities in a clear and concise manner.
Ready to get a handle on your finances? Fill out the form on our website to book an appointment or let’s talk on 01789 867686.
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