With more and more businesses choosing to outsource their financial requirements, such as accounting and payroll, the benefits of doing so are now clearer than ever. Retailers are offered the opportunity to save time, increase their profitability and reduce risk where they can by working with a professional advisory firm.
This month we spoke to retailer Liam McMahon who owns two convenience stores in Belfast about financial outsourcing to Baker Tilly Mooney Moore and the advantages it brings to managing his diary, and the bottom line:
“Outsourcing allows me to really concentrate on where my business needs me most. Directors need to wear many hats, so being able to rely on a firm like Baker Tilly Mooney Moore is a weight off the shoulders. Government legislation and HMRC rules are constantly evolving, so to have a dedicated team of experts behind you to help navigate the red tape is a huge relief. Working with dedicated and expert financial advisers allows me to focus on other areas, like business growth.”
Stephen McConnell, Business Services Partner at Baker Tilly Mooney Moore echoed those benefits of working with a professional team: “Our team is completing these financial processes every day for a number of clients, so we have developed a detailed understanding of the sector. We offer a number of finance functions that are possible to outsource – but primarily, it tends to be payroll and monthly accounts. With a number of legislative changes and increasing costs around payroll software, it can be much more time and cost effective to work with a team like ours.”
This article first appeared in the November issue of Ulster Grocer.