To survive the current competitive landscape, businesses need to continually evolve, as technology is revolutionising the way we interact and exchange information. To keep on top of performance and drive decision making, financial and business processing have to be fast, reliable and efficient, a business may want to consider the benefits of outsourcing in manufacturing.
Key benefits of outsourcing
We can help manufacturing businesses ensure they have accurate stock management systems, track ALL costs appropriate to the production process (packaging, direct labour, consumables) and report this data accurately by product and customer so the owners can make informed decisions. By using automated software we can remove human input error and ensure that processes cannot be overridden. By outsourcing services, you receive dedicated support, free from internal administration duties within your organisation, giving you confidence they are focused and efficient in delivery.
With improved efficiencies from automation and ‘in sync’ products, outsourcing costs are very comparable to employee costs, without the obligations (payroll running, auto-enrolment costs and administrative responsibilities) that come with employee status. In addition, as software experts and with dedicated outsourcing teams, we can process and report your data – in your preferred format -efficiently and accurately, to your timescale.
Cloud software
A common way for manufacturers to achieve efficiency in their systems and processes is by moving to online cloud software, with key benefits:
– Visibility of live accounting data from anywhere in the world
– Cutting down on manual jobs, allowing more time to focus on other tasks
– The ability to be completely paperless
Cloud software has improved the ability to link with ancillary products, i.e. cash flow forecasting, bank account entries, invoice scanning and expenses software to create a more integrated back office function.
Further benefits of outsourcing to manufacturing businesses
Although systems have improved there are still benefits to outsourcing some, or all, of a company’s finance function. For example, manufacturing businesses can vary from a monthly review of their data to managing the complete bookkeeping and management accounts function. We provide a ‘FD Service’ for clients who need stronger support and direction in their finance function but do not need a full time Finance Director.
Our manufacturing clients value our input into cash flow planning. We use their data to show the business’ working capital requirement (how much cash operations absorb from purchasing raw materials to receiving payment from customers) and demonstrate the impact of improved efficiencies in procurement, scheduling and debt collection terms. We then work with you to help unlock and implement these changes.
If you would you like more details of the range of Menzies Outsourcing solutions and how this could give you more confidence in your accounting system and financial results, please contact Phil Wright on 01489 566700 or email pwright@menzies.co.uk.
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