What is financial outsourcing and why might I choose it?

Financial outsourcing is the transfer of the accounts function to an external services provider. this model allows management to focus on core areas of the charity or voluntary organisation. Whether the organisation is in the private sector or the voluntary sector, outsourcing can Be essential in pursuit of organisational objectives.

Outsourcing can benefit voluntary organisations in varying degrees:

• Cost Reduction Drivers - Reducing support costs and addressing funding shortages.
• Value Creation Drivers - Improving customer service by gaining access to professional services and freeing up internal resources for higher-value activities.
• Competitive Advantage Drivers - Increased flexibility and better management during periods of volatility and showing prospective funders that you have operational advantages.

How can Blue Sky Accountancy help you?

Blue Sky is passionate about a quality service and it places a great emphasis on delivering a service suited to the specific needs and circumstances of your organisation. As we are a local accountancy business and not an off-shore business, you will be able to meet us face-to-face and we will be in regular contact with you.

With an emphasis on flexibility, you can select any number of individual components or opt for a full-outsourced finance function.

The services provided are arranged under 3 categories:

For more information on Blue Sky's outsourced service please click on frequently asked questions.

If you opt for any component or a full-outsourced finance function, ie., bookkeeping, management accounts and payroll we could not undertake an audit or sign off your accounts as there would be duplicity.  We would only audit your accounts if we were not involved in any of the accounting processes. You can still use your existing independent examiner or auditor.

Bookkeeping

Blue Sky can maintain the main books of prime entry for your organisation:

Controls are in place so that you will have the final say in authorising payments. We do not hold or have payment authority over client accounts. You would still have your own bank account(s) and authorised signatories would make final approval of payments.

We would also:

Management Accounts

Blue Sky can provide management accounting for your organisation. Services provided are:

• Budgets

We would create annual budgets, be it by department, project or total. Monthly or quarterly budget versus actual reports would be supplied and quarterly reviews undertaken. We would also produce cash flow forecasts and budgeted Profit and Loss Accounts and Balance Sheet.

• Grant reporting

We can assist you in your grant applications by providing financial figures for projects. We would compile grant claims and other financial reports to donors. We would also attend grant audits and other financial inspections on your behalf.

Payroll

Blue Sky is able to offer a complete payroll service. This would entail:

Throughout this process controls are in place so that you have final authorisation of the payments. We do not hold or have payment authority over client accounts. You would still have your own bank account(s) and authorised signatories would make final approval of payments.