Sometimes, there are not enough hours in the day to manage all of your business’s administration. The piles of paperwork, spreadsheets and invoices can all add to your workload, taking up time that can be spent with selling to clients. If you don’t have the time to do it yourself, getting outside help with the clerical side of your business makes sense.
Outsourcing is seen as a dirty word by some in the business sphere, but from a financial and time management perspective, it can work wonders. Imagine not having to deal with forms, taxes, payslips or invoices – sounds great, doesn’t it? By outsourcing all of these tasks to an external company or freelancer, you have fewer worries and constraints on time.
A survey by Deloitte found that 59% of people outsource because it helps them to cut costs. When finding help, see if they are able to handle admin tasks for less than a full-time or part-time employee. Then, look at what services you need help with. These could include:
- IT maintenance
- Customer Relationship Management (CRM) software
- Invoicing and financial management
- Payroll management
For deliveries, it is pretty easy to choose a partner. If you run an ecommerce business, a provider like Parcel2go can collect and deliver anywhere in London. Check whether you can afford their services first and look at what they can and cannot do before signing a contract though! Also, consider where your delivery partner should work, on a local or global scale.
Seeking specialist administrative support will save you money in all kinds of ways. Not only will your business not have to pay full whack for a full- or part-time administrator, but there are plenty of additional expenses you will avoid forking out for in the process.
One such expense is National Insurance. For every full-time employee earning over £157 per week, employers have to pay as much as 13.8% towards every worker’s NI contributions. Outsourcing will remove this potentially large expense.
Another cost that outsourcing will remove is pension contributions. The auto-enrolment scheme is something that every UK business that has at least one employee is required to sign up to. If an employee chooses to contribute so much to their pension, the employer must match it. Not having to pay for pensions is another benefit.
Finally, outsourcing avoids the potentially arduous task of hiring the right employee. In going to a specialist firm for part of your admin, you avoid spending so many hours on sifting through job applications and going through interviews.
Katie is a finance specialist with one of the biggest firms in London. From savings to investments, there’s nothing she can’t advise on and she’s here to help spread the word and help you on your way to financial freedom.