OFD

Who is OFD?

OFD (Outsourced FD) is a subsidiary of E-Financial Management, managed by experienced Finance Director, Paul Jesson. The OFD team includes Financial Controllers, Finance Managers, Bookkeepers, Credit Controllers and Payroll Managers. The team offers a portfolio approach and each member is able to work alongside and manage a multitude of clients and their needs. The OFD team works extensively with finance directors and other financial controllers in the EFM network.

Five-tips-for-effective-succession-planningWe typically work in a variety of different sectors, ideally located to work remotely and in a client’s headquarters, complimenting their management team, whether that is just supplying a single service or their entire operational finance function, flexing their service level as their needs evolve.

We support many clients around the UK including subsidiaries of overseas companies, delivering all the requirements one would expect of a finance team, with bespoke services tailored towards each client’s industry sector, size and number of transactions.

Our aim is to release the busy entrepreneur or general manager from the necessary day-to-day financial headaches, to enable them to concentrate on growing their businesses. With the right skillset at the right price and customised to your needs, our flexible team-based approach enables us to provide all of the necessary day-to-day finance functions a company will require to operate and thrive.

OFD Services:

Our dedicated OFD team offer the following financial support services to help remedy your company’s pain points:

Financial Control

Hiring-your-first-part-time-financial-controllerMany businesses recognise the need for Financial Director oversight and understand the role of bookkeeping, but some new and growing businesses fail to apply strong financial reporting procedures at a critical stage of their growth, because they do not have a financial discipline and control at the right time.

Our Financial Controllers are not ‘just senior managers with accounting experience’. They have an eye for detail, managing routine and non-routine transactions, ensuring data is accurately recorded and presented, and that the client’s business has sufficient procedures and controls to effectively manage the financial risk facing the business.

Bookkeeping

5-Reasons-to-Outsource-a-Bookkeeper-for-Your-Small-BusinessOur bookkeepers are not just a ‘keeper of the books’ who record transactions. Our experienced bookkeepers ensure transactional posting and record keeping meet your compliance obligations and commercial commitments.

They are key players in the smooth running of your business, ensuring financial paperwork is dealt with on a timely basis, accurate and is able to be used in useful financial data. Our team work closely and frequently with your team to understand your business more, enabling the efficiency and effectiveness of our role.

Credit Control

5-effective-credit-control-strategies-to-make-your-sales-more-profitableOur Credit Controllers are analytical professionals with strong credit management experience who improve the billing to cash collection process within a business, in order to release cash from sales quickly and effectively.

For many businesses credit control is not a high priority and is even something that many fear doing for worry of upsetting customers, however establishing the correct proactive procedures and adopting best practice solutions early on can have a significant positive effect on a company’s long-term cash flow.

Our team adopt a strong communicative approach in which they develop positive relationships with the client’s customers and robust procedures that the client’s customers become familiar with. We can offer a flexible, scalable resource to establish and maintain the credit control function.

Payroll Management

Why-Entrepreneurs-Need-to-Outsource-their-PayrollPayroll is highly complex and a significant cost to business and therefore, efficient payroll procedures are vital to the smooth running and keeping staff happy to assist in your success. Our team will provide you with comprehensive, confidential and reliable services so that you can concentrate on growing your business.

Benefits of OFD:

  • Pay for What You Use: Instead of committing to the cost of a full-time salary, outsourced accounting allows you to pay for what you need. For example, you might choose a monthly service plan that includes cashflow management, bookkeeping, payroll processing, and more. Then, if you need additional accounting services outside of the standard offerings, you only pay for what is needed when it is needed. This outsourcing approach will save you thousands every year. When you outsource, you know exactly what you’re paying for, and there is no reason to overpay for time or services that aren’t required each month or are delivered by the wrong type of resource.
  • Access to Systems and Tools: Consider the value that comes from working with an experienced finance team that already has proven systems in place. You can have confidence knowing that your accounting team is familiar with the top tools in the financial industry. These software programs can be a great investment to streamline your bookkeeping, reporting, and tax preparation. Pairing good software with quality accounting services is the most effective way to streamline your company’s financial management.
  • Knowledge and Expertise: When you are working with an outsourced accounting team, you have a team of specialists who have a wide variety of expertise in the industry. The many years of experience exceeds the expertise you can get from a single employee. Also, the cost and time required to gain these specialty skills. It can be a huge burden to train in-house staff to develop the financial skills that you require with the added risk they move on as soon as they are trained.
  • Option to Scale: You can have confidence knowing that your financial management system can be scaled as your company grows over time. An in-house employee only has so many hours in the day, which means that you will eventually reach the limits of what that person can offer. If you anticipate that your company will continue to grow, then it would be valuable to have a full team of outsourced finance professionals who can scale with you as you experience business’ growth.
  • Less Risk of Down Time: When an in-house finance staff member is sick or on holiday, it means that you no longer have the support of a financial expert for your business requirements. However, you don’t have to worry about down time when you’re working with an outsourced finance team. If one person is away from the computer for personal reasons, then there are always other team members who can assist with your financial reports and accounts.

OFD Testimonials:

Tony Williams, Portfolio Finance Director, EFM:

“I have always found Rebecca to be friendly and 100% helpful with my client. Having a bookkeeper come onsite to their HQ regularly is cost effective and efficient. Her postings are always so accurate, first time round as Rebecca understands the business and, by being around, she can answer queries and undertake analyses and investigations with ease. A familiar face that we can trust and who we know is doing her best for us.”

Maurice Diamond, Managing Director, Hidros UK Ltd:

“Aparna and I work exceptionally well together. We are in a start-up scenario and until we’re much bigger it enables me to keep the bare minimal expenditure on admin and accounting. I couldn’t afford to do it in-house at this point. Also, I can tap into all different levels of expertise – from bookkeeping all the way up to finance director level when needed. It’s absolutely vital, without it we don’t work.”

Financial Management is Essential for Your Business

In the day-to-day workflow, it often feels like bookkeepers and accountants are a burden for your business. The truth is that these finance experts should add significant value to your business. High quality and well organised financial systems are key if you want to enjoy strong business growth and success in the future, and by having the right skilled and experienced people to utilise those systems ensures you can get the best out of them and let you focus on what is important to you and your plans.

You need the right system to ensure that you are prepared for whatever may come into your business. A strong outsourced finance team can be an invaluable resource, ensuring a solid financial foundation for your company. Most business owners don’t have formal accounting or bookkeeping training, which is why it makes sense to hire the right accredited expertise.

Business owners can get the bespoke support they need in outsourcing their finance & accounting services from EFM. Our nationwide team of experienced and multi-sector finance professionals range from Financial Controllers, to, Bookkeepers, Credit Controllers & Payroll Managers.

Get in Touch

To find out more around how the OFD teams tailored financial management services can benefit your company, get in touch. Contact us via clientcare@efm.uk.com or call 01582 516300 to set up your free one-hour consultation.

Download the EFM brochure

Click for your copy

Join Us

© EFM 2020
Web design by Union 10 Design