Virtual Finance Department

        

Business Process Outsourcing (BPO) of your finance function can make a significant difference to the way your company runs the finance department. We will work with you to create a solution that fits your needs, from transactional processing, to providing timely and relevant management information, and support with forecasting and budgeting.

We build it with you

When we build a virtual finance department we build it with you, implementing and maintaining a robust controls process. Your virtual department will be a hybrid solution, combining the latest technology with the support of experienced accountants, and gives you the ability to work from anywhere to keep your business moving forward. With our virtual finance function solution you can focus on growing and improving your business whilst we look after your finance and accounting requirements.

Supplier & customer management

Effective supplier and customer management are the cornerstone of a successful business. Having someone in your corner to manage these relationships means that you can focus your attention on driving your business forward.

Abacus

Purchase controls

A robust purchase control framework will increase accountability within your business and provides clarity with your suppliers. 

Barchart

Invoice retention

Process and store your invoices in a MTD VAT compliant way, with access for audit and ad-hoc analysis. 

Barchart

Debtor management

When providing goods or services to clients on credit it is paramount to ensure payments are received in line with credit terms agreed. 

Payment controls

Managing your cashflow will ensure longevity of your business and revolves around agreeing correct payment terms with your suppliers and customers. After this framework is agreed it is key to monitor the activity in your bank account and take corrective action on an exemptions basis.

Abacus

Bank reconciliation

Key measures will ensure that you have clear insight into your cash, and a solid foundation to assist you with your cash flow forecasts.

Barchart

Payment allocations

Payment allocation to be carried out in a way that can be audited, and ensuring that regular reporting and issue resolution can be done, managing stakeholder relationships effectively.

Barchart

Cash flow forecast

A future focused business has a reliable cash flow forecast as one of their tools in their arsenal, with the ability to feed in scenarios.

Management information

With timely and relevant management information available you can take strategic and operational decisions to drive your company forward.

Abacus

KPI & sales reports

With linked till and accounting systems it is feasible to have daily, weekly and monthly sales and KPI reporting at a time it is still relevant.

Barchart

Management Accounting

We will help you to create a suite of reports that allow you to measure performance and benchmark against budget, forecast and prior period data.

Barchart

Balance sheet Maintenance

We can provide you with a solution that gives you online access to your reconciled balance sheet.

Compliance

With continuous updates and adaptations to rules and regulations it helps to have a trusted advisor in your corner that can help your business with your accounting compliance requirements.

Abacus

Audit support

When your business exceeds the audit threshold it is useful if you have a partner that can assist you with an audit, or assist by managing the audit deliverables and communication on your behalf.

Barchart

VAT returns

VAT registered businesses can use a partner to effectively manage their VAT returns on their behalf, assist with HMRC VAT audit and query management, as well as be prepared for any upcoming changes to VAT requirements.

Barchart

Payroll management

Outsourcing your payroll, alongside other finance related processes to Armstrong Watson means that we can ensure a seamless integration between the Payroll & employee services and your management accounts, making it a one stop shop solution.

Virtual finance FAQs

Business Process outsourcing is the delegation of one or multiple business processes to an external party that manages the these selected processes based on a defined agreement. BPO can be done in various business areas like payroll, finance or IT.

We can support you with a purchase order controls process, ensure effective supplier management, regular payment runs, and supplier statement reconciliation to ensure all relevant cost are captured timely to prevent business disruption.

We will work with you create a framework of invoice distribution, debt chasing, dunning and escalation that is right for your business. In addition to the debt chasing we are able to manage the setup of new customers and credit checks to reduce the risk of non-payment.

Armstrong Watson can act like a VAT agent on behalf of UK VAT registered companies, ensuring a VAT return is completed in an MTD VAT compliant way. VAT returns are completed in a transparent way, so you have the opportunity to review the return.

Our software is capable to connect with the HMRC VAT return portal, in addition to this AW will work with you to ensure existing sales software is integrated in line with HMRC requirements for digital links.

Armstrong Watson is able to liaise with your existing payroll bureau in order to get the relevant information for your accounts. If you want to learn more about our payroll services, click here

If you are considering switching your outsourcing partner Armstrong Watson can help you with a smooth transition. We can create a bespoke plan to reduce impact to business continuity.

Depending on your requirements we can create a suite of reports, as well as data access for ad hoc requests.

If you are not looking for a virtual finance department, but would like to unlock some of the cloud based benefits you can read some more about our solutions for owner managed businesses here.

Get in touch for specialist, confidential help and advice

Guy Kerkvliet

Guy Kerkvliet

Head of Outsourcing

0141 2330 714

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Armstrong Watson LLP is a limited liability partnership registered in England and Wales, number OC415608. The registered office is 15 Victoria Place, Carlisle, CA1 1EW where a list of members is kept. Armstrong Watson LLP is regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities. Unless otherwise indicated, either expressly or by the context, we use the word “partner” to describe a member of Armstrong Watson LLP or an employee of Armstrong Watson LLP in their capacity as such.

Armstrong Watson Audit Limited is registered to carry on audit work in the UK by the Institute of Chartered Accountants in England and Wales. Registered as a limited company in England and Wales, number 8800970. The registered office is 15 Victoria Place, Carlisle, CA1 1EW.

Armstrong Watson Financial Planning Limited is authorised and regulated by the Financial Conduct Authority. Firm reference number 542122. Registered as a limited company in England and Wales, number 7208672. The registered office is 15 Victoria Place, Carlisle, CA1 1EW. Armstrong Watson Financial Planning & Wealth Management is a trading style of Armstrong Watson Financial Planning Limited.

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