Outsourcing your Financial Department – Why it works!
A South African economy under pressure forced decision makers in the SMME market to review the total composition of their organisations. Naturally, salary bills had to be cut, in order to ensure the survival of the business remained top priority. Unfortunately the financial departments were also affected and have often led to circumstances proving detrimental to the organisation. Outsourcing of the financial department ensures that the decision makers can continue to focus on their core business and turnaround and have total comfort that their finances are taken care of, in the most professional and diligent manner as originally intended.
Why outsourcing works for your organisation:
- The service is output driven and the same or even better results are achieved than when an in-sourced financial department is employed;
- No recruitment fee will have to be paid for the positions being filled in your company. BNS will take full risk of employment and the cost thereof;
- Monthly savings of 30% are achieved by outsourced resources versus the cost of employment. This is achieved by not paying towards pension, medical aid, SDL, UIF, WCA, leave, sick leave, study leave and public holidays;
- The full cost of the outsourcing contract will be recovered every year from good financial management and taxation planning as well as BNS’s contribution towards strategic input and growth of the organisation;
- No BCEA (basic conditions of employment act) or CCMA applies to the outsourced resource. It is an arms-length arrangement with sufficient notice to cover both parties;
- The outsourced resource would be a managed resource by BNS to ensure that your focus remains on the entrepreneurial side of the business and know that the reporting and all statutory requirements are taken care of;
- Access to all the specialized resources of BNS naturally would exist to add more value to your organisation;
- No penalties or interest on late or non-submission of statutory returns such as VAT, PAYE, Income tax, WCA or CIPC annual returns would ever be for your account again should BNS Group be the responsible party for submitting these returns.
Your organisation deserves to engage with the BNS Group, and so do you as an owner! Proper and professional financial management and control will unlock returns to all stake holders.
Contact us today for any further assistance in this regard.