Outsourcing 

What is outsourcing? 

Outsourcing is the practice of hiring a third party outside the company to perform services that traditionally have been performed in-house by the company’s own employees. Stuart Davis Consulting can provide you with all aspects of outsourced finance. We can support you with the either the full finance team or any aspect of it or any combination that fits your needs.  

What are the benefits of outsourcing? 

We can provide you with any of your day-to-day bookkeeping. We can answer any short term or longer-term need leaving you and your staff to get on with managing the charity. We can offer solutions to get you through difficult periods such as such as absences or providing additional support during particularly busy periods such as during your statutory audit. We can become your permanent solution without the need to recruit or train staff. We can provide a risk-free solution with no break in support due to sickness or extended leave.  We are a team of charity finance experts meaning you can scale up or down with ease. 

We can also provide you with the more strategic management reporting that your own staff may not have the skill set to perform at a time and cost to suit you. 

What services do you offer? 

The full range of services would include: 

• Income processing. 

Income recognition. Grant management. Recognition of restricted and unrestricted funds and tracking. Gift Aid. Trading Income. 

• Supplier processing. 

Payments to suppliers, credit cards, staff expenses, supplier statement reconciliation etc. 

• Payroll 

The preparation of your payroll. Including the processing of salary payments, pension contributions, payments to staff. The production of payslips, all HMRC reporting. As well as the preparation of P45’s, P11D’s, P60’s. 

• Banking 

Processing of all receipts and payments. Bank reconciliations including any foreign payments and receipts. Any foreign exchange requirements.  

• VAT 

The production and submission of your quarterly VAT return. As well as any partial exemption requirements. We can deal with making tax digital (MTD). The ‘Making Tax Digital for VAT’ regime requires you to maintain business records digitally for VAT purposes in what is known as ‘functional compatible software‘ and also to file your VAT returns using digital methods. This means that some kind of electronic record keeping system must be used. 

• Management Accounting 

Production of your monthly or quarterly management accounts. This would include the calculation of all deferred income, accrued or prepaid expenditure. Along with variance analysis and commentary on performance. Regular balance sheet reconciliations, Ad hoc performance reports grant analysis reports. Any other periodic reports that you need.  

• Financial Accounting 

The production of your annual statutory report and accounts, Stuart Davis Consulting can also liase with auditors on behalf or in collaboration with the charity.