Outsourced finance department for growing businesses
An outsourced finance department from Buzz runs your bookkeeping, payroll, VAT, customer invoicing, supplier payments and monthly reporting in Xero. You choose the level of support, from £750 + VAT a month.
Would you rather talk it through first? Book a call.
- Weekly bookkeeping and a month closed in five working days
- Payroll, expenses and VAT returns
- Customers invoiced and chased, suppliers paid on time
- A monthly board pack you can send to a lender or investor
Who does what in your finance department
A finance department has three levels of work. The day-to-day records come first, then the control of cash in and out, then the plan for the year. Each Buzz level includes the work of the one before it. Fees are plus VAT and are confirmed in writing before work starts.
| The work | Finance Manager | Financial Controller | Part-time finance director |
|---|---|---|---|
| Xero set up with apps for receipts, expenses and payments | ✓ | ✓ | ✓ |
| Invoices posted and bank accounts reconciled every week | ✓ | ✓ | ✓ |
| Each month closed within five working days | ✓ | ✓ | ✓ |
| Payroll every month and employee expense claims | ✓ | ✓ | ✓ |
| VAT returns filed | ✓ | ✓ | ✓ |
| Monthly board pack | – | ✓ | ✓ |
| Customers invoiced promptly and late payers chased | – | ✓ | ✓ |
| Supplier payment runs prepared for you to approve | – | ✓ | ✓ |
| An alert when the bank balance drops below a level you set | – | ✓ | ✓ |
| Annual one-page plan | – | – | ✓ |
| Cash flow forecast for at least the next 12 months | – | – | ✓ |
| KPI dashboard | – | – | ✓ |
| Quarterly board meeting | – | – | ✓ |
| Monthly fee | From £750 | From £1,500 | From £2,000 |
The two finance team levels in full · The part-time finance director service
How the handover runs
- 1A call about the business
We ask how you sell, how many bank accounts and staff you have, and who needs your figures. You get a level and a monthly fee in writing.
- 2Access and records
You give us access to Xero, the bank feeds and the HMRC accounts. If the records are behind, bringing them up to date is quoted separately as a one-off.
- 3The weekly routine starts
Invoices are posted and the bank reconciled every week. Payroll and VAT run to their dates.
- 4The first month-end
The month is closed within five working days. At the Financial Controller level, your first board pack follows.
- 5Reporting you can rely on
Expect a month or two before the reporting can be relied on, and longer if the records were behind.
A finance director at the head of the department
Peter Allen, Buzz’s co-founder and Financial Director, writes an annual one-page plan with you, keeps a 12-month cash flow forecast and a KPI dashboard, and runs a quarterly board meeting. The part-time finance director service starts from £2,000 + VAT a month and includes all the finance team work.
Questions about an outsourced finance department
What is an outsourced finance department?
A team outside your business that runs your finance work: bookkeeping, payroll, VAT, customer invoicing, supplier payments and monthly reporting. At Buzz it is priced as roles, from a Finance Manager at £750 + VAT a month to a part-time finance director at £2,000 + VAT a month.
Which level does my business need?
If you need the records kept, payroll run and VAT filed, start with a Finance Manager. If cash is tight, customers pay late or a lender or board wants monthly figures, a Financial Controller fits. If you need a plan, a forecast and someone senior to take decisions with, talk to us about the part-time finance director.
Who approves payments from our bank?
You do. We prepare each supplier payment run and send it to you to approve, and you keep authority over your bank accounts.
Which software do you use?
Xero, with apps for receipts, expenses and payments connected to it. Buzz is a Xero Gold Partner.
Do you do the year-end accounts as well?
Tell us on the call and we will price the year-end accounts and tax returns with the finance team, or look at Business Pulse, which includes them.
Talk to us about your finance team
Tell us about the business and what you need. A named person replies within one working day.
