North East Business News

Issue 116

Whether you’re launching a new venture or navigating the challenges of growth, creating a robust financial structure will give you access to smarter insights and help you make more confident financial decisions. Here are some tips to help you get it right! Start with the right finance team structure Like most SMEs, you probably started managing your finances with minimal staff. You might have even taken on these duties yourself. But as your business grows, this ad-hoc approach can lead to inefficiencies and risks. This is why building an efficient internal finance team or leveraging outsourced support is essential. A hybrid model may work best, involving a lean internal team that’s focused on day-today operations, supported by outsourced professionals for strategic input and compliance. Outsourcing elements such as payroll, tax filing, or even bookkeeping can also free up your valuable time and reduce overheads. Develop strong financial processes from day…