Finance & Accounting Industry Admin Outsourcing

Outsourcing admin tasks in the automotive industry can lead to increased efficiency, cost savings, access to specialised expertise, and improved focus on core business activities, ultimately driving growth and competitiveness in the market.

Top Tasks And Roles To Consider For Finance & Accounting Industry Admin Outsourcing

Bookkeeping:

  • Manage day-to-day financial transactions to maintain accurate records of income and expenses.
  • Record financial data systematically to facilitate analysis and decision-making.
  • Organise financial documents and receipts for easy retrieval and reference.
  • Reconcile bank statements and financial records to ensure accuracy and completeness.
  • Implement bookkeeping software and tools to streamline processes and improve efficiency.
  • Provide financial reports and insights based on accurate bookkeeping records.

Accounts Payable and Receivable:

  • Handle invoices, payments, and collections to ensure timely financial transactions.
  • Process supplier invoices and schedule payments to maintain positive supplier relationships.
  • Monitor accounts receivable and follow up on overdue payments to minimise outstanding balances.
  • Reconcile accounts payable and receivable records with financial statements to ensure accuracy.
  • Implement payment processing systems and automation to improve efficiency and reduce errors.
  • Provide timely updates on accounts payable and receivable status to stakeholders.

Financial Reporting:

  • Prepare financial statements, including balance sheets, income statements, and cash flow statements.
  • Analyse financial data and trends to provide insights into the financial performance of the business.
  • Ensure compliance with accounting standards and regulations in financial reporting.
  • Present financial reports to management, investors, and stakeholders to support decision-making.
  • Conduct variance analysis and forecasting to identify areas for improvement and strategic planning.
  • Collaborate with internal and external auditors to ensure accuracy and transparency in financial reporting.

Payroll Management:

  • Process employee salaries, taxes, and benefits accurately and on time.
  • Calculate payroll deductions, including taxes, insurance, and retirement contributions.
  • Manage employee time tracking and attendance records to ensure accurate payroll processing.
  • Ensure compliance with labor laws and regulations regarding wages, hours, and benefits.
  • Provide payroll reports and statements to employees for transparency and verification.
  • Implement payroll software and systems to streamline processes and reduce manual errors.

Tax Preparation and Compliance:

  • Manage tax filings, deductions, and credits to minimise tax liabilities and ensure compliance.
  • Stay up-to-date with changes in tax laws and regulations to ensure accurate tax preparation.
  • Maximise tax benefits and incentives available to the business through strategic tax planning.
  • Document tax records and supporting documentation for audits and reviews.
  • Collaborate with tax advisors and consultants to address complex tax issues and optimise tax strategies.
  • Provide tax advice and guidance to management and stakeholders to support financial decision-making.
about kimon outsourcing company uk

About Kimon

outsourcing to india

Co-founder Michael Kitt initially visited India in 2010 while working for a Mumbai-based entrepreneur.

Struggling with staff quality and rising UK employment costs, he established Kimon Services with Ali Memon in 2017 for cost-effective outsourcing.

outsource work to india

He chose India to provide the resource due to its Western culture, English proficiency, and favourable time zone, Michael deepened ties through marriage in 2019.

outsourcing company uk

Leveraging their infrastructure and outsourcing expertise, Kimon Services now helps many companies facing skill shortages and high employee costs.

Benefits Of Outsourcing To Kimon

In-House Hire
Freelancing Sites
Kimon Services
Time To Hire
1 to 3 months
2 to 3 weeks
Up to 14 days
Pre-Vetted Candidates
Free Replacements
Can Work In Your Timezone
Dedicated Accountability
Culturally Fit Candidates
Failure Risk
Low
High
Low
Flexible Hire & Fire Process
Fee Free Termination
Salary Cost
High
Medium
Low
PAYE Employer Contributions
13.8% of secondary threshold of salary!
None
None
Employer Pension Contributions
3% of salary minimum!
None
None
Extra Overheads (IT, Workspace etc)

If your business employee costs are spiralling...

We are your solution!