Six months ago, Elsby & Co officially launched its Business Hub to offer businesses far more than the normal compliance service provided by most accountancy firms and it is already attracting clients with turnovers of over £1 million.
The Business Hub takes care of clients’ back-office finance functions and provides real-time management accounts information and regular strategy meetings with Elsby & Co’s expert team.
Partner Kupesh Patel, who heads up the Business Hub alongside Senior Manager Jack Emmerson, said: “The majority of accountants will just do year-end compliance work, being annual accounts and tax returns and meet with their client once a year but our ethos has always been to help our clients throughout their journey and the Business Hub is an extension of that.”
“It’s a complete outsourced finance function right from bookkeeping through to non-executive director level support. It gives the businesses we’re working with clarity on their financial position so they can make informed decisions on their business strategy, such as securing outside investment or recruitment needs to enable them to grow.”
“We get involved at an operational level, to understand their business and markets, as well as helping our clients understand the financials better.”
The Business Hub provides regular bespoke real time key performance indicators (KPI) and offers a back-office support function, including bookkeeping, credit control, payroll and payment processing.
One of the big advantages of the Business Hub is that clients also benefit from advice from Elsby & Co’s four partners and senior management team.
Jack explained: “Growing businesses get to the stage where they’ll need higher level finance support, such as employing an in-house Financial Controller or Finance Manager or Finance Director, who in turn would need support staff to carry out the lower level work, such as bookkeeping and credit control.
“This would come at a big cost to the business and this is where the Business Hub can really benefit them.
“The Business Hub provides the expertise of multiple people from within our business – we have a wealth of experience and we all bring something different to the table for our clients.”
“This isn’t something you would necessarily get if you had an internal person doing the job.”
“The Business Hub is also filling an important gap for smaller growing businesses who aren’t in a position to recruit a bookkeeper, a finance director and a credit controller – we can offer all of those things and the feedback we’ve received so far has been very positive.”
Read more about the Elsby Business Hub here – Business Hub | Elsby & Co (elsbyandco.co.uk)
This is an abridged version of the Elsby article featured in the Business Times – The new Business Hub helping firms to make informed growth decisions – Business Times (business-times.co.uk)