Remote FinOps
Remote FinOps, or Finance Operations, refers to the management of financial processes remotely, integrating both finance and operational tasks into one seamless, outsourced service.
This approach uses technology, cloud-based tools, and remote service providers to handle bookkeeping, payroll, accounts payable (A/P) and receivable (A/R) management, and financial reporting.
It is ideal for small and medium-sized enterprises (SMEs) that lack the resources to hire full-time, in-house specialists but still need expert financial oversight and management.
Why is it important?
With the nature of work and technology changing rapidly, the world is becoming more global and de-centralised, yet closer than ever before, through cloud-based software and remote work models.
Traditional in-house roles are fast becoming digital and fractional/part-time, with ever increasing automation driving up productivity and efficiency. Along with that comes cost savings for businesses.
Remote FinOps allows you to access expert financial management reducing or eliminating the need for in-house staff.
This approach is cost-effective, scalable, and provides you access to global expertise that might otherwise be out of reach.
Remote FinOps helps you keep pace with these changes, whilst also giving you the ability to scale up or down as needed, in line with what is happening in your business at the time.
Working with RedBrick ensures you receive specialised financial advice and services tailored to your business needs.
It ensures you are not figuring it out alone, or wasting time and resources learning from scratch, by instead partnering with a trusted and knowledgeable provider for the long term.
This allows you to focus on your core business activities rather than getting bogged down in day-to-day financial management and operations.
Our team is trained, experienced, and equipped to manage your financial operations remotely, providing consistent, high-quality service without the challenges of recruiting, training, or managing full-time staff.
What are the benefits of getting it right?
- Cost Savings: Outsourcing FinOps can significantly reduce costs associated with hiring, training, and retaining full-time employees. Additionally, by automating manual tasks, your business can save time and money, allowing you to allocate resources more efficiently.
- Flexibility and Specialisation: Remote FinOps providers offer greater flexibility, allowing you to scale services up or down without the long-term commitment of hiring. You also gain access to a wider pool of specialised talent globally, often at a lower cost than local hires. This approach eliminates overhead costs like office space, utilities, and equipment, further enhancing savings
- Consistency and Efficiency: By working with RedBrick, you get access to standardised processes, templates, and best practices, ensuring consistent and efficient service delivery.
- Improved Decision-Making: With real-time access to financial data, Remote FinOps enables better forecasting and strategic planning, allowing you to make informed decisions that drive business growth.
This is particularly true where there is only a small team or individual Director, with many hats being worn at one time. Remote FinOps reduces multi-tasking, which allows decision makers to focus on decisions, and not operations. i.e. using the output, not producing the output.
What are the costs of getting it wrong?
- Higher Operational Costs and Inefficiency: Keeping FinOps in-house means bearing the full burden of salaries, benefits, training, management, statutory obligations, and overhead costs, which can be especially burdensome for small businesses. Inefficient use of resources due to multi-tasking and lack of automation often results in wasted time and increased expenses.
- Incomplete or Neglected Processes: Processes that are not financially viable to conduct in-house, such as detailed cash flow forecasting or comprehensive financial analysis, often get sidelined or ignored, which can leave critical business insights untapped
- Time Spent on Management and Internal Politics: Managing in-house teams involves not only direct management time but also navigating workplace dynamics, politics, and employee turnover. This distracts leaders from strategic decision-making and forces them into roles that detract from core business growth.
- By outsourcing operational processes that don’t require frequent human judgment, businesses can eliminate the need for middle management layers and focus more on high-level decision-making based on outputs.
- Suboptimal Decision-Making Due to Limited Expertise: Relying on internal teams that may lack specialised financial expertise can lead to suboptimal decisions. This could be due to a lack of access to the latest tools, technologies, or industry best practices that specialised providers bring.
E.g. Without access to the sophisticated financial modelling and scenario planning offered by RedBrick, you might miss key market trends or make misinformed strategic choices, negatively impacting your long-term growth.
In summary
Opting against outsourcing FinOps is often rooted in the misconception that in-house management offers greater control or cost savings.
However, the true costs lie in inefficiencies, incomplete processes, management overhead, internal politics and lost opportunities.
The technological wave of automation and specialisation is inevitable; businesses must choose to either ride this wave with the support of outsourced expertise or risk sinking under the weight of outdated practices and internal inefficiencies.
The decision to outsource is not just about saving costs—it’s about ensuring that essential processes are executed efficiently and that management can focus on strategic growth rather than operational firefighting.
Partnering with RedBrick is about shared values over time, and having someone you know you can trust to take care of things well. A “safe pair of hands” driven by:
– Accuracy
– Consistency
– Reliability
– Integrity & Ethical Behaviour
– Knowledge & Continuous Learning
– Transparent Communication
Most common services we provide:
Bookkeeping
We manage your bookkeeping needs by accurately recording transactions and maintaining up-to-date financial records. We streamline your financial data, ensuring it’s organised and ready for tax filing and strategic decision-making.
Accounts Payable (A/P) Management
We handle your entire A/P process, from invoice receipt to payment scheduling, ensuring suppliers are paid on time and discrepancies are swiftly resolved. We can automate approvals, and provide regular reports, keeping your accounts neat and error-free.
Accounts Receivable (A/R) Management
We take care of your A/R processes, including timely invoicing, tracking items, and following up on overdue accounts. By implementing best practices in credit control, we improve your cash flow and provide regular updates on collections and payment trends.
Payroll
We oversee your payroll operations, managing everything from salary calculations and tax compliance to statutory deductions. Our service ensures that your employees are paid accurately and on time, every time.
Financial Reporting
We deliver clear, accurate financial reports tailored to your needs, including income statements, balance sheets, and cash flow reports. We ensure timely delivery, giving you insights to make informed decisions without the hassle of managing it in-house.
Management Reporting
We create tailored management reports that highlight key performance metrics and financial trends. Delivered on a monthly basis, our reports help you understand your business performance, identify improvements, and make strategic decisions confidently.
Cashflow Analysis
We utilise the latest technology to forecast future cash needs and identify potential liquidity issues. Our insights help you optimize cash management, ensuring your business has the funds needed to operate smoothly and capitalise on growth opportunities.
Financial Modelling & Analytics
We build bespoke financial models that project future performance, analyse scenarios, and support strategic planning. Our dynamic models and analytics help you make informed decisions on investments, pricing, and growth strategies.
Groups & Consolidations
For businesses with multiple entities, we manage group accounting and consolidations, ensuring consistent financial reporting across subsidiaries. We handle intercompany transactions, adjustments, and eliminations.
Expense Management
We run your expense management processes, ensuring that all business expenses are accurately tracked, categorised, and reported. Our service streamlines the approval workflow, automates reimbursement processes, and ensures policy compliance.
Bank Statement Recording & Reconciling
We know that for certain clients, even with automatic bank reconciliations, there can still be issues, especially when having numerous bank accounts, high transaction volumes, and different countries & currencies. We can help alleviate any manual pain points.
Operational Processes
We optimise specific operational and finance processes, which are unique to you, whether by virtue of industry, specialism, geography, technology etc. We automate where we can and ensure everything runs smoothly and regularly.
And many more...
As there are so many different industries and custom situations/contexts for businesses across the UK, there are a number of very specific financial and operational processes we can help with. We discuss these with each client as required.
