Outsourced Finance Department (OFD): How does it work?

 

 

Many small business owners don’t realise their accountants can do much more than just tax returns and compliance work. While traditional accounting focuses on bookkeeping and tax filings, a fully integrated financial solution goes beyond these basics—helping businesses optimise cash flow, improve financial reporting, and drive strategic growth.

That’s where an Outsourced Finance Department (OFD) comes in. Rather than hiring an in-house finance team, an OFD provides expert financial management and strategic advisory—giving small businesses access to high-level financial insights at a fraction of the cost.

What Is an Outsourced Finance Department (OFD)?

At Minnik Chartered Accountants, we provide comprehensive Outsourced Finance Department services, acting as your dedicated finance team. Our OFD service guarantees clean, accurate financial data from the ground up, ensuring business owners have real-time financial insights to make informed decisions.

Through automation and cloud-based technology, we streamline processes, eliminate inefficiencies, and deliver expert-level financial oversight—all without the overhead costs of hiring an in-house accountant.

How Does the OFD Model Work?

A fully outsourced finance department covers everything from bookkeeping to high-level financial strategy. The key to effective financial management is ensuring foundational processes are accurate and reliable — which then allows for advanced financial advisory.

Here’s how the OFD model is structured:

1. Accurate Financial Data as the Foundation
Financial strategy starts with accurate bookkeeping, payroll processing, and expense tracking. These tasks ensure a solid foundation for financial reporting and decision-making.

2. Compliance & Tax Management
Once your financial data is accurate, tax compliance and reporting become seamless. This includes managing BAS, IAS, payroll tax, and ATO compliance, reducing risks and avoiding penalties.

3. Financial Reporting & Performance Tracking
With clean financial data, we provide real-time financial reports, cash flow analysis, and profitability tracking, so you always know where your business stands.

4. Strategic Financial Advisory
At the highest level, our OFD service includes forecasting, budgeting, financial strategy, and business advisory—helping business owners scale sustainably and maximise profitability.

Take Control of Your Business Finances Today

If managing your business finances feels overwhelming, it’s time to make the smart switch to an Outsourced Finance Department. At Minnik Chartered Accountants, we handle everything—from bookkeeping to compliance and strategic advisory so you can focus on growing your business with confidence. Book a Free Consultation Today!