Published: Thursday, 11th September, 2008 7:50am

Local numbers add up overseas

A NEW CONCEPT in finance and accountancy has been launched in the Thames Valley, designed to help upcoming businesses grow faster.

Azure Global has developed a new division called Shoreplacement which provides fast growing firms with a financial controller, based abroad. That means back office accountancy is outsourced to Azure offices in Colombo and Sri Lanka, offering big cost savings which Azure says make it affordable to most businesses.

The firm also supplies financial directors (FDs) locally who deal face to face with chief executives and act as a local link between the client business and the outsourced accountancy function.

Azure says that allows small business owners to talk to experienced financial directors at strategic level while the day-to-day accountancy operation is looked after by professionals overseas. The part time FD can advise on issues from profit margins to raising equity or debt funding and implementing corporate governance.

Reading-based Bhodi Sunth, Azure's non-executive director and strategic adviser, who helped set up the Sri Lanka office, said the company aims to help businesses grow by managing their financial risks.

He said: "Azure Global provides genuinely innovative solutions in a climate that is particularly tough for small businesses with ambitious growth plans. The fact that this is a local set-up demonstrates how forward thinking Thames Valley businesses really are."

Azure founder Hammad Farooqi said: "Azure looks at the business as a whole, not just the finances, because our financial directors have the time.

"Whilst outsourcing has been used as a business strategy within a variety of industry sectors for many years it is only more recently that market conditions and competitive pressures have encouraged professional services to consider this route.

"We aim to become the first choice service provider to fast growing businesses looking for part time finance director services and with Bhodi on board to advise Azure on its own strategy and growth we feel comfortable that we will achieve this."

Go to www.azure-global.com

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