Growing a business is hard work, but seeing your efforts pay off is rewarding. As your business grows, you may need to consider hiring a finance department or an experienced Finance Director to continue pushing your company in the right direction.
While hiring an in-house Finance Director full-time can be expensive and risky, have you ever considered hiring a part-time outsourced Finance Director? This could be a great solution to your financial needs and take your business to the next level.
The key benefits of having a part-time Finance Director are:
- cost-effective solution
- tailored financial strategy to suit your business goals
- better financial management
- flexible to meet your needs
- wealth of experience
- unbiased perspective
- reduced risk
So, if you are wondering how a part-time outsourced Finance Director can help your business, then keep on reading. This blog explores the various benefits of having an outsourced FD in your company and how they can help you scale your business.
Butt Miller is a well-established, reliable company of experienced accountants and financial experts. If you think that our virtual FD services could help add value to your business, then please contact us today – we’re here to help.
What is the role of a virtual Finance Director?
A Finance Director (FD) is an integral part of the management team in a company. They are responsible for overseeing and managing financial operations, ensuring financial stability, making strategic financial decisions, and providing financial insights to support business growth.
Hiring an experienced in-house FD is expensive and may be out of reach for a growing company. That’s why many business owners opt for the services of an outsourced virtual financial director. It allows them access to a highly-qualified and experienced FD at a fraction of the cost.
What can a part-time Finance Director do for your company?
Hiring a virtual Finance Director will bring an impartial, outsider perspective to help drive your business forward. With their specialist knowledge, they can work with your in-house accounts team to save money and develop a strong financial strategy aligned with your business goals.
An FD typically works alongside the management team, including the business owner/managing director, to ensure that all financial aspects of the business are aligned. Ultimately, an outsourced FD will relieve pressure and free up your time as a business owner, allowing you to spend more time working on the business.
How can a part-time Finance Director contribute to your company’s growth?
A part-time Finance Director can play a crucial role in driving your company’s growth by bringing their experience and expertise to the financial management of the business. They will oversee and advise on a number of business aspects and important financial decisions.
They can also:
- Collaborate with management teams to develop and deliver effective financial strategies
- Ensure effective cash flow management and cash flow/profit forecasting
- Identify and mitigate financial risks
- Advise and support on funding and investment opportunities
- Introduce cost-saving measures
- Track progress and complete detailed financial reports
Why you should hire an outsourced part-time Finance Director
Running a business is tricky and time-consuming. Getting support early on can prevent you from overextending yourself, helping you utilise your time in other areas of the business.
An outsourced part-time FD is an excellent solution if you are not quite ready to commit to hiring a full-time permanent position. They will provide you with the experience and expertise you require at a lower cost, allowing you to see the success of their work without spreading your resources too thin.
How will you know if your business needs a part-time Finance Director?
If your business is experiencing rapid growth or intricate financial challenges, then this may be a sign that you need further financial assistance. Hiring a part-time Finance Director is a great starting point.
One of the key benefits of hiring an outsourced FD is their flexibility to tailor their service as your business evolves. You won’t be tied down to hiring and managing a full in-house team, and you can agree on a work schedule that fits with the current needs of your business.
Get in touch with Butt Miller for outsourced financial services
Butt Miller has nearly 40 years of experience offering proactive accounting support for start-ups, small businesses, established businesses, sole traders and individuals. In addition to being professional advisers on all accounting needs, we aim to provide inspiration and innovation to help companies to succeed.
Working in partnership with our clients, we have seen many small businesses grow from start-ups to multi-million-pound organisations. Our core services involve:
Outsourced finance department
Our outsourced finance department services are tailored to supporting companies who require a full suit of accounting support. We offer the benefits of having a fully integrated finance team without the additional costs and struggles associated with recruiting, onboarding and managing an in-house team.
We will take on the responsibility of running your finance function and producing monthly financial reports to track your business success.
We offer various outsourced accounting services for businesses, taking the weight off our clients’ shoulders and allowing them to focus on business growth and success.
Whether that’s bookkeeping, payroll support or VAT returns, we can provide you with ongoing flexible support, set up in a secure and easy-to-access format with your own dedicated finance email. Our team has a great deal of expertise in Xero, which provides reliable cloud-based accounting.
Part-time Finance Director
Our part-time outsourced Finance Director service aims to provide clients with a professional sounding board for all financial decisions. With our experienced team, you can benefit from full support with all aspects of your company’s financial health, including profit projections, cash flow, tax, accounting, assessing risks and long-term strategic planning.
How much does it cost to hire an outsourced part-time Finance Director?
The cost of an outsourced part-time FD depends on the individual circumstances of a business and its financial goals. Hiring an outsourced part-time finance director is a more cost-effective solution to having an internal FD.
At Butt Miller, our accounting services add real value to our clients, helping them make substantial savings. Read our reviews from our impressed clients and see how we could help you too!
Who does the part-time Finance Director report to?
Our part-time Finance Directors have years of industry experience and will be able to support and advise you with all aspects of your company finances. They will work closely alongside the senior management team to ensure your company goals align with the finance strategies set for your business.
If you are struggling to manage the financial aspects of your growing business, then outsourcing your financial needs to a part-time Finance Director can really help.
In addition to giving you a more flexible and cost-effective approach to all areas of your business’s financial management, our part-time FD services provide you with an experienced outsider perspective on all financial matters and high-level decisions.
If you want to learn more about our outsourced part-time Finance Director service, please get in touch today.