In answering that question, perhaps we should begin with another…does your business even need a Finance Director?
You will already have an accountant to do your annual accounts, tax returns, monthly reports, cash-flow analysis and all the other services associated with best practice. You might even have an in-house team handling everything from invoices and bookkeeping to VAT, so why do you need an FD?
Because a good Finance Director will focus their attention on analysing and improving the performance of every part of your business.
Your company accountant is vital for compliance and your bookkeepers make sure that they have all the right information to work with, think of this as the very least that you need. The FD will work closely with these indispensable departments and look at ways to save you money, increase your profits and plan for growth.
At its simplest, it is the role of a Finance Director to provide strategic and financial guidance to a business and assist in meeting financial commitments and enable growth.
Obviously, there is a great deal that goes into making sure that these objectives are met and the qualities required to deliver this service are at a premium and that is why more and more progressive companies are turning to an outsourced FD for help.
An outsourced FD will provide all the guidance and leadership required at a fraction of the cost of a full-time board member. They will act as wise counsel and impartial ‘sounding-board’ whilst ensuring the financial wellbeing of your company, help the business to transition at times of growth and adapt sensibly when tough decisions need to be made.
More information about our Outsourced FD service can be found on our website and of course, we are always on hand to answer any specific questions that you might have.