Businesses are started with a passion, not to spend time completing the financial administration and compliance work. Financial administration is time-consuming for new businesses, which need to focus their energy and resources into building a client base and making a profit.
Often, an accountant will be employed to complete this work, and to advise on the set-up process, the bookkeeping and tax. Businesses who strive to succeed from the very start and therefore employ an accountant and their financial direction. Recognising that financial direction and expertise from the beginning can help the business from start-up to rapid growth.
A good finance director needs to provide more than just an understanding of the business accounts, they need to offer advice and insights to direct the finances and ensure the core roles are carried out by accomplished individuals.
An external finance director can be an expensive investment, particularly for small company who have limited resources. In fact, recent figures suggest a freelance finance director, depending on experience, could cost anything over £85,000. MyConfidant offer the opportunity to work with a finance director to clients who subscribe to the full service. This collaborative approach facilitates greater insights as well as education for the business owners too.
Tasks to consider outsourcing to your finance director:
- Overseeing the preparation of budgets and financial reports, e.g. accounts, tax returns, etc.
- Advice and guidance on financial strategy, e.g. preparing a company for sale or negotiating with banks etc. to raise finance
- Keeping business owners regularly informed about the company’s financial position
- Reviewing and analysing sales and income projections and suggesting methods of improving these
- Assessing the long-term financial trends and looking for opportunities to increase income, e.g. launching new products or services
- Ensuring the business meets its financial and legal responsibilities.
Many businesses employ a financial director when they have a real need for one, however, this sometimes can be too late. Instead, MyConfidant enables you to have a finance director on a permanent basis, so you can request additional information or seek guidance whenever you need to. Our capable business advisors will present regular reviews and strategic planning with you to ensure you are always certain of your financial situation and how it could improve. Frequent meetings will enable you to jointly review your finances so you can meet your targets and exceed your objectives.
Your full-time, external finance director will oversee your financial set-up to ensure you set-up and integrations are correctly functioning and monitored by staff who have the appropriate training. The flexibility achieved with an external finance director facilitates a move away from rigid, static processing towards dynamic and strategic planning.
For further information about hiring a Finance Director, MyConfidant and the services it offers, please contact Jonathan Crook on 01923 224411 or email him at firstname.lastname@example.org