Outsourcing a Financial Director: How this can boost your business
The COVID-19 pandemic has pushed many firms and small businesses to cut back on staffing and reduce their hours.
Because of this, the skills shortage has left many practices in a difficult position, and some cannot afford a full-time Financial Director at their current stage of development.
It can often be a difficult decision for some company Directors to pass on the financial controls. However, having a team of experts to provide good financial information is crucial for the business to make sound decisions.
Having an outsourced Financial Director can offer flexible and suitable solutions for young businesses, who may not have the resources or requirements to hire a full-time financial director.
By outsourcing you can enjoy the benefits of having a part-time Financial Controller for your business who works alongside your team regularly to provide long-term support, tailored specifically to the company’s needs.
This is also a great solution for a short-term gap in the team, due to any sickness, maternity cover or to assist with a short-term project.
What specifically can an outsourced Financial Director help with?
- Monthly management accounts
- Management account information
- Monthly cash flow forecasts
- Measuring and generating key performance indicators for the company
- Profit and loss reports
- Identifying cost and tax saving opportunities
- Ongoing business advice
What advice can an Outsourced Financial Director give your business?
- The correct time for your business to raise finance and the right form of finance to take
- Investments in plant, machinery, or equipment and when is best to do so
- Collaborating with the Director and other members of staff so that they benefit from the profit and efficiencies of the business.
How will this benefit your business?
Free up your time – One of the main advantages of outsourcing to specialists is to save you time and reduce the pressure on you as an owner.
Assisting with decision-making – From strategic information to monthly management reports, an expert can step in to ensure that informed decisions are driving your business.
Advice from an expert – Outsourcing can give your business access to experts that you might not be able to afford to recruit on a full-time basis.
Lower employment costs – Hiring someone to conduct a single role, like a Financial Director, requires a skilled individual and often results in a demand for a higher wage and additional benefits. By outsourcing, your business can reduce its need to recruit and lower employment costs. Not only this, but you can be sure that you are receiving advice from a trained specialist.
Ability to expand – As your business grows, the input of a part-time Financial Director can be easily and quickly increased. Further down the line, it might be more cost-effective to bring the function in-house. This can be swiftly achieved with outsourcing.
At Seymour Taylor, we can provide your business with the services of an experienced Finance Director for the amount of time that you require, and for a cost that you can afford.
For more advice, please contact your Seymour Taylor representative today or get in touch via our website. This blog is for guidance only, professional advice should be obtained before acting on any information contained herein. The information was correct at time of publishing 21 June 2021.