7 Reasons to instruct a part time Finance Director
27th November 2018
Managing your finances is critical to all businesses, no matter how big or small.
Juggling cash flow, sourcing funding and maximising profitability are challenges to all business owners and these are the things that a part time Finance Director can help with.
This is why we’ve developed the 7 reasons to instruct a part time Finance Director.
1. An affordable, quality driven solution
Hiring a full-time, experienced in-house Finance Director is expensive. Outsourcing provides you with access to a quality individual at a fraction of the cost, aligned to your business needs. Furthermore, you can guarantee performance, productivity and compliance when outsourcing to a highly experienced team.
2. Ability to scale
Directly hiring a Finance Director is a huge expense for smaller businesses, with recruitment fees and a fixed overhead eating into profits. By engaging a part time Finance Director, you simply pay for support as and when it is required. This allows you to invest more of your funds in activities which will directly benefit your bottom line.
3. Enhanced decision making
A part time Finance Director can help evaluate your business from an ‘independent’ perspective. They can offer objective, effective advice with your best interests in mind. This guidance will help you steer and develop the business as you had intended.
4. Improve cash flow and get funding
Outsourcing a Finance Director gives your business access to expertise which will help you improve cash collection and effectively manage payments. Additionally, specialist Finance Directors such as SME Finance Partners will be able to source the necessary support and funding to help your business grow.
5. Reduce overheads
An experienced Finance Director will be able to identify cost saving opportunities and implement them on your behalf. When a part time Finance Director is only being used as required they effectively ‘pay for themselves’ even before all other value-adding opportunities.
6. Efficient use of time
Take note of how much time you’re spending on managing your finances every week for your business. That time could spent on improving your operations, better serving your customers and ultimately growing your business. Removing this type of distraction on a daily or weekly basis will ensure your time is being used productively.
7. Reduce Risk
A part time Finance Director will dedicate time to your governance requirements and will reduce your risk of non-compliance with organisations such as HMRC. This allows you to focus on running a successful business.
As tempting as it may be to manage your businesses’ finances, an experienced outsourced Finance Director will do the same work but more accurately and efficiently, providing insight to help make the right decisions for you in your business.
Why not see how a part time Finance Director can help your business. Call SME Finance Partners today and book your free 1 hour consultation.