Does your business need an outsourced finance director?

Feb 27, 2021 | Business advice, Self-employed

There comes a point for a lot of growing businesses where you need some extra finance support, but you’re not yet big enough to hire a full-time senior member of staff for that role.

This is a frustrating position to be in – you know that if you just had a bit of extra advice now and then it could make a huge difference to your business, giving you that boost to put your plans into action. But to access that support in the first place you need to be able to justify the expense. 

If this sounds familiar, an outsourced finance director (FD) service could be the answer. It gives you the expertise you need to move your business forward, without the cost and commitment of recruiting for that position in-house.

Forward-thinking decision making

An outsourced FD will help you to make the right decisions not just based on gut instinct, but on reliable financial data. 

Depending on your business’s specific requirements, they’ll be able to produce informative financial documents like management accounts, reports, and cashflow forecasts. 

Then they can talk the numbers through with you to explain what it means for your business, and which steps you need to take next to reach your goals.

It means that rather than just reflecting on past performance and managing what’s going on right now, you’ll be able to think ahead and push your business forward with a data-driven strategy.

Confidence and reassurance

As your business grows, your decisions become more complex and your responsibilities increase, having an expert partner at your side can be invaluable. 

In turn, being able to back up your choices with solid advice will give reassurance to investors, lenders and other stakeholders in your business.

An outsourced FD can step into various situations where you need that authoritative voice on financial matters, whether that’s in conversations with bank managers or presentations at board meetings.

Flexible access to financial expertise

Hiring an FD on an outsourced basis means you can tap into their expertise as and when you need to, ensuring the most efficient use of their time. 

Opting for a virtual FD service is often even more convenient, allowing you to get in contact quickly and easily and collaborate on work remotely.

Enhance your systems

On top of strategic advice and help with business planning, a good FD will be able to make long-term improvements to the financial systems your business uses. 

That could include automating record-keeping and basic tasks through a cloud accounting system, as well as assessing and ironing out your processes to save time for you and your team.

Essentially, it’s all about taking your business to the next level – moving out of managing the day-to-day, and building systems that will take care of themselves so you can focus on the future.

Get in touch to talk about how an outsourced FD could help your firm.

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