The role of the Finance Director is frequently characterised as someone who seeks to rein in the more energetic impulses of other management level figures by forcing attention back to the balance sheet and the company budget.
This is wholly unfair because although sound management of company finances is essential, it does not have to be cautious or conservative. The finance director may be a trained accountant and bookkeeper, but they need to be much more. Their remit is broad since they are expected to oversee the preparation of the company’s annual corporation tax return, its payroll procedures and even assist other board members with self-assessment obligations. But the role is about more than financial mechanics. Ultimately a finance director is responsible for laying the solid foundation on which a company can build. Accountants are skilled with numbers, but finance directors have to be great communicators and strategic thinkers too.
Because SMEs face considerable pressures on resources, they may view a full-time finance director as an unaffordable luxury, especially in the early days. Paradoxically, this is when an experienced finance director could bring the most value in providing strategic, financial guidance and developing the policies that will ensure sound financial management now and as the company grows. With someone to look after the numbers, you know that every initiative and objective will have a sound financial base and a feasible outcome. But expertise comes at a price.
Outsourcing has long been a commonplace alternative to full-time appointments, whether in IT, human resources, bookkeeping, social media, or even developing new business leads. The same principle can be applied to the role of the finance director. There is no suggestion that such an arrangement would create a semi-detached position: outsourcing can provide you with a fully engaged director who actually brings benefits precisely because they are simultaneously involved with other businesses and therefore more widely engaged with the business community than an in-house appointee.
At Neon Accounting, we are specialists in all forms of financial management, supplying accountancy and bookkeeping services to a wide range of clients, but with the skills and experience to offer much more, providing the services of an external finance director who will be as committed to the growth and prosperity of your business as any full-time board member. It’s a service that promises experience, focus and dedication, taking care of both day-to-day and strategic financial management without the considerable costs of a full-time employee.
Why not book a free consultation with our friendly team today – the future starts now!