Many growing SMEs simply cannot afford a full-time Financial Controller or Finance Director at their current stage of development. Yet they need this type of expertise to have good financial information at their fingertips to help make sound business decisions.
Outsourcing could be the solution
Outsourcing can offer a good, flexible solution for young businesses – where a part-time financial controller or director works with a business on a regular basis to provide long-term support that is tailored to the individual firm’s requirements.
Alternatively, outsourcing might provide a good solution to an unexpected short-term gap in a team, due to sickness, maternity cover or to resource a short-term project.
The type of support an outsourced financial controller or director can provide
Whilst the support that an outsourced financial controller or director could provide would depend on the needs of the business, typically this could include:
- Monthly management accounts
- Monthly management report, with essential KPIs tailored to the business
- Cash-flow forecasts
- Advice on the latest accounting software
- Strategic advice
The benefits of outsourced financial controller and financial directors
- Improved decision making
Businesses benefit from strategic information from monthly management reports, cash-flows and profit forecasts that can help make informed decisions to drive the business forward.
- Expert Advice
Outsourcing gives businesses access to experts that they might not be able to afford on a full-time basis
Remaining compliant whilst running a busy finance department can be very complex and time-consuming. External advice on new legislation and how to adapt systems and reporting can be invaluable.
Outsourcing allows businesses to access the advice of specialists that they could not usually afford on a full-time basis.
As a business grows, the input of a part-time financial controller or director works can be quickly increased. Naturally, at some point, it might be more cost effective to bring the function in-house, which can be quickly achieved.
DRG Outsourced Finance provides a full range of outsourced finance services, including the provision of interim or part-time financial controllers and financial directors to a number of organisations in London, Maidenhead and South East England. If you would like to discuss your business’ requirements, please do get in touch – we would be delighted to hear from you.
DISCLAIMER: This information is for guidance only, and professional advice should be obtained before acting on any information contained herein. We will not accept any responsibility for loss to any person as a result of action taken or refrained from in consequence of the contents of this publication.