Part Time Finance Director – What Is It? How Does it Work?

Part Time Finance Director – What Is It? How Does it Work?

A part time external finance director is someone who works remotely and/ or onsite for your business. They will handle all aspects of financial management, including forecasting, reporting and taxes, as well as oversee  other important tasks that need to be done on a regular basis like bookkeeping and payroll.

What is a Part Time Finance Director?

Unlike a Finance Director you employ, a part time external finance director does not work directly for you. Instead they provide information, support and guidance as needed. This means that they are not employed by your company, but rather by another company that provides you with services, charged at an agreed rate.

Why Should You Hire One?

There are several reasons why you should hire a part time finance director for your business. First, and crucially, they help you understand how to increase profits and cash in your business. Second, they will make sure that your company has the right financial structure and reporting to be ready for any impending recession. Third, they help ensure that your company is compliant with tax laws and other regulatory requirements so no nasty surprises. Fourth, they will help you plan and strategise for the future. Finally, they will help you stay organised and focused on what matters most, without getting involved in company politics, so more focused on the specific tasks as they are not employed in the company.

How Can They Help You?

They can help you save money by helping you reduce waste and streamline processes. They can also help you avoid costly mistakes. For instance, they can help you identify potential issues before they become major problems. Most importantly, they can take some weight off your shoulders and plan ahead, and be a valuable sounding board.

The Benefits of Working with a Professional

There are several benefits of working with a finance director on a part time or outsourced basis. First, it’s less risky and cheaper than employing someone yourself. Second, with Wessex Commercial, you can bring in other support (bookkeeping, payroll, management accounting, tax and financial accounting and other director-level support) for a fraction of the cost of employing any of these directly. Third, you can work with someone who understands your business needs and goals and is there for you. Finally, when you use an ICAEW Chartered Accountant, you can trust them to do their job well and you don’t have to worry about paying them for sickness or holidays etc.

How Can They Help Your Business Grow?

They will help you manage your financial operations efficiently and make sure that your accounts provide the information you need to make informed decisions about growth. You can also expect your part time finance director to be on hand to advise on how to increase profits and cash in your business, as well as be there to support you with troublesome decision making .This means you can worry less about making costly mistakes as you grow and they can even get your business ready for sale, making sure you are best placed to increase the value of your business. 

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Author: Linda Carrington

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