Outsourced Finance Director
What does an Outsourced Finance Director do?
As your part-time Outsourced Finance Director we will work closely with you as the business owner and your team to understand the short, medium and long term goals of the business.
Our aim is to maximise the growth potential of your business and help you reach your goals as quickly, efficiently and as cost-effectively as possible.
Not only are we able to maintain the day-to-day financial side of the business we are able to provide expert guidance on how financial elements affect the future growth of the business. Aspects such as profit projections, risk assessments, cash-flow, tax and long-term strategy can all be advised upon.
When might you need an Outsourced Finance Director
When considering whether to engage an outsourced Finance Director (FD), various scenarios can indicate the potential benefits for businesses. Here are six situations in which your business may find value in leveraging the expertise of an outsourced FD.
1. Start-ups and Small Businesses
For start-ups and small businesses, the financial commitment of hiring a full-time, in-house finance director may be impractical. Having us as your outsourced FD can provide you with the necessary financial expertise without the long-term cost commitment, supporting critical financial decisions and maximising growth potential.
2. Businesses in Transition
During periods of growth, transition, or restructuring, your business may require strategic financial planning, improved financial reporting, and risk management. Our outsourced FD service can offer valuable insights and expertise to support the company’s financial strategies and decision-making.
3. Entrepreneurs and Busy Business Owners
If you’re an entrepreneurs and business owner with multiple responsibilities you may find it challenging to dedicate sufficient time to financial planning, budgeting, and analysing financial results. Outsourcing the CFO function to us can provide you with the financial expertise and support you need, allowing you to focus on other aspects of business growth and development.
4. Businesses Seeking Flexibility
If your company requires flexibility in financial support, such as scaling up financial operations during periods of growth or streamlining processes for efficiency, you can benefit from the adaptable nature of our outsourced FD service. This flexibility allows you and your business to access the right degree of financial support as your needs evolve.
5. Businesses Looking for Specialised Expertise
If your business is in need of specialised financial expertise, such as strategic financial planning, risk management, and financial data analysis, you can leverage the expertise of our outsourced FD service, to make informed and data-driven decisions. This is particularly beneficial if you are seeking to integrate risk management into your financial strategies.
6. Businesses Seeking Cost Efficiency
If your business is looking to manage costs effectively while accessing expert financial guidance, then our outsourced FD service is the way to go. This approach with us, provides cost efficiency, expertise, and scalability, allowing you and your business to navigate the complexities of financial management effectively.
What can you expect from your Outsourced Finance Director?
You’ll get an Outsourced Finance Director supporting you at the level your business needs for growth plans, business development and strategic guidance.
- We seamlessly integrate to become an extension of your business and help you to make the best choices
- We work tirelessly to keep the whole business, including you, on track to achieve your goals.
- We give you full transparency of our work and conclusions and partner with you to help implement these changes within your business.
- We will work with you to determine which of your goals should be treated as a priority by determining important facts about each individual goal. Such as:
- Which will have the greatest impact on your position in the market
- What kind of impact is the most important (for example, revenue vs new customer acquisition)
- Which of the goals is most urgent
- Which is most achievable given the current state of affairs
- And much more
Regular reviews with the critical people identified in the development stage of the plan will be used to ensure the plan remains on track.
Why Work With Us?
We can offer a wide range of support as an Outsourced Finance Director or for one-off projects
- Strategic planning
- Business planning
- Business growth plans
- Profit improvement plans
- Monitoring performance (financial and non-financial)
- Management and team structure reviews
- Internal systems review
- Finance systems implementation
- Business process reviews
How do you know we can?
We’re Qualified Chartered Accountants with 20+ years of experience each and have worked in a range of businesses from a start-up company which needed everything designed and implemented from scratch, to established businesses who had got stuck in a rut, through to managing multi-million turnover business projects.
Think your business is too small to need this type of support? Absolutely not! It’s the best way to keep your business on track, moving forwards and growing.
We present the options available to you in an easy-to-understand way so that you can make the best decisions possible for your business.
Every business owner needs someone they can turn to for support when there is pressure from every direction to make decisions. We work with you in partnership to agree the best plan, help you execute it and get you back on track.
Who needs an Outsourced Finance Director?
There are a number of scenarios where your business may require the services of an Outsourced Finance Director on a part-time basis.
Many growing SME’s can not afford to bring in a full time Finance Director but may require the expertise of one in order to have access to valuable business insights and readily available financials so you can make sound business decisions.
Finance Directors are invaluable in providing knowledge on how to continue the upward trajectory of growth your company has experienced.
Our team at Troy Accounting have worked across various industries with businesses of varying sizes and so are extremely well equipped to provide expertise.
External Finance Directors are able to give impartial business advice, free from any internal influences.
Finance Director Services FAQ
We can be your sounding board as well as your finance and business expert that supports you and your business through the different stages of a business life.
We often play the role of “devil’s advocate” – asking difficult questions that might feel uncomfortable but are ones that you know you need to think about. It’s much easier for us to ask them because we’re not in the day to day running of the business, so can step back and view things differently.
Not really when you consider it as an investment in your business vs the time you spend trying to do everything that a finance director does.
We offer our part-time Finance Director services at 4 different levels depending on the size of your business and the level of expertise and knowledge we will be required to use to support your business:
- Starting Out
- Back to Basics
- Growing Pains
- Strategic Growth
We can work with you on a monthly, quarterly or bi-annual basis. Most of our clients choose quarterly to make sure that activities stay on track.
We can help you identify areas in the business that need focus or where improvements could be made and work with you to help you make the changes within your business.
- Business Development meetings and reviews, covering all elements that drive your finances
- A review of your current company strategy
- Identifying risks and providing recommendations to mitigate these risks
- Board level support as if we were a member of your team
- Review of senior management team – right people in the right place
- Help with the recruitment of finance staff, from trainees all the way through to Finance Director level
- Mentoring/coaching for succession planning in Finance or other senior business roles
- Review of business and finance processes and then improvement implementation
Need an Outsourced Finance Director?
Book a discovery call today!