An outsourced finance director (FD) is bound to be a great addition to your business that will help you scale up your business.
FDs are essential members of the management of any ambitious company. It’s their job to provide business leaders with on-the-spot advice, guidance and financial analysis.
Not only is it their mission to grow the business, but they also provide reassurance and credibility with investors and banks. Knowing someone qualified is overseeing the numbers is a big comfort.
But not everyone can afford or provide office space for a full-time in-house FD. And even if you could, there are still a lot of ways how an outsourced FD can do far more for you and your business.
Objectivity
An FD typically works with a wide range of the businesses they serve, helping each and every one plan and manage their budgets effectively.
If you’ve hired an FD, you need to ensure they have a very special quality so they can do that job to the standard you need: objectivity. It’s no good for an FD to duck the cold hard truths and work just to please you.
Outsourced FDs can benefit a company by being less emotionally attached, helping them to be more objective whilst carrying out their duties. They are less afraid to push back if something’s wrong.
An unbiased perspective is paramount, as that’s what allows an FD to give you an independent and objective picture of your finances.
A wealth of experience
Outsourced FDs typically work with multiple clients across a range of sectors. They pick up a range of experience and knowledge as a result, which makes their advice more versatile and flexible.
Furthermore, if you outsource your FD duties to a firm like ours, you’ll have access to an even wider range of experience than usual. After all, we’re working with different businesses all the time and individuals on the team have developed impressive specialisms.
We’ve also worked with stakeholders, investors, banks and other professionals, which adds to the wealth of knowledge that we can dive into for our clients.
Scalability
If you don’t have the funds to hire a full-time FD right now, you could employ someone part time in-house. That would especially make sense if you run a small business, as you might not need help all of the time.
But after your FD has helped you grow your business, your reliance on them increases even more.
When this happens, you’ll have a tough choice before you (assuming your part time FD doesn’t want to increase their hours): do you get in someone new and quickly bring them up to speed or do you make do with your current FD?
But with an outsourced FD, you won’t have to worry about that. As outsourced FDs ourselves, we can flex our work time for your business up and down as you or the business require.
Cost-effective
Investing in an FD is a big investment, an important one, but one that can be a tough pill to swallow if you add one to your core team.
Outsourcing, on the other hand, is an extremely cost-effective way of getting an expert view of your finances and financial management.
Meanwhile, your outsourced FD will be able to carry out all the core services an in-house can to increase your business’s value – perhaps even better for the other reasons we’ve outlined so far in this blog.
Work with us
If you would like to discuss how we can support your business with our finance and accounts outsourcing and virtual CFO services, please get in touch.
At Team SAS, we enjoy working closely with our clients helping their businesses grow.
Armed with our skills and knowledge of your business goals, we’ll be able to provide you with reliable financial analysis and advice.
We’ll empower you to help meet your targets. Get in touch with us today.
