Often an external accountant does not offer that much needed proactive advice. Business owners are rarely well versed in critical financial requirements, so more time is sucked into an energy draining process, leaving less time to do what they are really good at – developing and growing the business.
Most businesses recruit an in – house accountant or bookkeeper to take some of the financial burden away from the owner and access “professional” skills to deliver usable financial information. The problem is that many businesses find only frustration, disappointment and exasperation.
Frustration caused by the length of time it takes to finalise the monthly figures. This regularly leaves owners to make business – critical decisions without up to date business information. Disappointment is generated by in – house accountants or bookkeepers that produce the numbers but do little to pro-actively interpret or analyse the results. When turning to the external accountant for pro – active support the disappointment is often increased, as they never seem to get off the fence because they are so divorced from the business that they fail to understand the critical issues being faced. Exasperation occurs where the business owner sees tremendous opportunities to develop the business, but cannot convert this to reality because they remain bogged down in the administration demands of finance and accounting.
The answer, even in a small business, is to recruit a finance director, someone who has been there, seen it and done it, an experienced professional who knows how to finance the business, deal with growth, present meaningful monthly numbers and get the best deals from partner businesses and funders. Sadly such an individual can be expensive, however for a small business a low cost option would be to employ a part time finance director, who would only charge on the basis of days worked – which may be as little as one per month. This outsourced cost will give you a return on investment through better financing costs, improved cash flow, more effective financial planning, management and control.
No two businesses are the same, but some typical services that I provide include:
- Cash flow management – regular monitoring, saves you sleepless nights!
- Reviewing accounting controls and processes and minimise the possibility of fraud
- Interpretation of monthly results and providing commentary to identify the critical issues
- Business planning – forecasts, financial modelling and strategic guidance
- Financing your business – bank overdrafts, loans, grants or angel/VC equity
- Managing relations with 3rd parties: banks, accountants, lawyers, investors
- Business performance – measuring and achieving objectives and growth
- Mentoring and overseeing your Finance team – so they are cost effective and fit for purpose
- Systems and processes – maximising efficiency and use of technology
- Planning and delivery of a strategy to achieve an acquisition or exit
- Securing your businesses future during challenging trading conditions
We don’t replace your accountant and we don’t replace your bookkeeper. We are a complimentary service for both and sit logically in between. This support gives you more financial muscle and the capability of greater control over your business.